Global Bag Closures Market Projected to Reach US$ 385.1 Million by 2033, Fueled by Growing Demand for Reusable Packaged Foods and Fashion Trends

Posted on 2024-05-03 by Future Market Insights in Advertising, Retail // 0 Comments

The global bag closures market is experiencing robust growth, with a forecasted valuation of US$ 217.1 million in 2023, expected to soar to US$ 385.1 million by 2033. With a remarkable Compound Annual Growth Rate (CAGR) of 5.9% during the forecast period, the market is witnessing increasing demand across various sectors, driven by consumer preferences and evolving trends.

Key trends favoring the growth of the bag closures market include:

Rising Demand for Reusable Packaged Food Products: Consumers’ growing preference for reusable packaged food products, particularly bakery and confectionery items, has fueled a surge in demand for bag closures. Bag closures such as clips and twist ties are essential for maintaining the freshness and integrity of these products, driving market growth.
Wide Range of Bakery Products: The introduction of a broad variety of bakery products, including gluten-free and sugar-free options, has further increased the demand for bag closures. As consumers seek convenient packaging solutions for their baked goods, the sales of bag closures are expected to rise in tandem with the expanding consumer base for baked and confectionery goods.
Environmental Awareness and Plastic Reduction Initiatives: Government and non-government organizations’ efforts to limit plastic usage in packaging have raised awareness within the packaging industry. This has led to increased demand for environmentally friendly bag closures, such as paperboard twist ties, which aid in eliminating single-use plastic and promote sustainability.
Fashion Trends Driving Bag Clasps and Closures: The growing female workforce and increased brand recognition have fueled global demand for handbags. As the availability of designer bags expands, the demand for bag clasps and closures is expected to rise, driven by the fashion-conscious consumer base.

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“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.

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 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 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.

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