The growth of the global plastic bags and sacks market can be attributed to the impressive growth of the retail sector. The rising number of modern retail outlets such as hypermarkets, supermarkets, and convenience stores worldwide have bolstered the demand for plastic bags and sacks. Macroeconomic factors such as increasing purchasing consumer power and rising disposable income have resulted in being pivotal in the development of the global plastic bags and sacks market. The increased demand for convenient and cost-effective carry bags is anticipated to fuel the growth of the plastic bags and sacks market.
The retail & consumer sector of APEJ has registered substantial growth owing to rising per capita disposable income of consumers, changing lifestyles, and rapid urbanization and industrialization. This has, in turn, propelled the growth of the global plastic bags and sacks market. All these factors are working positively for vendors operating in the plastic bags and sacks market and is attracting more players, thereby making the market largely fragmented.
- Decreasing Oil Prices to Benefit Plastic Bags and Sacks Vendors: The augmented use of plastic bags and sacks in carrying and transporting goods across a number of end-use industries such as food & beverages, hospitality, healthcare, pharmaceuticals, chemicals, and industrial products is likely to boost the growth of the global plastic bags and sacks market. The nose-diving prices of oil and gas have given a great push to the plastic bags and sacks industry as the vendors have accessibility to raw materials at lower prices. Also, it consumes lesser amount of raw material than cartoons, boxes, and jars. This cuts down the operational costs incurred by plastic bag manufacturers, thus facilitating companies to generate a high return on investment.
- Increasing Environmental Concerns to Cause Sweeping Shift towards Biodegradable Plastic Bags and Sacks: Growing awareness among consumers about environment conservation coupled with stringent regulatory landscape banning the use of single-use and lightweight plastic bags have compelled the plastic bags and sacks manufacturers worldwide to shift their imperative focus towards biodegradable, eco-friendly, and reusable plastic bags & sacks. This has, however, opened new avenues to the vendors operating the global plastic bags and sacks market.
- Customization to Open New Avenues for Plastic Bags and Sacks Manufacturers: During the recent times, increased promotional and marketing activities to enhance brand visibility are bringing notable opportunities to the plastic bags and sacks manufacturers to capitalize on. This trend is expected to gain more popularity, thereby fueling demand for plastic bags. As a result, plastic bags and sacks manufacturers are shifting towards customization of plastic bags in order to meet specific requirements of brand owners.