Future Market Insights predicts that the global bag closure market will register a CAGR of over 5% between 2020 and 2030. The market is projected to grow 2.7x of its current market value as demand for bag closures swiftly moves from plastic to other materials in the wake of debilitating impact of plastic on the environment. This trend has been observed by analysts as sales of twist ties have been on a consistent rise as compared to clips variants.
Worldwide bag closure sales are valued at around US$ 205 Mn for 2022. The global bag closures market is poised to expand at 5.7% CAGR and reach US$ 311 Mn by the end of 2030.
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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.
Key Takeaway from Global Bag Closure Market
- Application of bag closures to remain highest in food segment to grow 1.7x the current market value as its usage remains critical for packaging of fruits and vegetables, bakery and confectionery, and meat, poultry etc.
- Of all materials, plastic will show an incremental opportunity of US$ 245 Mn by the end of 2030 as its durability will make it a dependable option for packaging of perishable goods in FMCG sector
- North America likely to hold a lion’s share in terms of revenue with a valuation of US$ 113 Mn by 2030 as baked items continue to remain a part of staple food
- 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
“The outlook towards bag closures as changed drastically as most consumers seek multipurpose use of packaging. From clips to twist ties, manufacturing companies are investing in developing end products with recycled materials and designing it to ensure they beyond the lifecycle of packed product. For instance, twist ties have successfully accomplished it as they being used for bundling wires, securing plants, and hanging sundry objects, thus reducing the pressure on garbage,” says FMI Analyst.
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Manufacturers to Change Modus Operendi as Sustainability becomes Key Issue in Waste Plastic Closures Generate
A major shift in reducing the detrimental materials used for packaging has significantly impacted the bag closure market in recent years. A shift towards paper packaging of several bakery items also led to a transition in using twist ties instead of clips. In the past few years, manufacturers too have made a conscious effort to use recyclable plastic to produce clips for making closures used in packing confectionery items.
Today, the market is also witnessing introduction of completely biodegradable paper clips that are made of cardboard. Despite the material change, the function and operational ability of the product remains uncompromised. In the coming decade, development of sustainable bag closures will exceptionally crucial to the vendors in the market in order to reduce their carbon footprint. This is expected to encourage the uptake of plant-based biopolymers for production of bag closures used for bread loaves, a highly consumed product, will make a gigantic difference in waste disposal of global landfill, predicts Future Market Insights
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Strengthening Trending of Baking to Offer Bag Closures Market New Opportunities in the East
In the past decade, bakeries have sprung up in the Eastern economies, expanding base from traditional Western ones. This has definitely upped the consumption of bread in sprawling urban landscapes, giving a boost to the demand for clips and twist ties. Increasing consumption of cookies, biscuits, and cakes have also led to rise in the sale of bag closures for flexible packaging of these goods.
The market is expected to find a phenomenal demand in China and India where dietary shifts are being dictated with changing lifestyles that mimic the West. Growing number of restaurants and eateries and an exponentially rising food delivery services are also expected to drive this market. Furthermore, increased meat consumption amongst health-conscious consumers has also fueled the usage of twist ties that are safe to use for storing meat.
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Bag Closure Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global bag closure market, analysing historical demand from 2015-2019 and forecast statistics for 2020-2030. The study reveals growth projections on the global bag closure market on the basis of material type such as Plastic (polyethylene (PE), polypropylene (PP), polyethylene terephthalate (PET), polystyrene (PS), polyvinyl chloride (PVC) and others), paper and paperboard, and metal. It also includes analysis on the basis of product type such as clip (clip band and multiclip) and pre-cut twist ties (twistband/twiststrip and tin tie).
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