Changes in consumer lifestyle, rapid pace of industrialization, rising consumer goods and retail sector, and declining prices of oil and gas in emerging markets are the factors accentuating market growth. The global market for plastic bags and sacks is forecast to expand at a CAGR of over 3.4% from 2016 to 2024.
Based on material type, the global plastic bags and sacks market is segmented into biodegradable and non-biodegradable. The biodegradable segment is further segmented into polylactic acid (PLA), polyhydroxyalkanoates (PHA), and starch blend resins, while the non-biodegradable segment is further segmented into low density polyethylene (LDPE), high density polyethylene (HDPE), polypropylene (PP), linear low density polyethylene (LLDPE), and polystyrene (PS).
The non-biodegradable segment occupies a prominent share measured in terms of volumes of consumption of plastic bags and sacks. However, stringent regulatory requirements have led to the adoption of ecofriendly and reusable plastic bags and sacks, spurring the demand for biodegradable packaging. The biodegradable segment is poised to expand at an impressive CAGR along the forecast period.
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Furthermore, the advancements in manufacturing technologies have enabled vendors to offer a variety of options in biodegradable packaging. As a result, plastic bags manufacturers are focusing on making biodegradable and bio-based plastic bags and sacks that can be easily recycled so that they do not pose risk to environment.