The global drink carrier poly bags market is Anticipated to Expand at a CAGR of ~4.1%, During the Forecast Period.
The global shipment of drink carrier poly bags is expected to reach a million tonnes by 2025 on the back of the factors such as convenience to carry, cost-effectiveness, and others. While FMI still expects the drink carrier poly bags market to grow slightly, however, the overall five-year compound annual growth rate (CAGR) remains positive by the end of 2031.
Drink Carrier Poly Bags Market: An Overview
Drink carrier poly bags are used to carry the beverage cups or glass while delivering the product to the customers to ensure and avoid the spillover of the product. The beverage cups or glasses can be easily carried using the drink carrier poly bags and is convenient to use. With the help of drink carrier poly bags, more than one drink cup or glass can behold or be delivered.
The drink carrier poly bags are preferred by hotels & restaurants, retail shops, and other food & beverage providers.
These poly bags are cost-effective as well as are easy to use, recyclable, reusable, durable, and others which makes them popular among the various end-users. Overall, on the back of these factors, the future market outlook for the drink carrier poly bags is anticipated to rise during the forecasted period.
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What Augment the Sales of Drink Carrier Poly Bags?
The increasing online food & beverage deliveries is the major factor supplementing the sales of drink carrier poly bags as these poly bags are best suitable for carrying the beverage cups or glass without worrying about the product been spilt out.
The drink carrier poly bags can be reused or recycled which supports the sustainability concern, this fuels the demand for the drink carrier poly bags among the end-users. The increasing preference for convenient as well as easy packaging solutions among the various food & beverage providers increases the demand for drink carrier poly bags.
These bags also help in increasing brand value as it can be customized or printed as per the requirement. The expanding and increasing food outlets also fuel the demand for drink carrier poly bags. Considering, all the factors the demand for drink carrier poly bags is anticipated to propel during the forecasted period.
How does the Increasing Food & Beverage Takeaways Preference Creates Market Growth Opportunities for Drink Carrier Poly Bags?
The customer nowadays prefers to take away the food & beverage from the hotels or cafes or restaurants or others to save time and to have food relaxing at home. These increasing preferences for takeaways bolster the demand for drink carrier poly bags as beverage cups or glass are been packed in these poly bags for convenient carriage.
Also, the COVID-19 pandemic gave rise to online food deliveries which again fuels the demand for drink carrier poly bags. The increasing preference for takeaways or online food & beverage deliveries is anticipated to create market growth opportunities for the drink carrier poly bags.
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What Limits the Market Growth of the Drink Carrier Poly Bags?
The availability of substitutes such as paper-based carriers and others are anticipated to hamper the market growth for drink carrier poly bags. Also, the government regulation towards the usage of plastic limits the market growth for the drink carrier poly bags up to some extent. The changing prices of raw materials along with their availability hinder the growth of the drink carrier poly bags market.
Competitive Landscape
The global key players for the drink carrier poly bags are
Some Asian players include RISHABA POLY PRODUCT, Narendra Plastic, and others.
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What Strategies Are Adopted by Key Players for Increasing their Market Share in the Drink Carrier Poly Bags Market?
The key players in drink carrier poly bags are trying to focus on mergers & acquisitions to expand their product portfolio along with increasing their market reach.
In January 2021, Trioworld Group announced the acquisition of Flexoplast Company, a part of the Clondalkin Group engaged in offering packaging solutions. This will help the company to widen its product portfolio along with serving various customers.
Which Factor Fuels the Demand for Drink Carrier Poly Bags in the United States?
The increasing preference for takeaways or home deliveries to ensure work-life balance and to manage time in the United States is anticipated to fuel the demand for drink carrier poly bags. The customer to save their time and to enjoy the outside food prefer takeaways which augment the sales of drink carrier poly bags in the United States.
Why India will Create Market Growth Opportunity for the Drink Carrier Poly Bags?
According to the National Restaurant Association of India (NRAI), in 2018-19 the Indian foodservice industry reached around US$ 56.4 Bn and is expected to expand at a CAGR of 9%by 2022-23. The expanding foodservice industry in India is anticipated to create market growth opportunities for the drink carrier poly bags as these bags are used majorly by the foodservice industry to offer drink cups or glasses for takeaways or deliveries.
How was the Global Market for Drink Carrier Poly Bags impacted during the COVID-19 Pandemic?
Amid COVID-19, the drink carrier poly bags market experienced a negative slope in demand due to the closure of various foodservice outlets. The food outlets, retail stored, and others were closed due to the government regulations during COVID-19 which had an adverse impact on the drink carrier poly bags market.
Later, with the upliftment in government regulation, the food outlets started to operate slowly and they started to focus on providing home deliveries & takeaways to follow the COVID norms which slowly gave rise to the demand for drink carrier poly bags. The people also started to prefer takeaways or home deliveries to avoid contact with others which augment the sales of drink carrier poly bags.
Key Segments of Drink Carrier Poly Bags Market Covered in the Report
