Newly released data from hanging bags market analysis shows that global demand of the overall hanging bags market is anticipated to register a CAGR of ~5.4% during the forecasted period and reach millions of units by 2031.
Global Hanging Bags Market: Market Outlook
The storage of small items in stacks of columns is not only messy but also makes the retrieval of the required item difficult and exhausting. Hanging bags is proving to be an effective solution to this problem.
The hanging bags are often transparent on one side and are made from a thin material that takes very little space making them an effective and efficient choice for the storage of small to medium-sized items.
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What are the Key Trends Impacting Growth of the Hanging Bags Market?
The increasing consumer tendency of compulsive online shopping is one of the key trends positively impacting the hanging bags market. As a result of many people buying small things online in bulk to enjoy the hefty discounts the demand for space-saving storage solutions is elevated.
Hanging bags are one of the most desired solutions to clear the clutter and organize it neatly. The increasing demand for space-saving storage solutions is anticipated to bolster the sales of hanging bags in the market.
How is the Increasing Manufacturers Preference for Transparent Packaging of Products Reshaping the Hanging Bags Market?
In the supermarkets and walk-in stores, many items are hanged in rows at the checkout counters as well as on the shelves. These are generally small items packaged in one side or both side transparent hanging bags to target the spontaneous buying behaviors of consumers.
Manufacturers of many products prefer this packaging as it increases product visibility and attracts more consumers. The increasing manufacturers’ preference is anticipated to augment the demand for hanging bags in the global market.
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What are the Key Challenges that may Restrain Growth of the Hanging Bags Market?
Most commonly hanging bags are made from plastic and the bags which are used for packaging are often made for one-time use. In the developed regions like Europe and North America, the consumer population has grown averse towards the use of plastic for packaging which is resulting in dampening the sales of plastic hanging bags in the regions.
However, the introduction of hanging bags made from other materials like jute, paper or linen is resulting in dampening the effects of this restraint on market growth.
Competitive Landscape
Key global players such as
EJ Bags and Boxes Inc.
Clear View Bag CompanyInc.
Tycho Poly Inc.
Crystal Clear Bags Canada Inc.
IMPAK Corporation
Poly Pak Plastics
PR Packaging
Royal Bag Inc. among others
are in the hanging bags market.
In the Asian region, players like
Yuyao Boya packing products Co.Ltd.
Kuber Industries
Rayna Enterprises
Qingdao Yurui Package Co.Ltd.
Guangzhou Kingdi Packaging & Printing Co.Ltd.
Cangnan Longgang Huanan Paper & Plastic Products Factory
Maurya Packaging etc.
are actively involved in the hanging bags market.
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What Strategies are the Key Players adopting to Increase their Market Share in the Hanging Bags Market?
Key players in the industry are focused on expanding their geographical reach and product offerings. As a result of many regional players offering hanging bags in the markets across the globe, the competition is immense.
Global manufacturers in the industry are attempting to form strategic partnerships with regional players and enter into long term agreements with the customers to retain maximum market share and expand their business activities.
What are the Key Opportunities for Hanging Bags Market Manufacturers?
The growing popularity of hanging bags made from sustainable and environmentally friendly materials can be a huge opportunity for the manufacturers in the market. Currently, there are very few players in the industry offering the target product made from sustainable alternatives like jute or paper.
However, there is a huge demand for them in the market. The key players have the opportunity to expand their product portfolio with sustainable alternatives and capture maximum market share.
Why will the India Generate Significant Demand for the Hanging Bags Market?
The consumer dynamics and purchasing behavior of the population of India has witnessed a major transition. The rising per capita income and urbanization are two of the major reasons behind this transition.
In order to benefit from this many companies have entered into the retail business and started offering new and innovative products to the Indian population. This has enhanced the demand for efficient and attractive packaging as well. These factors are projected to elevate the market demand for hanging bags during the foreseeable future.
What is the Impact of the Pandemic on the Growth of the Hanging Bags Market?
The COVID-19 pandemic negatively impacted the hanging bags market in the year 2020. There was a sharp fall in the sales of the target product across the globe.
The major reason behind this was the restriction imposed on the manufacturing facilities and lockdowns across the globe. The scenario is changing with the ongoing ease of restrictions and lifting of lockdowns in many parts of the world. The hanging bags market is estimated to rapidly recover and experience elevated demand in the coming years.
Key Segments of Hanging Bags Market Covered in the Report
