Carry Bags Market is Anticipated to Reach a Valuation of Over US$ 30 billion by 2031 End

Dublin, Ireland, 2022-Jun-28 — /EPR Network/ —

The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Carry Bags market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Carry Bags

The report offers actionable and valuable market insights of Carry Bags. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Carry Bags Market across various industries and regions.

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This newly published and insightful report sheds light on Market Insights of Carry Bags, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Carry Bags Market.

As travel bags are increasingly becoming a fashion accessory with ergonomic designs, trendy color combinations, textures, and clean contoured lines, the Asia Pacific travel bag market has witnessed fast growth. Moreover, design modification and innovative materials offering light bags have further fueled market growth.As more and more people become globally mobile and exposed to international accessories, there is growing demand for travel accessories. However, during the initial stages of the COVID-19 outbreak, due to lockdowns leading to the closure of supermarkets and hypermarkets, the expansion of the global carry bags market size witnessed a downfall.

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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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.
• 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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Carry Bags Market Manufacturer Insights

The global carry bags market is characterized by the presence of a large number of both, foreign and domestic players. To maintain sustainability in packaging, all the key players are engaged in the production of biodegradable carry bags. Players included in the tier-1 bracket are Ice Green, Mapco, Olympic Bags, Hymopack, Komol Plastics, and Premier Poly Products. These players have a wide presence and rely on technological advancements such as highly equipped plastic sheet processing machinery, and have developed strong marketing channels with food processors and end consumers.

Regional Outlook of Carry Bags Market

In 2020, East Asia will hold the largest carry bags market share of over 25%. Increasing strict regulations of the use of non-biodegradable packaging, coupled with growing introduction of biodegradable plastic packaging, is the main factor that is increasing the region’s usage of carry bags.

The Middle East & Africa has experienced steady demand for carry bags due to retail network penetration coupled with steady expansion of the hospitality industry. However, a significant number of African countries, including Kenya, Rwanda, Tanzania, and others, are limiting the use of carry bags, which, in turn, is expected to pose as a major challenge for the expansion of the Middle East & Africa carry bags market in the near future.

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More Valuable Insights on Carry Bags Market

Fact.MR, in its new report, offers an unbiased Market Analysis of Carry Bags, Sales and Demand of Carry Bags, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.

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