The global carry bags market is anticipated to reach a valuation of over US$ 30 billion in 2030, with the growth rate pegged at over 4%. The foodservice industry, being the major revenue attributer for carry bags, remained closed during the first two quarters of 2020, due to the widespread of the COVID-19 outbreak. But it is expected that, the global carry bags market will return to its normal growth trajectory after the pandemic situation subsides.
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The carry bags market is moderately fragmented, as it characterized by the presence of numerous large- and small-scale players. Players in the carry bags industry are launching different kinds of bags such as t-shirts, trash bags, rubble, woven, pouches, and printed bags.
Key Takeaways from Carry Bags Market Study
- Rising tourism industry along with rapid urbanization around the world is currently one of the main drivers of demand growth.
- East Asia leads the carry bags market with a market share of over 25%, followed by North America. The East Asia carry bags is also anticipated to grow at the highest CAGR of over 4% through 2030.
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- On the basis of product type, the T-shirt bags segment remains the most lucrative in the market. T-shirt carry bags not only look good but are useful to carry products from one place to another.
- Reusable carry bags will retain the largest market share of over 70% in 2020, and will be the most lucrative segment right through 2030.
- The foodservice industry has been badly hit due to the spread of COVID-19 across the world, the effect of which has cascaded to the carry bags market space. With the easing of restrictions, the market is expected to gradually get back to its normal growth trajectory.
“The global carry bags market witnesses more than half of the total sales in the retail industry. Due to attributes such as being economical, easy to use, and convenient for packaging, retailers largely prefer the use of carry bags,” says a Fact.MR analyst.
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Consolidated Market Structure with Both, Incumbents and New Entrants Focusing on Increased Supply
Key players in the carry bags market include Ice Green, Mapco, Olympic Bags, Hymopack, Komol Plastics, and Premier Poly Products. The growth of independent brands is a result of the change in customer tastes and numerous costs involved, such as product development as well as research costs.
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