Chemicals & Fertilizers Sector to Account for Over 40% of Jumbo Bags Sold Worldwide: New Study
Future Market Insights (FMI) delivers key insights into the jumbo bags market in its report. According to the study, the global jumbo bags market is estimated to grow by 1.5x between 2020 and 2030 in terms of revenue. By 2021, therefore, the market’s valuation is expected to surpass US$ 5.8 Bn.
Jumbo Bags Market
A recent market report published by FMI on the jumbo bags market provides global industry ...
The rising demand from chemicals & fertilizers industry will remain a chief contributor. FMI has even predicted the industry to account for over four of every ten jumbo bags sold globally. Among various types of jumbo bags available, Type C and U-panel bags will remain highly sought-after in terms of bag type and design, respectively.
Key Takeaways of Jumbo Bags Market Study
- The global bags market is expected to exhibit positive growth 2022 onwards after temporary period of lull following COVID-19 outbreak
- The U.S. will remain a key market, accounting for over 80% of jumbo bags sold in North America
- After registering negative growth, the U.K. market will set on path of recovery exhibiting 1.7% Y-o-Y growth in 2022
- Demand from Germany and France also is expected to pick up at a positive pace post 2020
- Japan and South Korea will remain key markets in East Asia
“Increase in demand for flexible packaging formats especially in the chemicals & fertilizers industry is aiding overall expansion of the market. Market players are therefore focusing on production of ideal jumbo bags with features such as water-proof, versatile, and improved strength for bulk packaging,” said an FMI analyst.
Demand for Flexible Packaging Aiding Growth
Manufacturers of several end-use industry have shifted towards flexible packaging which is aiding jumbo bags sales. The inclination towards jumbo bags or bulk bags or Flexible Intermediate Bulk Containers (FIBCs) is due to better protection they offer to materials that are packed within and transported. Besides this, the ease of procurement of jumbo bags has been identified as a key growth driver. Moreover, empty FIBCs or jumbo bags can be easily stored due to their flexibility and can be transported even without pallets at low cost. Among other features, convenient handling offered by jumbo bags has made them highly sought after across various industries.
Surge in Price of Raw Materials and Labor Shortage to Hamper Production
Jumbo bags are generally made from raw materials such as polypropylene and polyethene. It is estimated that raw materials account for approx. 60-70% of the total manufacturing cost of jumbo bags. Fluctuation in prices and availability of raw materials are major constraints in maintaining competitive prices of jumbo bags for Asia Pacific manufacturers.
Production of jumbo bags is a labor-intensive process. Lack of adequate skilled manpower hampers the production of jumbo bags or FIBCs in emerging economies of Asia Pacific.
Jumbo bags manufacturing industry is an export-oriented sector. The fluctuation of the forex market leads to a decrease in the firm’s revenue from exports, which affect the firm’s profitability. This is a major restraint in the production of the jumbo bags in emerging economies.
Who is winning?
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 some of the leading players in the jumbo bags market.
Jumbo Bags Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global jumbo bags market, analysing historical demand from 2015-2019 and forecast statistics for 2020–2030. The study reveals growth projections on the jumbo bags market on the basis of bag type (Type A, Type B, Type C, and Type D), by capacity (less than 200 kg, 200 kg - 750 kg, 750 kg - 1500 kg, and 1500 kg and above), by design (U-Panel bag, four side panel, baffle, circular/ tabular, and cross corner) and by end use (building & construction, chemicals & fertilizers, food products & agriculture, pharmaceuticals, and others[mining]) across seven regions.
About Packaging Division at Future Market Insights
The Packaging division at FMI provides an in-depth historical analysis and granular projections of the global packaging market. Ranging from packaging materials to designs & formats, FMI has an exhaustive market research database, serving clients with unique offerings and strategic recommendations. With a repository of 750+ reports, the team analyzed the packaging industry comprehensively in 70+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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