Jute Packaging Market is Anticipated to Surpass a Value of USD 1.95 Billion by Growing at a CAGR of 3.4% During 2022-2028; Rise in Environment Consciousness and Growing Urbanization to Elevate Market Growth
The readers of the study will acquire in-depth knowledge about the competitive landscape and dynamics of the jute packaging market from previous, current, and future perspectives, empowering them to make wise decisions regarding their use of money and resources. With the precise and up-to-date information provided by SkyQuest in the most recent research report, businesses can better understand the different types of consumers, their wants and preferences, viewpoints on the product, their purchasing intentions, how they react to a particular product that is currently on the market, and more.
Westford, USA, Feb. 20, 2023 (GLOBE NEWSWIRE) — The Asia Pacific region is predicted to remain a prominent player in the jute packaging market by gaining the highest market share during the forecast period on account of the increasing urbanization and significant presence of key market players in the region. Additionally, the rising consciousness among the people regarding the environment and notable steps by the government such as the ban on various low-grade plastic products, and farmer-friendly loans for jute farming in various regions are anticipated to boost the usage of jute material for packaging purposes and which in turn is expected to drive market growth during the forecast period.
SkyQuest found during research that India has outlawed single-use plastic products including plastic straws that are widely strewn yet have no practical purpose as of July 1, 2022. In India, almost 60.1% of the world’s jute is grown. Moreover, a new program has been released by the Agricultural Ministry of India that for putting 0.33 acre of land into jute cultivation, a farmer will receive one kilogram of free jute seeds and the government is estimating to provide free seeds to more than half a million farmers under this program.
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Tables – 90
Figures – 76
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Natural fibers from the stalks of the Tossa or white jute plant are used to make jute bags. They have low heat conductivity, and good antistatic properties, are reusable, light, affordable, durable, and retain moisture to a limited extent. Therefore, its unique qualities make it the appropriate packaging material for the transport packing for vegetables, grain, coffee beans, and nuts & seeds.
Prominent Players in Jute Packaging Market
- MANYAN INC.
- JOYTEX GMBH & CO. KG
- PEMA Verpackung GmbH
- Trident Jute
- Zest tex
- Jute Cotton Bags
- Asia Jute
- Cotheeka Jute Industry
- Bombay Bags
- TopTrans International
- H&M Group
- Moonshine Leather Company
- Gloster Limited
- BOSTON BAG CO.
- Howrah Mills Co Ltd
- Deeya International
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11-30 Kg Capacity Segment to Hold Most Substantial Market Share Owing to Its Wide Range of Application
The jute packaging market is divided into four categories based on capacity: up to 10 kg, 11–30 kg, 31–50 kg, and above 50 kg. The 11-30 Kg segment is anticipated to have the largest market share of all of these. The rising demand for medium-sized jute packing bags with a carrying capacity of roughly 11 to 30 kg across a range of applications, including food products, home goods, and agriculture, among many others, is responsible for the segmented growth of the market.
Furthermore, the market in Asia Pacific region is predicted to gain the highest market share and keep dominating the jute packaging market throughout the forecast period. The growth of the market can be ascribed to the increasing production of jute and the rising export of jute & jute products from major countries such as India is anticipated to boost the market growth. SkyQuest noted that in India, there are more than 95 composite jute mills and in 2022, the production of jute goods was over 39 million tons. Moreover, the Jute worth USD 49 million was shipped from India around the world.
Jute Bag Segment to Gain Largest Market Share Thanks to Its Increasing Usage
Jute bags are becoming more and more popular due to their many benefits, including their superior insulation, low thermal conductivity, and moderate moisture retention. Jute bags are also used as a shopping and gift bags in addition to being used as packaging for bulk goods. Jute bags are becoming more and more popular due to qualities like their biodegradability, and affordability. The product is also widely used as a packaging material for bulk goods as well as for shopping and gift bags, which has a further impact on the market. Moreover, the jute bag market is positively impacted by improving lifestyles, increased urbanization, rising disposable income, and shifting customer preferences.
Moreover, the jute packaging market in North America region is predicted to gain notable market share during the forecast period. The growth of the market can be ascribed to the rising environmental drives by the government and non-government agencies to limit plastic usage and the growing investment by leading market key players in the region owing to the increasing adoption of jute packaging by youngsters.
There are both large corporations and domestic small- and medium-sized firms in the highly fragmented jute packaging market. Due to stricter restrictions on excessive plastic packaging and growing consumer awareness of sustainability, the market is gradually turning towards sustainability packaging. To expand their geographic reach and manufacturing capabilities, major players in the sector are concentrating on putting acquisition and collaboration plans into practice.
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Key Developments in the Jute Packaging Market
- By the end of March 2023, the Indian Commerce Secretary is anticipated in Dhaka, the capital of Bangladesh, to participate in a meeting between the two countries’ respective commerce secretaries. Securing the supply chain of necessities, lifting the anti-dumping obligation on Bangladeshi jute and jute products, lifting the export ban on some Bangladeshi products, and a host of other trade-related issues, among others, would also be discussed during the upcoming meeting.
- To promote Bangladeshi jute products, fourteen small and medium-sized businesses (SMEs) from Bangladesh took part in the NY Now Winter Exhibition, which was held in New York, USA, on February 4–8, 2023. Purses, rugs, and other fashion items handmade from jute are just a few of the jute e products displayed at the fair by these SMEs.
- ReshaMandi, an Indian farm-to-fashion digital ecosystem for natural fibers, reported a threefold growth in revenues to USD 12.48 million. The company predicted that coming forward weaves including jute products will account for more than 54% of its revenues.
Key Questions Answered in the Jute Packaging Market Research Report
- Which market segments account for a sizeable portion of the global jute packaging market?
- What local markets are most likely to offer a wealth of business opportunities?
- What tactics are the dominant players adopting to control the market?
- What are the anticipated size and growth rate for global jute packaging market?
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