Projected to reach a valuation of US$ 205.6 million in 2023, the global bag closure clips market is set to capitalize on the expanding food & beverage industry. With the anticipated growth, the market is expected to exhibit a commendable Compound Annual Growth Rate (CAGR) of 5.6% from 2023 to 2033, culminating in an estimated value of approximately US$ 354.5 million by the end of the forecast period. This trajectory underscores the significant role played by bag closure clips in catering to the packaging needs of the food & beverage sector, contributing to the market’s overall expansion and sustained demand.
Critical for preserving the freshness of perishable products such as food items and pet food, bag closure clips function by creating an airtight seal that prevents the ingress of air, moisture, and contaminants into the package. This sealing mechanism plays a pivotal role in minimizing the deterioration of the packaged goods, ensuring that the taste, texture, aroma, and nutritional value of the products are effectively preserved throughout their shelf life.
Experiencing a surge in demand, snack bag closures are gaining popularity in the United States, particularly for sealing bags containing fresh produce. The widespread use of bag closure hooks in the country, driven by the need for effective closure mechanisms, is projected to contribute to a Compound Annual Growth Rate (CAGR) of 5.5% over the analysis period. The robust adoption of these closure devices in the United States is attributed to the region’s elevated standard of living and the widespread acceptance of snack bag closures in various applications.
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Another significant factor contributing to market growth is the advancements in bag closure clip technology. Manufacturers are continuously developing innovative solutions with enhanced features and functionality. The advancements include improved sealing mechanisms, tamper-evident features, and easy-open designs. Bag closure clips with enhanced sealing mechanisms ensure a secure and tight seal, preventing leaks or spills. Tamper-evident features provide visual indicators of product integrity, enhancing consumer confidence and product safety. Easy-open designs make it convenient for consumers to open and reseal the packages, improving user experience and convenience. Technological advancements as such make bag closure clips more user-friendly, efficient, and adaptable to various packaging requirements.
The rise of online retail and e-commerce is another significant factor augmenting the market growth. The e-commerce sector has witnessed exponential growth, and efficient packaging solutions are crucial to ensure the safe and secure delivery of products to consumers’ doorsteps. Bag closure clips provide a reliable method to seal and protect products during transit, preventing spillage or contamination. The convenience and reliability offered by bag closure clips make them an ideal choice for e-commerce packaging, contributing to increased demand in the market.
Key Takeaways from the Market Study
- Global bag closure clips market was valued at US$ 194.7 million by 2022-end.
- From 2018 to 2022, the market demand expanded at a CAGR of 3.0%.
- The United States is expected to hold a dominant CAGR of 5.5% during the forecast period.
- By product type, the simple segment is expected to constitute a CAGR of 5.5% in 2033.
- On the basis of end-use, the food industry segment is expected to dominate the market with a CAGR of 5.4% in 2033.
- From 2023 to 2033, bag closure clips market is expected to flourish at a CAGR of 5.6%.
- By 2033, the market value of bag closure clips is expected to reach US$ 354.5 million.
Stringent regulations and safety standards, across the globe is a major factor that is expected to propel the growth of the bag closure clips market in the near future, remarks an FMI analyst.
Competitive Portfolio
Prominent players in the bag closure clips market are Kwik Lok Corporation, Schutte Bagclosures, Bedford Industries, AndFel Corporation, Petersens Plastics, TruSeal Pty, Versapak International, Euroseal As, Plas-Ties Co., Multipack B.V.B.A., International Plastics Inc., Detmold Group, A. Rifkin Co., and HSA International Group, among others.
- Plas-Ties, Co.: The company has been manufacturing twist tie machines and bag sealing solutions since its establishment in 1966.
- Multipack B.V.B.A.: The company offers bag closure clips and packaging solutions for various industries.
- Detmold Group: Since its establishment in 1948, the company has been offering a diverse range of packaging solutions, including bag closure clips.
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Key Segments Profiled in the Global Bag Closure Clips Market
By Product Type:
- Simple Bag Closure Clips
- Mechanical Bag Closure Clips
By End Use:
- Food Industry
- Bakery
- Fresh Produce
- Medical & Other Industries
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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