Future Market Insights predicts that the global bag closure clips market to expand at a robust CAGR of 5.6% over the forecast period of 2022-2029, reaching US$ 304.8 Mn by the end of the said period.
The global packaging market is defined by innovative products that make distributing, using, and disposing of consumer products easier and more convenient. Packaging, which is characterized by short runs and smaller lot goods, necessitates physically demanding work. Growth and multiplication of bakeries, from simple pastry bakeries to luxury bakeries, has resulted in significant increase in the use of bag closure clips.
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Bag closure clips are packaging products for reclosing or sealing elastic bags that are made of less expensive components with basic, yet efficient designs. Bag closure clips are commonly used in the food industry to wrap products such as baked goods, sweets, powdered coffee and tea, and so on.
The visibility of a product among a target client group determines its demand. Bag closure clips were formerly beyond the reach of retail customers, and were only used by organized retail. Evolution of e-Commerce platforms from buying points to shopping platforms is one underlying driver. Customers continue to experiment with new items, and, as a result, products such as bag closure clips have made their way into mainstream marketplaces. Bag closing clip companies are projected to benefit from the diverse range of products across end-use categories.
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Key Takeaways from Market Study
- Global bag closure clips market to reach US$ 304.8 Mn by 2029.
- Simple bag closure clips projected to record healthy CAGR over forecast period.
- Market in North America holds share of around 38.5%.
- Market in Europe to account 18.9% share over forecast period of 2022- 2029.
“The perception of bag closure clips has shifted significantly as more people demand packaging that can be used for multiple purposes. Increasing use of easy-to-apply bag closure clips in food as well as non-food product applications is expected to create greater opportunities for market players over the coming years,” says an FMI analyst.
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Market Competition
Leading manufacturers of bag closure clips are proliferating through both, inorganic and organic strategies, including the development of manufacturing plants and introducing new products.