The global sales of recycled prescription bag are estimated to be worth USD 126.7 million in 2021 and are anticipated to reach a value of USD 215.5 million by 2031. Sales are projected to rise at a CAGR of 5.5% over the forecast period between 2021 and 2031. The revenue generated by recycled prescription bag in 2020 was USD 120.0 million.
Consumer are increasingly shifting towards sustainable brands and products. Pharmacies and healthcare institutions are also adopting the recycled prescription bags which aligns with consumers. Growth in eco consciousness sin global market is leading the consumers and business to seek recycled packaging products.
Recycled prescription bags are thus gaining popularity over traditional bags as they are sustainable and reduce the carbon footprint. Healthcare and pharmaceutical companies are increasingly focusing on CSR initiatives that promotes the sustainability. Thus these companies are using these bags and promoting the sustainable corporate image.
Global Recycled Prescription Bag Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 120.0 million |
| Estimated Size, 2021 | USD 126.7 million |
| Projected Size, 2031 | USD 215.5 million |
| Value-based CAGR (2021 to 2031) | 5.5% |
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With the pharmaceutical industry transforming due to change in regulations and consumer preferences, the demand for paper bags is projected to surge exponentially. Steered by the rising awareness among consumers regarding threats posed by disposal of plastic waste on the environment, the pharmaceutical sector is gradually shifting towards green packaging solutions.
Prescription bags made from recycled paper have emerged as safer and cheaper alternative to plastic prescription bag which is why they have emerged as a preferred packaging solution within the pharmaceutical sector.
The growing awareness and concerns regarding the degrading effects of plastic on the environment have surged the demand for paper bags in the market. Prescription bags made from Paper and especially recycled paper provide a sustainable solution to the environment as they also help manage post-consumer paper waste.
Moreover, paper bags offer less risk of suffocation to kids and animals, therefore raising their demand. However, paper bags are not waterproof and are more expensive than plastic bags and these factors can potentially affect the market growth. The increase in global warming, coupled with the modern lifestyle, growing preference for doorstep delivery of medicine, will also help propel the growth of the paper bags market.
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North America region is one of the largest market for paper bags. Growing concerns pertaining to environmental damage caused by plastic wastage has resulted in increase in demand for paper bags in North America. Also, surging sales recorded via hypermarket, super markets, pharmaceutical sectors, and others are spurring the North America paper bags market growth.
Western Europe has emerged as a highly lucrative market for paper bags. The surge in demand from the expanding pharmaceutical, foods & beverages industries, in countries such as France, Germany, Spain, and others, is boosting the Western Europe market for paper bags. According to study Germany is expected to sustain in the leading position in Western Europe market during the forecast period.
Asia Pacific is presently leading the global paper bags market. Abundant availability of raw materials, availability of cost effective & skilled labour, and other factors are driving the APAC paper bags market. The strong pharmaceutical sector in countries such as China, Japan and India, and others are boosting the demand for recycled prescription bags further.
The rising demand for affordable and sustainable packaging solutions will drive the market in the region. According to Study, China is expected to remain dominant in the Asia Pacific market over the forecast period.
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Some of the leading manufacturers and suppliers of Recycled Prescription bag include
The recent COVID-19 outbreak has hugely impacted the growth of market of prescription bag. As in the pandemic the sale of pharmaceutical rose very rapidly. It has boosted the market for Recycled prescription bags. The lockdown halted the production of several key raw materials, which further posed many production challenges, resulting in spiking product prices and lowering the market demand. Manufacturers faced a range of problems, from obtaining raw materials required for the production to managing presence of factory workers in face of quarantine & lockdown situations. However the sector has responded to the crisis effectively and ensured to meet customer demands to a great extent.
The Recycled Prescription Bag report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Recycled Prescription Bag Market
