For 2022, the estimated global sales of bag closures are 205 million dollars. By the end of 2030, the market for bag closures is anticipated to grow at a CAGR of 5.7 percent and reach US$ 311 Mn. The preference of consumers for reusable food packaging has led to a rise in the need for bag closures in recent years. In the forthcoming years, there is a sizable potential chance for bag closure consumption to increase because to rising demand for bread and confessional products.
As part of the quantitative analysis, we have provided regional Bag Closures Market forecasts by type and application, market sales forecasts and estimates by type, application and region to 2030, and Bag Closures Market global sales and production forecasts and estimates to 2030.
For the qualitative analysis, we focused on political and regulatory scenarios, component benchmarking, technology landscape, important Bag Closures Market topics, industry landscape and trends.
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“Since the majority of consumers want packaging that serves several purposes, the perception of bag closures has radically changed. Manufacturing businesses are investing in creating finished goods with recycled materials and engineering them to guarantee they last beyond the lifecycle of packed product, like twist ties and clips. For instance, twist ties have achieved it since they are used to bundle wires, secure plants, and hang various objects, relieving strain on rubbish, .”according to an FMI Analyst
Major conclusions from the global bag closure market
- The food industry will continue to use bag closures the most, with a 1.7x increase in market value, as packaging of fruits and vegetables, baked goods, confectionary, meat, poultry, and other items remains a necessity.
- Plastic, out of all materials, will present an additional potential of US$ 245 Mn by the end of 2030 because of its dependability as a material for packaging perishable goods in the FMCG sector.
- As baked goods continue to be a part of basic foods, North America is likely to hold a lion’s share in terms of sales with a valuation of US$ 113 Mn by 2030.
- Pre-cut twist ties to reach US$ 84 Mn by 2030 as they become preferred closures over clips due to evolving perspective towards minimizing usage of plastic in packaging
Top Key Players Covered-
- Plas-Ties, Co.,
- Kwik Lok Corporation,
- Schutte Bagclosures B.V.,
- Bedford Industries, Inc.
- Multipack B.V.B.A.
- International Plastics Inc.
- Inno Bag Closure
- Truseal (Pty) Ltd.
- Vikela Aluvin Pty Ltd.
- ITW Envopak Limited
- T & T Industries Inc.
- Zhenjiang Hongda Commodity Co., Ltd.
- AndFel Corporation
- Detmold Group
- A. Rifkin Co.
- HSA International Group.
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The biggest end user of this twist ties in the global bag closure market the confectionery industry. Characterized by short runs and small batch products, packaging requires manual effort. While clips were convenient, they are increasingly being replaced by twist ties as these a definitely reduce the plastic usage. The expansion and proliferation of bakeries from basic bread ones to gourmet has resulted in exceptional rise of bag closures.
COVID-19 Impact on Market
The COVID-19 pandemic stopped the world for a period of time. Various restrictions imposed by respective governments stopped the working of several industry verticals.
Supply chain disruptions led to the shortage of raw materials required for the manufacturing of bag closures and seals. Suppliers of bag closures were not able to fulfil their orders.
Key Segments of Bag Closures Industry Survey
Bag Closures Market by Material:
- Plastic Bag Closures
- Polyethylene (PE)
- Polypropylene (PP)
- Polystyrene (PS)
- Polyethylene Terephthalate (PET)
- Polyvinyl Chloride (PVC)
- Paper & Paperboard Bag Closures
- Metal Bag Closures
Bag Closures Market by Product:
- Bag Closure Clips
- Clip Bands
- Multi-clips
- Bag Closure Pre-cut Twist Ties
- Twist-bands/Twist-strips
- Tin Ties
Bag Closures Market by Application:
- Bag Closures for Food
- Bakery & Confectionery
- Fruits & Vegetables
- Meat
- Poultry & Seafood
- Ready-to-Eat Food
- Others (Tea, Coffee, etc.)
- Bag Closures for Non-food Applications
- Garbage / Trash
- Security Packaging
- Others (Toys, Stationery, etc.)
Bag Closures Market by Region:
- North America Bag Closures Market
- Latin America Bag Closures Market
- Europe Bag Closures Market
- East Asia Bag Closures Market
- South Asia & Pacific Bag Closures Market
- Middle East & Africa (MEA) Bag Closures Market
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