Multiwall Bags Market Opportunities and Strategies to 2033

This report describes and explains the multiwall bags market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global multiwall bags market reached a value of nearly $13.64 billion in 2023, having grown at a compound annual growth rate (CAGR) of 2.9% since 2018. The market is expected to grow from $13.64 billion in 2023 to $17.5 billion in 2028 at a rate of 5.1%. The market is then expected to grow at a CAGR of 5.6% from 2028 and reach $22.96 billion in 2033.

Growth in the historic period resulted from the expansion of the building and construction industry, increasing demand for ready-to-eat and convenience food products, growth in agricultural output and seed distribution and expansion of the pharmaceutical and healthcare sectors. Factors that negatively affected growth in the historic period include transportation costs and logistics challenges and economic uncertainties or downturns.

Going forward, the increase in the use of sustainable packaging solutions, rising disposable income, expansion of the e-commerce industry and growing cement industry will drive the market. Factors that could hinder the growth of the multiwall bags market in the future include rising costs of raw materials.

The multiwall bags market is segmented by product type into paper-based, plastic bags and other product types. The plastic bags market was the largest segment of the multiwall bags market segmented by product type, accounting for 54% or $7.36 billion of the total in 2023. Going forward, the paper-based segment is expected to be the fastest growing segment in the multiwall bags market segmented by product type, at a CAGR of 6.3% during 2023-2028.

The multiwall bags market is segmented by layers into 2-ply, 3-ply and other layers. The 3-ply market was the largest segment of the multiwall bags market segmented by layers, accounting for 43.9% or $5.99 billion of the total in 2023. Going forward, the other layers segment is expected to be the fastest growing segment in the multiwall bags market segmented by layers, at a CAGR of 5.8% during 2023-2028.

The multiwall bags market is segmented by application into food and grains, agriculture, building and construction, chemical, retail, pharmaceuticals and other applications. The food and grains market was the largest segment of the multiwall bags market segmented by application, accounting for 33.1% or $4.52 billion of the total in 2023. Going forward, it is expected to be the fastest growing segment in the multiwall bags market segmented by application, at a CAGR of 6% during 2023-2028.

Asia-Pacific was the largest region in the multiwall bags market, accounting for 36.5% or $4.97 billion of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the multiwall bags market will be Asia-Pacific and South America, where growth will be at CAGRs of 6.3% and 5.2% respectively. These will be followed by the Middle East and Western Europe, where the markets are expected to grow at CAGRs of 5.1% and 4.3% respectively.

The global multiwall bags market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up to 28.2% of the total market in 2023. Sealed Air Corp. was the largest competitor with a 12.9% share of the market, followed by Mondi plc with 6.2%, Oji Fibre Solutions with 2.6%, ProAmpac Holdings Inc. with 1.5%, WestRock Company with 1.3%, Berry Global Inc. with 1.1%, Hood Packaging Corporation with 1%, Georgia-Pacific LLC with 0.7%, Napco Group with 0.6% and LC Packaging International BV with 0.4%.

The top opportunities in the multiwall bags market segmented by product type will arise in the paper-based segment, which will gain $1.83 billion of global annual sales by 2028. The top opportunities in the multiwall bags market segmented by layers will arise in the 2-ply segment, which will gain $1.59 billion of global annual sales by 2028. The top opportunities in the multiwall bags market segmented by application will arise in the food and grains segment, which will gain $1.53 billion of global annual sales by 2028. The multiwall bags market size will gain the most in China at $884.2 million.

Market-trend-based strategies for the multiwall bags market include introduction of paper-based high barrier technology for food packaging solutions, strategic partnerships and acquisitions among major players to expand product range, advancements in recyclable packaging technologies for the pet food industry and launch of eco-friendly sustainable film technology to minimize environmental impact.

Player-adopted strategies in the multiwall bags market include focus on expanding operational capabilities through strategic partnerships, new product launches and strategic acquisitions.

To take advantage of the opportunities, the analyst recommends the multiwall bags companies to focus on sustainable packaging innovations, focus on advancing recyclable multiwall bag technologies, focus on eco-friendly film technology, focus on the fastest-growing paper-based segment, expand in emerging markets, continue to focus on developed markets, focus on expanding distribution channels, focus on optimizing pricing strategies, participate in industry trade shows and conferences, continue to use B2B promotions and focus on targeting food and grains end-user segment.