The bag closures market is on a steady upswing, projected to reach US$385.1 million by 2033, reflecting a CAGR of 5.9%. This press release by FMI explores the key trends driving this growth and the exciting opportunities for the future.
Securing Freshness: Reusable Packaging and Bag Closures Go Hand-in-Hand
Consumers are increasingly opting for reusable packaged food options, particularly bakery and confectionery goods. This trend is fueling a surge in demand for secure and convenient bag closures. Bread clips, for instance, are used in millions daily to maintain the freshness of these popular items. As the popularity of reusable packaging continues, the demand for bag closures is expected to hold strong.
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Beyond Bread: Bag Closures Secure a Wider Snackrifice
The use of bag closures extends beyond bread. Cafes and bakery chains around the world rely on clips and twist ties to effectively seal coffee, tea, and other grab-and-go products. This versatility ensures continued growth in the bag closures market.
Variety is the Spice of Life (and Bag Closures)
The introduction of diverse bakery products catering to dietary needs, such as gluten-free and sugar-free options, has further amplified the demand for bag closures. As the consumer base for these specialty baked goods expands, the market for bag closures is poised to follow suit.
Sustainability Takes Center Stage: Eco-Friendly Closures Rise to the Challenge
Growing environmental concerns are prompting governments and organizations to limit plastic use in packaging. This has led to a significant rise in the use of twist ties and paperboard to create reusable closures. Twist ties, in particular, offer an eco-friendly alternative to plastic clips, potentially aiding in the reduction of single-use plastics.
Fashion Forward: The Rise of the Secured Handbag
The expanding global workforce, particularly women, is driving a surge in handbag sales. This increased demand for stylish and functional handbags translates to a rise in the need for secure bag clasps and closures. With a wide variety of designs and sizes available, the growing fashion consciousness and rising standard of living are expected to further propel the demand for these bag hardware elements.
Challenges and Considerations
While the future of bag closures looks promising, there are challenges to address. The easy availability of durable substitutes and growing environmental awareness may impact market growth. As consumers become more eco-conscious, they may opt for reusable products and minimize frequent purchases.
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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
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.
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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