Increasing Environmental Concerns Propels Refuse Bags Market to Grow at 6.8% CAGR and Reach US$ 4.81 Billion by 2032 | Future Market Insights, Inc.
Demand for refuse bags is likely to rise due to rising awareness of harmful effects of non-degradable plastic, disposable income and consumer purchasing power. Asia Pacific is expected to see a good market outlook on refuse bags due to an increase in the use of trash bags for garbage disposal and a recent initiative in Indi
DUBAI, United Arab Emirates, March 13, 2023 (GLOBE NEWSWIRE) — The global refuse bags market is predicted to accrue a revenue of US$ 4.81 billion by 2032, rising from US$ 2.49 billion in 2022. The target market will record a positive CAGR of 6.8% from 2022 to 2032.
Factors such as the implementation of strict environmental regulations regarding the use of garbage bags and increasing concerns about the environment will drive the growth of the refuse market in the upcoming years. Additionally, a rise in disposable income and an increase in purchasing power enable the consumer to invest in refuse bags, thereby driving market growth. The stretchy strength and odor control attributes of refuse bags further aid the expansion of the refuse bags market size.
Refuse bags do not contain polyethylene. These bags are compostable and biodegradable. These attributes attract consumers as they are eco-friendly. Rising awareness about the environment prompts consumers to opt for eco-friendly trash bags over traditional plastic ones, thereby augmenting the sales of refuse bags.
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An upsurge in the number of hotels, restaurants, and eateries has amplified the quantity of waste all over the world. This growing amount of waste results in a higher demand for refuse bags. Apart from the hospitality sector, these refuse bags are finding extensive application in hospitals and clinics.
These bags come in varieties of colors and the use of these in the healthcare sector helps distinguish the sort of garbage collected. The growing number of hospitals generates a greater demand for refuse bags. With governments also employing a color code for hospital wastes to ensure enhanced sanitation, the demand for these refuse bags will also increase. Increasing demand for refuse bags from various end-use sectors including hospitality, healthcare, retail, and many others drives the overall growth of the market.
Rising demand for industrial goods also necessitates the use of refuse bags for garbage disposal as well as for storage purposes.
Refuse bags are also used for the storage and transportation of completed goods in the textile and garment industry. Besides growing demand from end-use industries, the refuse bags market is supported by various initiatives taken by governments across the globe. For instance, the Indian government’s “Swachh Bharat Abhiyan” and the “Clean India Campaign” will supplement the growth of the refuse bags market. With plastic garbage bags adversely affecting the environment owing to their non-biodegradable property, the sales of refuse bags will likely surge over the next couple of years. All of these considerations will fuel the growth of the refuse bags market.
Key Takeaways:
- Rising demand for plant-based refuse bag materials, such as cornstarch, will bolster the prospects of the refuse bags market.
- The growing awareness of hygiene and its importance will strengthen market prospects.
- Owing to a higher standard of living, North America will dominate the global refuse bags market during the forecast period.
- An increasing number of hotels in GCC countries will propel the refuse bags market forward in the MEA region.
Competitive Landscape
NOVPLASTA, s.r.o, DAGOPLAST AS, Terdex GmbH, Mirpack ™, Berry Plastic Corporation, and The Clorox Company, among others, are some of the key players in the refuse bags market profiled in the full version of the report.
Prominent market players are keen on product development and innovation. These businesses offer various services, engage in community projects, employ facility expansion tactics, and other strategies to gain a competitive advantage. For instance, in 2018, Berry Global Inc. purchased Laddawn, Inc. (US) for a preliminary cost of US$ 242 million.
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More Insights into Refuse Bags Market
In its latest report, FMI offers an unbiased analysis of the global refuse bags market, providing historical data from 2014 to 2018 and forecast statistics for 2022 to 2032. The report delivers a ten-year sales forecast and an in-depth study of the drivers, restraints, trends, opportunities, and segmentation of the market. For a comprehensive understanding of the global market potential, growth, and scope, the market is segmented on the basis of product type, and region.
According to the reports, based on segmentation, plant-based materials will remain highly popular among consumers due to growing awareness of environmental preservation. Based on region, the refuse bags market in North America will present impressive growth. The target market in this region will dominate in the international space owing to the presence of a better standard of living. The MEA region, too, will exhibit notable market growth due to the expansion of the hospitality sector. Thus, North America and the MEA region will contribute substantially to the overall market growth.
Key Segments
By Material Type:
- High Density Polyethylene (HDPE)
- Low Density Polyethylene (LDPE)
- Linear Low-Density Polyethylene (LLDPE)
- Polypropylene (PP)
- Others
By Capacity:
- Up to 10 gallons
- 11-25 gallons
- 26-40 gallons
- 41-55 gallons
- Above 55 gallons
By End User:
- Retail & Consumer
- Institutional
- Industrial
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Impact of Covid-19
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Macro Factors and Forecast Factors
Read More TOC…
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