The bag closures market is on a robust growth trajectory, with an estimated valuation of USD 217.1 million in 2023 and projections indicating it will reach USD 385.1 million by 2033. This remarkable expansion corresponds to a compound annual growth rate (CAGR) of 5.9% during the forecast period, driven by evolving consumer preferences and market trends.
Core Concepts in the Bag Closures Industry
- 2023 Market Size: By the end of 2023, the bag closures market is expected to reach a valuation of US$ 217.1 million.
- 2033 Market Projection: The global market size is projected to grow to US$ 385.1 million by 2033.
- Demand Drivers: The increasing demand for reusable packaged food products is a key factor driving sales in the market.
- Growth Limitations: The growth potential of the market is limited by rising environmental awareness and the easy availability of durable substitutes.
- Top Market Trend: The trend of increasing fashion styles among working women is gaining popularity in the market.
Market Analysis:
- Increasing Demand for Reusable Packaged Food Products: The surge in demand for reusable packaged food products, especially in the bakery and confectionery sectors, is a primary driver of the bag closures market. Flexible packaging for bread processing, a significant end user of bread clips, underscores this trend. As bakery product sales continue to grow, the demand for bag clips is expected to remain robust.
- Cafés and Bakery Chains: Many cafés and bakery chains globally are increasing their use of clips and twist ties for effective product closure, further boosting market demand. The introduction of a variety of bakery products catering to health-conscious consumers, such as gluten-free and sugar-free options, also augments the need for bag closures.
- Environmental Initiatives: Government and non-government organizations’ efforts to reduce plastic usage in packaging have heightened awareness within the packaging industry. This has led to increased demand for environmentally friendly twist ties and paperboard re-closures, as they are considered more sustainable than plastic clips.
- Fashion Industry Influence: The growing female workforce and heightened brand recognition are driving global demand for handbags, subsequently increasing the sales of bag clasps and closures. The availability of designer bags in various styles and the rising fashion trends among working-class women contribute significantly to this demand.
Trends and Opportunities:
- Hygiene and Convenience: There is a rising demand for hygiene, convenient, and easy-to-store products in the food and beverage sector, which fuels the market for bag closures.
- Technological Advancements: Growing investment in advanced technologies promoting sustainability and research and development activities presents significant opportunities for market players.
Challenges:
- Environmental Concerns: Increasing environmental awareness and the easy availability of durable substitutes pose challenges to market growth. Consumers’ shift towards necessity over luxury, influenced by global warming awareness programs, may also impact multiple purchases, leading to a potential decline in demand.
- R&D Expenditure: Significant R&D expenditure on other cheaper and more sustainable products could threaten the market expansion of traditional bag closures.
“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.
Access Full Report: https://www.futuremarketinsights.com/reports/bag-closures-market
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.)
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube