The global bag closures market is experiencing remarkable growth, with a valuation of US$ 217.1 million in 2023 and a projected reach of US$ 385.1 million by 2033. The market is witnessing a steady Compound Annual Growth Rate (CAGR) of 5.9% during the forecast period.
Key Trends Driving Bag Closures Market Growth
- Increasing Demand for Reusable Packaged Food Products: The rising preference for reusable packaged food items among consumers is driving the demand for bag closures, especially clips and twist ties. Bakery and confectionery products, in particular, are driving significant consumption growth in bag closures.
- Wide Range of Bakery Products: The introduction of a diverse range of bakery products, including gluten-free and sugar-free options, is contributing to the surge in demand for bag closures. Additionally, efforts to limit plastic use in packaging are fostering the adoption of environmentally friendly alternatives such as paperboard twist ties.
- Rising Fashion Trend Among Working Women: The increasing female workforce and the popularity of designer handbags are fueling the demand for bag clasps and closures. As the availability of stylish handbags expands, the need for bag clasps and closures is expected to rise, driven by fashion-conscious consumers.
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Market Outlook and Future Prospects
The bag closures market is poised for significant growth as consumer preferences continue to evolve towards sustainable packaging solutions and fashionable accessories. With the continued expansion of the bakery and confectionery industries, coupled with the growing awareness of environmental concerns, the demand for bag closures is expected to remain robust.
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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Country-wise Analysis:
China: Rising Food & Beverage Industry Driving Consumption of Bag Closures and Seals
China, a powerhouse in the food and beverage industry, is witnessing significant growth in the consumption of bag closures and seals. As dietary preferences shift towards baked goods and sweet foods, the demand for bag closures is soaring. The country’s evolving food culture, which includes a growing affinity for coffee among the youth, is propelling the market forward. China is projected to secure a remarkable Compound Annual Growth Rate (CAGR) of 7.9% in the global market by 2033, cementing its position as a key player in the bag closures industry.
United States: Rising Demand for Healthcare Products to Drive Bag Closure Sales
In the United States, a renewed focus on health and fitness is driving the demand for bag closures, particularly in the healthcare sector. With increasing concerns about obesity and other health conditions, there has been a surge in demand for healthy drinks and beverages. This trend, coupled with the presence of large beverage manufacturers and a high-spending population, is fueling the growth of bag closure sales in the country. The United States is expected to hold a substantial share of 31.8% in the global market during the forecast period.
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.
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