Global Plastic Packaging Sacks Market Estimated to Be Worth USD 11.08 Billion by 2021
11 March 2017
According to the latest market study released by Technavio, the global plastic packaging sacks market is expected to grow to USD 11.08 billion by 2021, at a CAGR of close to 3% during the forecast period.
This research report titled ‘Global Plastic Packaging Sacks Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Packaging sacks are standardized, flexible bulk bags used for industrial packaging of dry, loose, or granulated materials. Currently, there is an increasing demand for lightweight packaging from end-user industries to reduce the overall weight of bulk packaging while transporting materials. This factor is bringing about innovations in the plastic packaging sacks market, thereby driving growth.
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Based on end-users, the report categorizes the global plastic packaging sacks market into the following segments:
• Construction sector
• Chemical and fertilizer sector
• Horticulture sector
• Food sector
The top three revenue-generating end-user segments in the global plastic packaging sacks market are discussed below:
“The construction sector is the leading end-user segment of the plastic packaging sacks market, responsible for generating over 30% of the overall revenue. The packaging of construction materials requires a large number of packaging bags, which is responsible for the high revenue generation from this segment,” says Sharan Raj, a lead analyst at Technavio for packaging research.
The growth in this market segment mainly originates from developing countries, such as India, China, and Brazil, where rapid urbanization is underway. Therefore, the growth in the construction industry will directly impact the growth of the plastics packaging sacks market.
Chemical and fertilizer sector
The chemicals and fertilizers sector has a high demand for packaging products such as plastic packaging sacks and rigid industrial packagings like drums or intermediate bulk container (IBC). The leading consumption of plastic packaging sacks from the chemicals and fertilizers segment will arise from APAC, Africa, and the Middle East. Also, since China holds the largest share in the global chemical production market, the country alone creates a significant demand for packaging sacks. Additionally, the growing fertilizer industry from emerging APAC markets is expected to boost the demand for plastic packaging sacks during the forecast period.
“In the horticulture sector, plastic packaging sacks are primarily used for packaging fruits and vegetables, sprouts, seeds, and flowers. Potatoes, onions, and tomatoes are the most widely packaged vegetables, whereas bananas, apples, and grapes are the fruits that are packaged extensively,” says Sharan, explaining the demands of the market segment.
The demand for horticultural products is set to showcase an upwards trend to cater to the needs of the rising global population. The growth of the horticulture industry will result in the constantly increasing demand for plastic packaging sacks, thereby driving market growth.
The top vendors highlighted by Technavio’s research analysts in this report are:
• Hood Packaging
• LC packaging
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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