The global trash bags market is projected to reach USD 14.77 billion by 2028, at a CAGR of 5.4% from 2021 to 2028.
NEWARK, UNITED STATES, NEW JERSEY, November 16, 2021 /EINPresswire.com/ — As per the report published by The Brainy Insights, the global trash bags market is projected to grow from USD 7.08 billion in 2020 to USD 14.77 billion by 2028, at a CAGR of 5.4% over the forecast period 2021-2028. The global market for trash bags is projected to see the highest growth in the region of Asia Pacific. Rising industrialization and urbanization cause use of trash bags for retail applications, which is increasing at a substantial pace, and the same pattern is projected to continue in the years to come. In this region, growing per capita income and dense population along with government initiatives are major factors driving market growth.
Major players in the global trash bags market are Achaika Plastic S.A, Berry Global Inc., Cosmoplast Industrial Company, Dagoplast AS, Four Star Plastics, Inteplast Group, Ltd., International Plastics, Inc., MirPack TM, Novolex, Novplasta, s.r.o., Pack-It BV, Poly-America, L.P., Reynolds Consumer Products, Terdex GmbH, and The Clorox Company among others. People are constantly focused on environmental hygiene and cleanliness that surrounds them, which may fuel the usage of trash bags over the forecast timeframe.
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The material segment is divided into high-density polyethylene (HDPE), linear low-density polyethylene (LLDPE), low density polyethylene (LDPE), bio-degradable polyethylene, and others. The low-density polyethylene (LDPE) segment emerged as the leader in the global trash bags market with a market share of around 28.8% in 2020 as it is considered to be flexible, airtight, soft and waterproof. The type segment includes star sealed bags, drawstring bags and others. The star sealed bags segment is anticipated to grow at the highest CAGR of 6.1% over the forecast period. These bags are considered eco-friendly as recycled plastic can be used to reduce plastic waste by up to 25%.
The end-user segment includes retail, industrial and institutional. The retail segment is anticipated to grow at the highest CAGR of 5.9% over the forecast period. This is attributed to the growing urban population and to stringent household waste management regulations. Furthermore, the emergence of new customers in emerging countries and the growing disposable income in developed markets are expected to fuel growth in the retail segment.
Consumption of trash bags is growing globally and can be attributed to the increasing population of developing economies, contributing to increased waste generation. Higher disposable incomes and improved awareness of hygiene are projected to result in high trash bag use. Plastic bans in some regions, however, may hinder market growth over the forecast period.
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Source: EIN Presswire