The global bag clips market is anticipated to reach a valuation of US$ 5.0 billion in 2023, driven by customization and branding opportunities. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 6.0% between 2023 and 2033, and reaching a total valuation of approximately US$ 9.1 billion by 2033.
One of the major factors contributing to the growth of the bag clips market is the innovation in design and functionality. Continuous innovation in design and functionality is driving the bag clips market forward. Manufacturers are developing bag clips with enhanced features such as airtight seals, adjustable widths, and ergonomic designs. The innovations are aimed at improving the usability and effectiveness of bag clips, making them more appealing to consumers and businesses alike.
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Changing consumer lifestyles, including an increased focus on health and wellness, on-the-go consumption, and home-cooking trends, are influencing packaging needs. Bag clips provide a simple yet effective solution to address these changing consumption patterns. They enable portion control, easy access to snacks, and convenient storage, aligning with evolving consumer preferences.
Bag clips are essential tools for extending the shelf life of food items by maintaining their freshness and preventing exposure to air and moisture. The demand for bag clips as a cost-effective and efficient solution for food preservation is on the rise, as consumers become more conscious of food waste and seek ways to extend the life of their groceries.
Key Takeaways from the Market Study
- Global bag clips market was valued at US$ 4.8 billion by 2022-end.
- From 2018 to 2022, the market demand expanded at a CAGR of 3.0%.
- Asia Pacific is expected to hold a dominant CAGR of 5.9% during the forecast period.
- By material, plastic segment is expected to constitute a CAGR of 5.9% in 2033.
- On the basis of end-use, residential segment is expected to dominate the market with a CAGR of 5.9% in 2033.
- From 2023 to 2033, bag clips market is expected to flourish at a CAGR of 6.0%.
- By 2033, the market value of bag clips is expected to reach US$ 9.1 billion.
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“Global travel and outdoor activities, across the globe, is a major factor that is expected to propel the growth of the bag clips market in the near future,” remarks an FMI analyst.
Competitive Landscape
Prominent players in the bag clips market are Kwik Lok Corporation, Klippit, Polybags Limited, The Gripstic, BST Detectable Products, ENTHEOS Group, STROBIGO, Laurel Klammern GmbH, KLR Systemes, and Haircap, among others.
Recent Developments:
- In 2022, Magnetic Bag Clips announced the launch of its new line of bag clips that are designed to be more versatile. The new clips can be used with a variety of different types of bags, including plastic, paper, and foil.
- In 2021, Stainless Steel Bag Clips announced the launch of its new line of bag clips that are designed to be more durable. The new clips are made from stainless steel, which is a stronger and more corrosion-resistant material than plastic.
- In 2021, BPA Free Bag Clips announced the launch of its new line of bag clips that are designed to be more environmentally friendly. The new clips are made from materials that are free of bisphenol A (BPA), a chemical that has been linked to health problems.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global bag clips market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the bag clips market, the market is segmented on the basis of material (plastic, wood, and metal), by product type (magnetic, and non-magnetic), and by end-use (residential, institutional, and commercial), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).
About Future Market Insights Inc. (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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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