News

Oct 11, 2023

Sustained Momentum and US$ 1,575.9 Million Revenue Surge Foreseen in Foodservice Paper Bags Market by 2032

According to market analysts, the foodservice paper bag market is projected to

According to market analysts, the foodservice paper bag market is projected to continue its growth trajectory in the coming years. The forecast suggests that the market will reach a value of US$ 958.4 million in 2022 and exhibit a compound annual growth rate (CAGR) of 5.1% from 2022 to 2032, ultimately reaching US$ 1,575.9 million by the end of 2032.

By the end of 2022, it is expected that the top three countries will hold approximately 25-30% of the global market share for paper bags used in the foodservice industry. Non-handle bags are anticipated to dominate around 70% of the foodservice paper bag market by the end of 2022. This preference for non-handle bags is primarily driven by the strong inclination of restaurants and foodservice providers towards conventional paper bags.

The recent surge in foodservice paper bag sales can be attributed to the growing demand for eco-friendly packaging among consumers and the food industry. Government initiatives and regulations regarding plastic packaging have also created new opportunities for the global foodservice paper bag market. Moreover, the proliferation of new foodservice businesses worldwide is expected to fuel the demand for foodservice packaging, specifically paper bags.

For More Insights on this Market, Get A Sample Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-12666

Overall, the foodservice paper bag market has witnessed consistent growth over the years, with a CAGR of 4.1% from 2015 to 2021. The market is well-positioned for further expansion in the future, driven by factors such as environmental concerns, government policies, and the continued growth of the foodservice industry.

Key Takeaways

Competitive Landscape

Major players operating in the global foodservice paper bags market are trying to expand their capacities by developing their facilities. Also, several key players are adopting the merger and acquisition strategy to strengthen and increase their resources. These players are focusing on developing innovative paper bags to gain more market shares.

Are you looking for customized information related to the latest trends, drivers, and challenges? @ https://www.futuremarketinsights.com/customization-available/rep-gb-12666

Some of the latest developments by key players are as follows–

In August 2022, Novolex Holdings LLC announced the launch of innovative paper bags for more secure deliveries for retailers and restaurants. The paper bag offers a wide opening for easy loading, a flat bottom to keep items secure, and sturdy paper twist handles for easy & reliable carrying.

In March 2022, WestRock Company expanded its production facility by investing US$ 47 Million at its consumer facility in Claremont.

In January 2022, Huhtamaki Oyj acquired a company named Smith Anderson Group Ltd. in Portland. The company manufactures and sells paper bags in Eastern Europe.

Key Players:

Get 20% Discount @ https://www.futuremarketinsights.com/request-discount/rep-gb-12666

Foodservice Paper Bags Market Outlook by Category

By Material Type:

By Bag Type:

By End User:

By Region:

About Us:

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years

Contact Us:

Future Market Insights Inc.

Christiana Corporate, 200 Continental Drive,Suite 401, Newark, Delaware – 19713, USAT: +1-845-579-5705LinkedIn| Twitter| Blogs | YouTubeFor Sales Enquiries: [email protected]