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| Bagster Bag Market |
The Bagster Bag Market is estimated to be valued at US$ 490.4 million in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 - 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Bagster bags are heavy-duty garbage bags that allow homeowners to dispose of
large amounts of unwanted items from home renovation projects, spring cleaning,
and yard maintenance. The bags range in size from 3 to 30 cubic yards and are
designed for both indoor and outdoor use. Bagster bags provide a convenient
solution for bulky waste disposal as they eliminate the need for multiple trips
to the landfill.
Market key trends:
Demand for alternative waste disposal solutions is growing due to the
increasing demise of landfills across major economies. According to the
Environmental Protection Agency, the number of landfills in the United States
declined from 8,000 in the 1980s to around 2,000 presently due to land and
environmental constraints. This has prompted waste management companies to
offer convenient on-call pickup services for bulky household waste using
Bagster bags. The bags allow compacting more trash into less space, thereby
assisting waste haulers in improving operational efficiency. Their
reuse-friendly design also supports the transition toward a circular economy.
Porter’s Analysis
Threat of new entrants: The bagster bag market is moderately concentrated with
few established players dominating the market making it difficult for new
entrants due increasing investments required.
Bargaining power of buyers: The bargaining power of buyers is moderate as there
are substitute products available at cheaper prices. However, bagster bags
offer convenience in safely disposing household waste.
Bargaining power of suppliers: The availability of raw materials gives
suppliers moderate bargaining power. However, established suppliers dealing
with major players have less bargaining power.
Threat of new substitutes: Alternatives like self-haul to transfer stations
pose threat. However, bagster bags offer ease and safety of waste disposal at
doorstep driving its demand.
Competitive rivalry: High due to presence of major players and aggressive
marketing strategies adopted by them to increase market share.
SWOT Analysis
Strength: Bagster bags offer convenience and safety in disposing household
waste. Wide distribution network of major players.
Weakness: High costs involved makes it unaffordable for some customers.
Dependency on raw material prices expose to supply chain disruptions.
Opportunity: Growing urbanization and awareness about proper waste disposal
drives market growth. Entering developing markets presents vast opportunities.
Threats: Strict regulations regarding waste disposal increases compliance
costs. Substitute products available at lower prices pose threat.
Key Takeaways
The global Bagster
Bag Market Share is expected to witness high growth at a CAGR of 6.6% over the forecast period,
due to increasing generation of household waste. Urbanization and changing
lifestyles have increased waste production driving demand for bagster bags to
safely dispose them.
The US dominates the bagster bag market owing to large number of households and
strict rules regarding management of household hazardous waste, accounting for
over 30% of global market share. Europe is the second largest market led by
Germany, UK and France. Asia Pacific is expected to grow at fastest pace during
the forecast period led by China, India and other developing nations where
waste generation is increasing at faster pace along with rising income levels.
Key players operating in the bagster bag market are Waste Management Inc.,
Republic Services Inc., Clean Harbors Inc., Covanta Holding Corporation,
Stericycle Inc., Advanced Disposal Services, Casella Waste Systems, Recology,
Biffa, REMONDIS SE & Co. KG. Major players focus on new product launches
catering to various applications to strengthen their market position.
Read More,
https://www.newsstatix.com/bagster-bag-market-trends-size-and-share-analysis/
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