Food Segment to Dominate APAC Wicketed Bags Market during 2020–2028
According to The Insight Partners market research study on “APAC Wicketed Bags Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application,” is expected to reach US$ 451.71 million by 2028 from US$ 324.92 million in 2021. The market is estimated to grow at a CAGR of 4.8% from 2021 to 2028. The report provides trends prevailing in the APAC wicketed bags market along with the drivers and restraints pertaining to the market growth. Rising application in personal care and hygiene products is the major factor driving the growth of the APAC wicketed bags market. However, challenges in plastic bag recycling hinder the growth of APAC wicketed bags market.
The COVID-19 outbreak is presumed to have caused a significant economic loss in Asia Pacific. The governments of various Asia Pacific countries are taking possible steps to contain the spread of the virus by announcing lockdowns, which, in turn, has impacted the revenue generation of the wicketed bags market. The governments of different countries have directed the chemicals & materials manufacturers to delay their production cycle, which is adversely affecting the global supply of wicketed bags. However, the increasing demand from various end-use industries—such as food packaging, pharmaceuticals, personal care and cosmetics, and others—in countries such as India and China is expected to support the growth of the wicketed bags market.
The market for wicketed bags market is segmented into type, application, and country. Based on type, the APAC wicketed bags market is segmented into loose flap, bottom gusset, side gusset, and others. In 2020, the bottom gusset segment held the largest share APAC wicketed bags market. Based on application, the APAC wicketed bags market is segmented into food, pharmaceuticals, personal care and cosmetic products, industrial goods, and others. In 2020, the food segment held the largest share APAC wicketed bags market. Based on country, the APAC wicketed bags market is segmented into Australia, China, India, Japan, South Korea, Rest of APAC. In 2020, China held the largest share APAC wicketed bags market.
Berry Global Inc.; Bischof + Klein SE & Co. KG; Mondi; PAC Worldwide Corporation; Sonoco Products Company; St. Johns Packaging; UFlex Limited are among the leading companies in the APAC wicketed bags market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Mondi launched a new paper EcoWicketBag for Drylock Technologies’ baby diaper ranges, bringing sustainable paper-based packaging to the hygiene market worldwide. The EcoWicketBag can be placed in existing paper streams, even in nations with the strictest recycling regulations, promoting the circular economy. The EcoWicketBags are recyclable thereby replacing the traditional plastic packaging for diapers.
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