Bag closure Market: Overview, Data Updates, Reports Analysis & Forecast | FMI

ByNiranjan karde

The Global bag closures market is experiencing substantial growth, with a valuation of US$ 217.1 million in 2023 and a projected increase to US$ 385.1 million by 2033, marking a robust CAGR of 5.9% throughout the forecast period. This growth can be attributed to several key factors, including shifting consumer preferences towards reusable packaged foods, with a notable surge in demand for bag closures.

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Additionally, the presence of prominent beverage manufacturers, a population with high spending potential, and a rising demand for various beverages including alcoholic drinks, spirits, healthy beverages, and ready-to-drink (RTD) options are all contributing to the growth of the bag closures industry in the United States.

With the United States accounting for a significant share of 31.8% in the global bag closures industry during the forecast period, it remains a key driving force behind the industry’s expansion, reflecting the evolving consumer landscape and their changing preferences for convenience and healthier beverage options.

“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 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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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.)