The global bag closure clips market is anticipated to reach a valuation of US$ 205.6 million in 2023, driven by increasing demand for eco-friendly packaging. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 5.6% between 2023 and 2033, and reaching a total valuation of approximately US$ 354.5 million by 2033.
One of the key factors expected to accelerate the growth of the bag closure clips market is the growing emphasis on product freshness and shelf life extension. Manufacturers are increasingly focused on preserving the quality and extending the shelf life of perishable goods, with consumers demanding high-quality and fresh products. Bag closure clips play a vital role in maintaining the freshness of food, pet food, and other perishable products by creating an airtight seal. The factor is driven by the increasing awareness of food waste reduction and the desire for longer-lasting products. Bag closure clips help prevent air and moisture from entering the packaging, thus preserving the product’s taste, texture, and nutritional value.
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The rise of online retail and e-commerce is another significant factor augmenting the market growth. The e-commerce sector has witnessed exponential growth, and efficient packaging solutions are crucial to ensure the safe and secure delivery of products to consumers’ doorsteps. Bag closure clips provide a reliable method to seal and protect products during transit, preventing spillage or contamination. The convenience and reliability offered by bag closure clips make them an ideal choice for e-commerce packaging, contributing to increased demand in the market.
Key Takeaways from the Market Study
- Global bag closure clips market was valued at US$ 194.7 million by 2022-end.
- From 2018 to 2022, the market demand expanded at a CAGR of 3.0%.
- The United States is expected to hold a dominant CAGR of 5.5% during the forecast period.
- By product type, the simple segment is expected to constitute a CAGR of 5.5% in 2033.
- On the basis of end-use, the food industry segment is expected to dominate the market with a CAGR of 5.4% in 2033.
- From 2023 to 2033, bag closure clips market is expected to flourish at a CAGR of 5.6%.
- By 2033, the market value of bag closure clips is expected to reach US$ 354.5 million.
Stringent regulations and safety standards, across the globe is a major factor that is expected to propel the growth of the bag closure clips market in the near future, remarks an FMI analyst.
Competitive Portfolio
- Plas-Ties, Co.: The company has been manufacturing twist tie machines and bag sealing solutions since its establishment in 1966.
- Multipack B.V.B.A.: The company offers bag closure clips and packaging solutions for various industries.
- Detmold Group: Since its establishment in 1948, the company has been offering a diverse range of packaging solutions, including bag closure clips.
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Key Segments:
By Product Type:
- Simple Bag Closure Clips
- Mechanical Bag Closure Clips
By End Use:
- Food Industry
- Bakery
- Fresh Produce
- Medical & Other Industries
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa