The Global bag closures market is experiencing substantial growth, with a valuation of US$ 217.1 million in 2023 and a projected increase to US$ 385.1 million by 2033, marking a robust CAGR of 5.9% throughout the forecast period. This growth can be attributed to several key factors, including shifting consumer preferences towards reusable packaged foods, with a notable surge in demand for bag closures.
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Additionally, the presence of prominent beverage manufacturers, a population with high spending potential, and rising demand for various beverages including alcoholic drinks, spirits, healthy beverages, and ready-to-drink (RTD) options are all contributing to the growth of the bag closures industry in the United States.
With the United States accounting for a significant share of 31.8% in the global bag closures industry during the forecast period, it remains a key driving force behind the industry’s expansion, reflecting the evolving consumer landscape and their changing preferences for convenience and healthier beverage options.
“Since most 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 products, 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 industry
- 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
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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.
The biggest end user of this twist ties in the global bag closure industry 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 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.
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Key Segments:
By Material:
- Plastic Bag Closures
- Polyethylene (PE)
- Polypropylene (PP)
- Polystyrene (PS)
- Polyethylene Terephthalate (PET)
- Polyvinyl Chloride (PVC)
- Paper & Paperboard Bag Closures
- Metal Bag Closures
By Product:
- Bag Closure Clips
- Clip Bands
- Multi-clips
- Bag Closure Pre-cut Twist Ties
- Twist-bands/Twist-strips
- Tin Ties
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.)
Author:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
About Future Market Insights (FMI)
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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