The global Bagster Bag Market Size is estimated to be valued at US$ 490.4 Mn in 2023 and is expected to exhibit a CAGR of 6.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Bagster bags are large, contractor-sized bags designed for construction and demolition (C&D) waste. They can hold up to 3,300 pounds of debris and are delivered, filled on-site, then picked up for disposal. Bagster bags provide homeowners and contractors with an affordable and convenient solution for heavy-duty cleanouts, renovations, and yard/construction debris disposal without having to make multiple trips to the dump. They help divert heavy waste from landfills in an environmentally-friendly manner.
Market key trends:
One of the key trends in the bagster bag market is rising number of home improvement projects. According to the Joint Center for Housing Studies of Harvard University, homeowners spent $430 billion on improvements and repairs in 2021, up 26% from the year before. The COVID-19 pandemic has led many homeowners to invest more in home renovation and upgrades while spending more time at home. This has increased the demand for bagster bags from residential customers for convenience in disposing large amounts of debris generated during renovations, additions or landscaping projects. The Bagster bag allows them to contain the mess and schedule disposal on their own timetable. This trend is expected to continue driving growth in the bagster bag market over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. Starting a waste collection and processing business requires investments for equipment, facilities and licensing which limits new competition.
Bargaining power of buyers: The bargaining power of buyers is moderate. While there are several players in the market, buyers have limited influence on pricing due to compliance with waste disposal regulations.
Bargaining power of suppliers: The bargaining power of suppliers is low. Raw materials required are readily available and there are many suppliers.
Threat of new substitutes: The threat of new substitutes is low. There are limited viable alternatives for safe waste collection and disposal currently.
Competitive rivalry: High as the market has several large players competing on factors like price, service quality, and branding.
Key Takeaways
The global Bagster Bag Market is expected to witness high growth, exhibiting CAGR of 6.6% over the forecast period, due to increasing environmental regulations regarding safe waste disposal. North America dominated the market in 2023, accounting for over 35% of global revenue owing to stringent enforcement of waste management laws in the US and Canada.
Regional analysis
The North America bagster bag market will continue to dominate over the forecast period due to more stringent EPA guidelines aimed at reducing landfill waste. The Asia Pacific market is expected to witness fastest growth at CAGR of over 8% during the forecast period with growth in China, India and other developing countries experiencing rapid construction activities and economic growth and increased emphasis on waste management.
Key players
Key players operating in the bagster bag market are Waste Management Inc., Republic Services Inc., Clean Harbors Inc., Covanta Holding Corporation, Stericycle Inc. Waste Management is the leading player with over 30% market share with wide network and vertical integration across North America.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it