Global Trash Bags Market Industry New Revenue Pockets

Trash Bags Market

Northbrook, IL, USA, 2021-Dec-07 — /EPR Network/ —

The trash bags market is projected to grow from USD 9.5 billion in 2019 to USD 12.1 billion by 2024 at a Compound Annual Growth Rate (CAGR) of 4.9% during the forecast period.The trash bags market comprises various small and large-scale manufacturers and is estimated to be dominated by the Asia Pacific region in terms of volume in 2019. The Asia Pacific region is home to some of the largest Municipal Solid Waste (MSW) generating countries in the world, such as China, Malaysia, Singapore, and Japan. There is a growing demand for trash bags in the Asia Pacific due torapid urbanization and economic development, which has led to an increase in the generation of MSW in the region. With increasing government emphasis on cleaner cities, the consumption of trash bags is expected to remain high in this region. Unlike the western world, stringent regulations for the proper disposal of household waste have not been implemented in many emerging countries in this region. As government regulations play a critical role in this market, there is significant potential for the growth of the consumption of trash bags in this region.

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Key factors driving the global trash bags market includehigh demand from the retail and institutional segments. The retail segment is witnessing rapid growth due to increasing urbanization and the improving economic condition of emerging countries. Rapid urbanization has led to the addition of new trash bag consumers from the household sector. Urban areas are the key waste generating zones and are thus mandated by their respective governments for appropriate waste disposal.

Over the past decade, the market for trash bags has grown steadily and is expected to show similar trends in the coming years. Government policies across the globe aim at minimizing waste generation and increasing recycling to achieve sustainable waste management. These policies attempt to implement efficient as well as effective methods to collect waste generated in industries, households, and institutions.

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On the basis of type, the star sealed segment is estimated to account for the largest market share in the global trash bags market in 2019, which is projected to grow at a higher CAGR during the forecast period. Star sealed trash bags, also known as X-seal bags, are the most commonly used durable bags exhibiting high leak and puncture resistance. These bags are created by folding the bottoms of bags multiple times before heat-sealing. Star sealed trash bags provide salient features, such as unsurpassed strength, large bearing weight capacity, and stretch ability. Star sealed trash bags are generally fabricated using High Density Polyethylene(HDPE), Linear Low Density Polyethylene(LLDPE), or Low Density Polyethylene(LDPE) material. High Density Polyethylene-based trash bags have superior film strength and exceptional moisture & vapor barrier properties, which not only help in eliminating leaks but also odors of any kind. The high wear & tear resistance of LDPE-based bags make these the preferred choice in daily cleaning.

The retail segment is projected to be the largest segment of the trash bags market, by end use leads in the overall consumption of trash bags across the globe. This segment is estimated to account for the largest share of the global trash bags market in terms of value in 2019 and is projected to grow at the highest CAGR during the forecast period. Growth of the retail segment is attributed to the increasing urban population and stringent regulations for handling waste for households, which are the key drivers of the market.

Europe, Asia Pacific, and North America are major regional markets for trash bags. The adoption of trash bags is high in developed markets as compared to emerging markets. This can be attributed to the high disposable incomes in developed economies, leading to high standards of living. In developed markets, such as the US, trash bags are considered more of a commodity than a luxury. Rapid urbanization in emerging markets has led to a sub stantial increase in the adoption of trash bags. Continued developments in these regions, coupled with increasing disposable incomes, are expected to further boost the consumption of trash bags in this geography.