The global plastic packaging sacks market size is expected to grow by USD 1.31 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth. Request a free sample report
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Technavio has announced its latest market research report titled Global Plastic Packaging Sacks Market 2020-2024 (Graphic: Business Wire)
The construction industry has the highest share in the use of packaging sacks for construction materials, such as sand and cement. The packaging of substances, such as sand and cement requires materials that have strong mechanical properties and can carry heavy loads without breakage. Plastic sacks can carry weights up to 0.09 tons making them the perfect choice for use in this sector. Plastic sacks are manufactured using 100% virgin material and exhibit low breakage rates throughout their life cycle. These sacks are durable, despite being lightweight. The breakage rate of plastic packaging sacks come up to 2% only, whereas paper bags have a breakage rate of up to 4.3% and jute sacks up to 2.5%. The construction sector uses 30.60% of the total plastic packaging sacks manufactured globally. Hence, the increasing use of plastics in the construction sector is expected to be one of the key drivers of the market during the forecast period.
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As per Technavio, the rising demand for plastic packaging sacks from the food and beverage industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Plastic Packaging Sacks Market: Rising Demand for Plastic Packaging Sacks from the Food and Beverage Industry
Contamination of food during storage is a major concern for the food industry. The nutrients present in food are also affected by factors such as temperature and moisture. The food industry loses more than USD 14 billion every year due to food spoilage. This can be prevented to a great extent by using appropriate packaging material, which can extend the shelf life of the food product in the supply chain. These benefits encourage various vendors to offer plastic packaging sacks to enterprises in the food and beverage industry. For instance, Sonoco Products Company offers plastic packaging sacks for the supply of food products and to keep them fresh, natural, and healthy. These plastic packaging sacks help in maintaining the quality and freshness of food for a longer period during the supply chain process. These factors will drive the growth of the global plastic packaging sacks market during the forecast period.
"Factors such as the drop in crude oil prices, and increased investment in R&D to develop sustainable and high-quality materials using biopolumers will have a significant impact on the growth of the plastic packaging sacks market value during the forecast period," says a senior analyst at Technavio.
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Plastic Packaging Sacks Market: Segmentation Analysis
This market research report segments the plastic packaging sacks market by end-user (construction, chemicals and fertilizers, horticulture, food, and others) and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the plastic packaging sacks market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to factors such as the presence of the largest producers of fruits and vegetables in the world, and the growing construction industry in the region.
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Some of the key topics covered in the report include:
Market positioning of vendors
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