The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Carry Bags market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Carry Bags
The report offers actionable and valuable market insights of Carry Bags. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Carry Bags Market across various industries and regions.
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This newly published and insightful report sheds light on Market Insights of Carry Bags, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Carry Bags Market.
The global carry bags market is anticipated to reach a valuation of over US$ 30 billion in 2030, with the growth rate pegged at over 4%. The foodservice industry, being the major revenue attributer for carry bags, remained closed during the first two quarters of 2020, due to the widespread of the COVID-19 outbreak. But it is expected that, the global carry bags market will return to its normal growth trajectory after the pandemic situation subsides.
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“The global carry bags market witnesses more than half of the total sales in the retail industry. Due to attributes such as being economical, easy to use, and convenient for packaging, retailers largely prefer the use of carry bags,” says a Fact.MR analyst.
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The global carry bags market is characterized by the presence of a large number of both, foreign and domestic players. To maintain sustainability in packaging, all the key players are engaged in the production of biodegradable carry bags. Players included in the tier-1 bracket are Ice Green, Mapco, Olympic Bags, Hymopack, Komol Plastics, and Premier Poly Products. These players have a wide presence and rely on technological advancements such as highly equipped plastic sheet processing machinery, and have developed strong marketing channels with food processors and end consumers.
In 2020, East Asia will hold the largest carry bags market share of over 25%. Increasing strict regulations of the use of non-biodegradable packaging, coupled with growing introduction of biodegradable plastic packaging, is the main factor that is increasing the region’s usage of carry bags.
The Middle East & Africa has experienced steady demand for carry bags due to retail network penetration coupled with steady expansion of the hospitality industry. However, a significant number of African countries, including Kenya, Rwanda, Tanzania, and others, are limiting the use of carry bags, which, in turn, is expected to pose as a major challenge for the expansion of the Middle East & Africa carry bags market in the near future.
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Fact.MR, in its new report, offers an unbiased Market Analysis of Carry Bags, Sales and Demand of Carry Bags, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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