The global shopping bag Industry is slated to grow meteorically in the upcoming years. The expanding global population, rising income levels, and increasing shopping activities are anticipated to fuel the demand for shopping bags. presented this information in an upcoming report, titled, “Shopping Bag Market, 2022-2029”.
As per the report, the shopping bag market is gaining immense popularity due to several reasons. For instance, the rising focus of manufacturers to develop colorful and fashionable bags to attract a vast consumer base is anticipated to fuel the demand for these bags and foster market growth.
- Highlights the key emerging trends for the market.
- Illustrates the latest technological advancements in the market.
- Provides valuable insights into the regulatory scenarios of the market.
- Highlights the impact of the COVID-19 pandemic.
- Highlights the regional analysis across five major geographies: North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Escalating Demand for Personal Care & Household Products to Boost Market Growth
The increasing demand for personal care and household products worldwide is expected to augment the global shopping bag market growth. The rising number of FMCG brands is estimated to fuel the demand for shopping bags. The growing trends of online and physical shopping are anticipated to amplify market growth. Additionally, the inclining consumer preferences towards premium and luxury grocery products are expected to stimulate the market growth.
The rising numbers of convenience stores and shopping malls are anticipated to fuel the demand for easy-to-carry shopping bags. The rising focus of manufacturers to develop colorful and fashionable bags are predicted to fuel the market growth. Additionally, the surging promotional and marketing activities by companies are expected to boost market growth in the forthcoming years. For instance, the Prahu Naidu Company designs bags in various sizes and shapes for D-Mart stores in India. Additionally, the rising focus of manufacturers on producing sustainable and eco-friendly bags is anticipated to fuel the market growth.
However, the widely available low-cost substitutes may hinder the demand for premium shopping bags and hamper the market growth.
North America to Attain the Largest Share Stoked by High Spending on Luxury Goods
North America is projected to attain the most prominent global shopping bag market share. The presence of high-income groups and the rising consumer expenditure on luxury shopping goods across countries such as the United States and Canada are anticipated to fuel market growth. The increasing demand for shopping bags to carry foods and beverages is expected to foster market growth. Additionally, key players present in the region, such as Borse Handbranding and Earthweise Bags Company Inc., are predicted to drive the market growth.
Asia Pacific is anticipated to witness rapid growth in the forthcoming years. The rising demand for HDPE and biodegradable bags across countries such as Australia and India is expected to augment the market growth. The surging focus on single-use plastic bags and the rising concerns for environmental sustainability in India has raised the demand for biodegradable bags. Additionally, the increasing retail shopping trends in countries such as India and China are expected to augment the market growth.
Key Players to Launch Sustainable Products for Intesifying Competition
The global shopping bags market comprises a few key players operating at domestic and international levels. They are emphasizing on product innovation and new product launches through extensive R&D activities. They are currently focusing on developing sustainable products due to the rising environmental sustainability concerns. Additionally, they are aiming on partnerships, mergers, acquisitions, and others to amplify their market presence. For instance, Novolex acquired Zenith Specialty Bags in October 2019 to strengthen its packaging business.
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