Thriving Momentum: Jumbo Bags Market Envisioned at 4.2% CAGR...

Thriving Momentum: Jumbo Bags Market Envisioned at 4.2% CAGR through 2033

Posted 2024-02-28 10:27:00

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In 2023, the global jumbo bags market would reach a value of US$ 6.1 billion. From 2023 to 2033, it would expand at a CAGR of 4.2%. By 2033, it would be valued at more than US$ 9.9 billion.

Plastic products have become a part of daily life worldwide. As a result, these are produced at a massive scale across the globe, opines Future Market Insights (FMI).

It is estimated that around 70% of all plastic products are converted into plastic waste in a short span. Improper plastic waste management is one of the key factors that causes severe soil and groundwater pollution.

Governments have taken initiatives and induced stringent rules & regulations for plastic waste management. Recycling of plastic is considered to be the next viable and technically feasible option. It aims to tackle issues presented by the ever-growing volume of plastic waste.

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Industries across Europe and North America prefer recyclable and recycled plastic packaging products. It is attributable to increasing awareness of proper management of plastic waste.

All these factors would offer ample amount of opportunities to prominent packaging manufacturers. They would design and manufacture highly recyclable jumbo bags.

Key Takeaways from Jumbo Bags Market Study

By end use, the chemicals & fertilizers segment would hold more than 45% of share in the forecast period.
Type C jumbo bags would reach US$ 1.4 billion by the end of 2033.
U-panel design of jumbo bags would expand at a CAGR of 5.0% in the next ten years.
By capacity, the 200 kg to 750 kg segment would show a BPS fluctuation of +140 bps by 2033.
South Asia and East Asia would together create incremental opportunities of US$ 1.2 billion in the forecast period.

Ability of Jumbo Bags to Reduce Transportation Cost Would Fuel Sales

Manufacturers have shifted toward flexible packaging. Inclination toward jumbo bags or bulk bags is due to better protection of materials that are transported. Ease of procurement would also push sales.

Empty jumbo bags can be easily stored due to their high flexibility. They can be transported even without pallets. They are low cost and can be conveniently handled.

On the other hand, filled jumbo bags have a low package-to-product weight ratio. Empty jumbo bags are compact and lightweight. It reduces transportation cost. Due to these factors, high preference for jumbo bags in bulk goods transportation is countered.

China, India, Bangladesh, and other emerging Asia Pacific countries are key producers of jumbo bags. But, consumption of these bags is low in these regions.

Rising economic growth and industrialization would propel demand. Need from industries to transport goods through low-cost flexible intermediate bulk containers would rise.

Rising shift toward flexible packaging from rigid packaging would drive jumbo bags demand. Jumbo bags are used for transportation of chemicals & fertilizers, food & agriculture products, and cement in Asia Pacific.

Surging Price of Raw Materials and Labor Shortage May Hamper Production

Jumbo bags or flexible intermediate bulk containers are made from raw materials such as polypropylene and polyethylene. It is estimated that raw materials account for around 60 to 70% of the total manufacturing cost of jumbo bags. Fluctuation in prices and unavailability of raw materials are key constraints in maintaining competitive prices of jumbo bags.

Production of jumbo bags is a labor-intensive process. Lack of adequate skilled manpower hampers production of jumbo bags in emerging economies of Asia Pacific.

Jumbo bags manufacturing industry is an export-oriented sector. Fluctuation of the forex market leads to decreasing firm’s revenue from exports. It further affects the firm’s profitability. It is a leading restraint in the production of jumbo bags in emerging economies.

Competitive Landscape: Jumbo Bags Market

Berry Global Group, Inc., Greif Inc., Conitex Sonoco, AmeriGlobe L.L.C, PT. WIHARTA KARYA AGUNG, BAG Corp., Halsted Corporation, Intertape Polymer Group., Emmbi Industries Ltd., LC Packaging International BV, Rishi FIBC Solutions Pvt. Ltd., Langston Companies Inc., Jumbo Bag Ltd., Bulk Lift International, and Sackmaker J&HM Dickson Ltd. are prominent players in the jumbo bags market.

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Jumbo Bags Market Outlook by Category

By Bag Type: