FMI states in its recent study on the jumbo bags market that the market will record an impressive CAGR through 2030, and the market’s valuation is expected to surpass US$ 5.8 Bn. By 2021. Demand for jumbo bags is anticipated to continue surging due to the increasing demand for durable, cost-efficient, and less space-consuming packaging
“Jumbo bags manufacturers around the world have been capitalizing on the rising demand from various industries. The inclination towards spending on effective solutions for bulk packaging and safe delivery has been noticed also in the food products & agriculture, building & construction and pharmaceuticals industries.” says the FMI analyst.
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Jumbo bags Market – Important Highlights
- For bulk packing, Category C jumbo bags are strongly recommended because of their industrial standards.
- The growth of the chemical & fertilizer business is fueling the market for jumbo bags. Throughout the forecast era, FMI has predicted it to remain the dominant end-user.
- Jumbo bags with a size of 200 kg – 750 kg are more common on the market and are expected to remain highly sought after over the forecast era.
- North America led by the US is estimated to dominate the market during the forecast years.
Jumbo bags Market – Drivers
- Flexible packaging types are gaining popularity due to many benefits over rigid packaging formats which are driving the growth of the market.
- Jumbo bags or bulk bags are primarily used to carry and package bulk goods from different end-use industries, such as chemicals & fertilizers, building & construction, food & agricultural products, pharmaceuticals, minerals & mines, etc. the demand from these industries are boosting the growth of the market.
- Also, there is a growing market for jumbo bags due to the industrial need for compact and personalized bag sizes with damage-proof shipping characteristics.
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Jumbo bags Market – Restraints
- Strict government guidelines about the sustainability of the product are hindering the growth of the market.
- The onset of COVID 19 is anticipated to harm the market.
COVID-19 Impact on Jumbo bags Market
The jumbo bags market growth is anticipated to be hampered owing to the unprecedented COVID-19 pandemic. At different stages, the COVID-19 pandemic is now influencing the global economy, and the effect is also seen on the automotive aftermarket. Growth is forecast to be affected by the COVID-19 pandemic crisis and is likely to see a substantial decline in demand in 2021. Because of uncertainty in the retail and supply chain markets, profitable growth has also been slowed, with a variety of end-use industries affected in many countries. However, as markets continue to improve, the economy is likely to put itself on a course of recovery.
Competitive Landscape
The jumbo bags market players are leaning towards the expansion of the production facilities besides opting for strategic collaborations to attain a competitive edge. for instance, Berry Global Group Inc. has launched a new Lightweight Intermediate Bulk Containers (FIBC) product range, DriBulkTM Container Liners, which provides a reliable, inexpensive, and convenient option for several end-use industries, such as agriculture, minerals, chemicals, food, and other industries, to ship, transport and store dry bulk products.
A few of the key companies functioning in the global market include Berry Global Group, Inc., Greif Inc., Conitex Sonoco, AmeriGlobe L.L.C, PT. WIHARTA KARYA AGUNG, BAG Corp, Halsted Corporation.
About the Study
The study offers readers a comprehensive assessment of the jumbo bags market. Global, regional, and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on packaging type (Type A, B, C, D), design (U-Panel Bag, Four Side Panel, Baffle, Circular/ Tabular, Cross Corner) application (Building & Construction, Chemicals & Fertilizers, Food Products & Agriculture, Pharmaceuticals and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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