Craft Bags Market Projected to Achieve a 4.4% CAGR by 2033, Reaching a Valuation of US$ 2,516.8 Million. Packaging, Grocery, Personal Care Sectors Drive Demand | Future Market Insights Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
The global demand for craft bags is being driven by a growing preference for convenient, compact packaging and the increasing presence of grocery and personal care items in the market. As consumer demand rises, the paper industry is poised to invest in craft bag packaging to meet this trend.
NEWARK, Del, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The demand for craft bags has experienced substantial growth in the last few years and reached a worth of around US$ 1,567.3 million in 2022. A remarkable year-on-year growth rate of 3.4% was seen between 2018 and 2022, indicating the rising demand for craft or handmade bags across the globe.
The overall market is anticipated to experience significant growth in 2023, estimated to have a total value of US$ 1,636.3 million. Furthermore, FMI predicts that this growth trend is projected to continue, estimating a CAGR of 4.4% from 2023 to 2033. The sales of craft bags could continue to rise, finally reaching a significant market value of US$ 2,516.8 million by 2033.
Handmade craft bags appeal to customers looking for distinctive and customized packaging solutions because of their distinct patterns, textures, and possibilities. Also, end users are becoming aware of the potential of handmade bags to improve their brand recognition by exuding an air of authenticity and originality.
Craft bags, frequently created from recyclable and biodegradable materials, are in demand as a greater focus on eco-friendly choices is rising. By providing distinctive designs, materials, and customization choices that satisfy a range of customer preferences, bulk craft bag manufacturers may profit from the trend. They can also use craft bags to improve consumer experience as e-commerce trade has recently increased.
According to findings from a market survey research craft bags, demand is rising due to many interrelated variables reflecting shifting consumer choices and market dynamics. In addition, craft bags that support the artisanal ethos are in greater demand with rising consumer interest in artisanal and handcrafted goods.
Key Takeaways from the Global Craft Bags Market Study Report by FMI
The regional market for craft bags in North America commanded nearly 25% of the global market share in 2022. Craft bags are positioned to significantly influence the future of packaging across the United States as it is starting to promote sustainable practices.
The total sales of craft bags in European countries contributed to almost 20% of the revenue generated by the global market in 2022. The rising desire for distinctive packaging options with aesthetic appeal and sustainability propels spectacular growth in the European market for handmade bags.
Global players looking to profit from the soaring demand in the Asia Pacific market must successfully navigate pricing and quality assurance issues. China and India, for instance, represent a higher growth potential in the production and sales of craft bags during the forecast years.
Competitive Landscape for the Craft Bags Market Players
International papers
Stanpac
Kent Paper
Biopac
Genpak
Bemis Company Incorporated
Berry Plastics Corporation
Novolex
Linpac Packaging Limited
Biopac
APL Packaging
KP Films
are some top players in this market. Leading players are utilizing digital channels to highlight the sustainability and artistry of artisan bags to draw customers and retain their market dominance.
New market entrants are anticipated to stand out from the competition by finding eco-friendly bag materials as consumers prioritize sustainable solutions. Start-ups that are maintaining low pricing while assuring product quality and environmental practices may flourish in the market.
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Craft Bags Market By Categorizations:
By Product Type:
Block Bottom
Paper Carry
Checkout
Confectionery
Other Product Types
By Application:
Grocery
Food
Pharmaceuticals
Customer Goods
Stationary
Confectionery
Cosmetics
Personal Use
Home Care Products
Other Applications
Have a Look at Trending Reports of the Packaging Domain:
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Counter Bags Market Overview: Global counter bags market demand is anticipated to be valued at US$ 1,428.4 million in 2023 and is forecasted to expand at a CAGR of 4.2% from 2023 to 2033.
Food Bags Market Values: The global food bags market size is expected to increase from US$ 824.0 million in 2023 to US$ 1,594.3 million by 2033.
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