A recent report by IndexBox has shed light on the evolving market dynamics of sacks and bags in Asia, showcasing a steady growth trajectory driven by strong demand across the region. With consumption reaching 2.3 million tons in 2024, the market is poised to grow at a Compound Annual Growth Rate (CAGR) of 1.6%, projected to hit 2.7 million tons by 2035. This growth is mirrored in the market’s value, which is expected to reach $8.3 billion by the same year, representing a CAGR of 2.3%.

Key Market Findings

The report highlights several critical insights into the Asian sacks and bags market:

• Dominance of China: China is the leading consumer with a significant share of 30%, consuming about 682,000 tons and producing 1.3 million tons of sacks and bags.
• Turkey’s Per Capita Leadership: Turkey stands out for its per capita consumption rate of 2.8 kg per person, the highest in the region.
• Exporting Powerhouses: Asia operates as a net exporter of sacks and bags, with China and India representing about 65% of total exports by volume.
• Import and Export Price Dynamics: In 2024, average import prices were recorded at $2,159 per ton, while export prices were slightly higher at $2,464 per ton.

Market Forecast

The demand for sacks and bags across Asia is anticipated to continue on an upward trend over the next decade. The market volume is projected to reach 2.7 million tons by 2035, while its value is expected to appreciate to $8.3 billion, calculated in nominal wholesale prices.

This forecast is driven by continuous growth in consumption, with a consistent average annual rate of 2.4% observed from 2013 to 2024, even as some fluctuations occurred throughout the period. The consumption peaked at 2.3 million tons in 2022 before stabilizing.

Consumption Trends in Asia

Current Consumption Levels

In 2024, Asia’s consumption of sacks and bags was measured at 2.3 million tons, showing a 2.1% increase compared to the previous year. The market’s revenue, however, slightly dipped to $6.5 billion, remaining relatively unchanged from the earlier year. Despite this stagnation, the overall consumption value exhibited a modest average annual increase of 2.5% from 2013 to 2024.

Notably, the consumption value has decreased significantly—by 35%—compared to peak levels of $10 billion seen in 2020. This decline suggests that while the market is still sizeable, it has not regained pre-pandemic momentum.

Consumption by Country

Within individual countries, China emerged as the foremost consumer of sacks and bags, accounting for 30% of the total consumption at 682,000 tons. Following China is India, consuming 272,000 tons, and Turkey with 241,000 tons.

From 2013 to 2024, China’s consumption growth averaged 2.0% annually, while India and Turkey recorded higher growth rates of 2.3% and 10.4%, respectively. In financial terms, China also leads with a market value estimated at $2.1 billion, while Turkey follows at $887 million based on 2024 figures.

Per capita consumption metrics position Turkey, South Korea (2.7 kg), and Japan (1.2 kg) at the top of the chart, highlighting the regional disparities in sacks and bags consumption.

Production Insights

Production Levels

In 2024, Asia’s production of sacks and bags reached approximately 3.3 million tons, a 4.3% increase from the previous year. This upward trend can be attributed to improved manufacturing capacities and stable demand.

From 2013 to 2024, the total output displayed an average growth rate of 2.4%, with production peaking at 3.3 million tons in 2024. Valued at approximately $8.9 billion in 2024, production increased steadily despite a notable 26.2% drop from the peak production value of over $12 billion in 2020.

Top Producing Countries

The leading producing nations in 2024 were China (1.3 million tons), India (733,000 tons), and Turkey (329,000 tons), who collectively contributed to 72% of Asia’s total production. Other contributors included Vietnam, Pakistan, Bangladesh, and Indonesia, collectively making up an additional 20% of the production landscape.

Growth patterns indicated Vietnam’s production rose the quickest in contrast to other major producers, reflecting a CAGR of 7.6% over the past eleven years.

Import and Export Trends

Import Dynamics

In 2024, imports of sacks and bags in Asia increased sharply to 703,000 tons, marking a 9.4% rise from the previous year. This trend is consistent with an average growth rate of 1.0% annually from 2013 to 2024, demonstrating stable demand for imported products.

The total value of imports, however, decreased to $1.5 billion, reflecting slightly reduced consumer spending in some areas. Historical trends showed the highest value peak for imports occurred in 2022, when it reached $1.7 billion.

Leading Importers

Japan and South Korea were the largest importers in 2024, accounting for around 41% of the total imports. Additional notable importers included Thailand (46,000 tons), the Philippines (45,000 tons), India (37,000 tons), and Malaysia (32,000 tons), in addition to several others.

Vietnam demonstrated the highest growth rate, with imports expanding at a CAGR of 12.6%. The total import value showed Japan, South Korea, and Thailand as the leading import markets, cumulatively comprising 52% of total value.

Export Dynamics

On the export side, approximately 1.7 million tons of sacks and bags were exported from Asia in 2024, an increase of 9.3% year-on-year. Like imports, total exports showed a steady average growth rate of 1.9% annually since 2013.

The total export value reached $4.3 billion in 2024, although the market did not regain the export value peaks seen in 2022 ($4.8 billion). The top exporting countries—China and India—accounted for approximately 65% of total exports, alongside Vietnam and Turkey.

Price Dynamics

The 2024 average import price was noted at $2,159 per ton, a decline of 12.7% compared to the previous year, attributed to falling demand in several sectors. Notably, Japan traded at the highest import price at $2,613 per ton, contrasting with India, where the figure was significantly lower at $1,164 per ton.

In terms of exports, the average price stood at $2,464 per ton, down 4.8% year-on-year. Turkey recorded the highest export price at $3,680 per ton, while Pakistan’s exports sold for around $1,316 per ton. Throughout the period from 2013 to 2024, Bangladesh saw the most considerable price growth trajectory.

Conclusion

The analysis of Asia’s sacks and bags market reveals a landscape characterized by growth despite recent challenges and fluctuations. With China leading both in consumption and production, and Turkey showcasing significant per capita consumption, the region’s dynamics indicate that sacks and bags will continue to play a pivotal role in Asia’s economic landscape.