Wicketed Bags Market to Garner 1,045.62 million, Globally, by 2028 at 20.0% CAGR - Exclusive Report by The Insight Partners
NEW YORK, Aug. 19, 2021 /PRNewswire/ -- As per the latest The Insight Partners research report "Wicketed Bags Market to 2028 – Global Analysis and Forecast – by Type and Application," the wicketed bags market was valued at US$ 751.91 million in 2020 and is projected to reach US$ 1,045.62 million by 2028; it is expected to grow at a CAGR of 4.2% from 2021 to 2028. The growing demand for flexible packaging is driving the market; however, challenges in plastic bag recycling are impeding the market growth.
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In 2020, APAC accounted for the largest share of the global wicketed bags market. Wicketed bag is extensively utilized for packaging bakery, bread, fruits, ice cubes, vegetables, and meat products. It is also used for baby diapers, feminine hygiene, and other personal care products. It has been extensively used for semi-automatic, automatic, and manual load industrial applications. The burgeoning demand for food and personal hygiene products in emerging nations such as India and China has contributed to the growth of the wicketed bags market in APAC. Furthermore, increase in population, rise in disposable income of the population, and substantial economic conditions in China, India, Japan, and South Korea are encouraging the consumers to spend more on consumer products, which is expected to drive the demand for wicketed bags during the forecast period in the APAC region.
Growing Demand for Flexible Packaging to Escalate Wicketed Bags Market Growth
Flexible packaging is widely utilized, owing to properties such as durability, cost-effectiveness, and low weight. As flexible packaging, wicketed bags enhance the aesthetic appeal of any product, help to store products in limited spaces, and can augment the dispensing of products, coupled with durable packaging. Hence, the increasing preference for flexible packaging solutions over rigid packaging is driving the wicketed bags market. In addition, wicketed bags can be customized as per industry requirements. Flexibility in manufacturing allows stretch films to be one of the most sought post packaging solutions in institutional, retail & consumer, and industrial sectors. Wicketed bags provide high puncture and tear-resistance, as well as offer high reliability when it comes to food packaging. All these factors are presumed to accelerate the demand for wicketed bags among the industry players. The advent of the ongoing COVID-19 pandemic has positively impacted the global wicketed bags market, leading to an increase in food & beverages sales, as consumers and businesses are practicing social distancing by choosing online delivery. Moreover, the rise in consumer awareness about hygiene products has grown dramatically after the spread of the virus. Manufacturers are also focusing on adopting packaging materials, which have protective properties that offer a barrier to shield the products from contaminants throughout transit to ensure the virus is minimally viable on the packaging surface. The pandemic has also resulted in the isolation of consumers at home. People are resorting to panic-buying along with bulk stocking, owing to the fear of lockdowns. More consumers are ordering daily staples and fresh food mainly through online channels, which again leads to a rise in the demand for flexible plastic packaging such as wicketed bags. Governments of many affected countries, including India, have asked food manufacturers to ramp up production mainly to avoid supply-side shocks and shortages. FMCG companies are highly responding by demanding more flexible plastic packaging products. All these factors are influencing the market for wicketed bags.
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Wicketed Bags Market: Segmental Overview
In terms of type, the global wicketed bags market is segmented into loose flap, bottom gusset, side gusset, and others. Among these, the bottom gusset segment led the market in 2020. Bottom gusset bags are designed to contain larger and three-dimensional-shaped products. A bottom fold allows this bag to square off and creates a form-fitting and flat-surface bag end. These bags have multiple uses in grocery, clothing, sanitary products, and other packaging. These bags have features such as proper fitting, a flat end that provides an additional printing area, a fold (gusset) on the bottom, horizontal or vertical orientation for retail display, FDA & USDA-approved virgin resin, and excellent seal strength for product protection.
Based on application, the global wicketed bags market is segmented into food, pharmaceuticals, personal care and cosmetic products, industrial goods, and others. The food segment held the largest share of the global wicketed bags market in 2020. Wicketed bags are commonly used for packaging convenience and processed food products such as frozen foods, baked food items, fresh foods, and pet foods. In addition, it is used to store agricultural produce, fruits, and vegetables, owing to its high tear resistance, tensile and break strength, durability, versatility, transparency, and eco-friendly nature. Owing to these factors, the food segment is expected to dominate the global market over the forecast period. There is an increasing demand for eco-friendly and recyclable wicketed gusset bags from the food & beverages manufacturers and foodservice industry, which further supports the growth of the segment.
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Impact of COVID-19 Pandemic on Wicketed Bags Market
As of July 2021, countries such as the US, Russia, India, Brazil, the UK, France, Spain, Italy, Turkey, Germany, Colombia, and Argentina are among the worst-affected countries in terms of confirmed cases of COVID-19 and reported deaths. The ongoing pandemic has drastically altered the status of the plastic industry and has also impacted the growth of the wicketed bags market. The COVID-19 outbreak has further distorted operational efficiency and disrupted the value chains due to the sudden closure of national and international boundaries, creating revenue loss and damage. The disruptive value chain has negatively impacted the raw material supply, which, in turn, is impacting the growth of the wicketed bags market. However, as the economies are planning to revive their operations, the demand for wicketed bags is presumed to rise globally. The packaging industry is a dynamically growing contributor to this demand since consumers are inclined toward ordering food products and other goods online. Moreover, food and pharmaceutical segments are likely to bring growth opportunities for the market as wicketed bags are highly used in the packaging of food and personal hygiene and pharmaceutical products. The corporate sectors have also resumed their operations with the imposition of several safety measures such as ensuring limited direct contact with visitors; strengthening and communicating proper hygiene practices; conducting complete sanitation; and eliminating personnel contact during shift changes.
Wicketed Bags Market: Competition Landscape and Key Developments
St. Johns Packaging; Berry Global Inc.; Bischof + Klein SE & Co. KG; Mondi; LPS Industries; PAC Worldwide Corporation; UFlex Limited; Coveris; Maco PKG.; and Sonoco Products Company are among the key companies operating in the wicketed bags market. The major players are striving toward increasing their customer base and expanding their presence globally to acquire a better market position.
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In June 2020, St. Johns Packaging Ltd. announced the completion of the acquisition of Amcor Flexibles UK Ltd.'s bakery packaging market in Ilkeston, Derbyshire. The facility specializes in printing and wicketed bag manufacturing for the UK bakery market. Having built a strong competitive position in the North American market, the acquisition will provide St. Johns Packaging Ltd. with an opportunity to replicate its business model in the world's second-largest bread bag market.
In December 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; hence, they are replacing the traditional plastic packaging for diapers.
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