NEWARK, DE / ACCESSWIRE / June 15, 2023 / The bag closures market is registering a valuation of US$ 217.1 million in 2023 and is projected to reach US$ 385.1 million by 2033. The market is estimated with a CAGR of 5.9% during the forecast period.
How Does the Food & Beverages Sector Increase the Demand for Bag Closures?
The food and beverages sector is driving the global market by increasing bag closures demand. Here are a few of the factors contributing to the sector are:
- Food Safety: The food & beverages manufacturers are increasing the demand for food safety, hygiene, and freshness of food items. Adopting bag closures seals the package, avoiding unwanted contaminated air, moisture, and spoilage. Consumers are aware of the food safety that meet their desire with bag closures in the food & beverages sector.
- Extent Shelf-life: The demand for bag closures is widely increasing due to their long life of protecting food products. These bag closures are available in sliders, zippers, and reasonable types to maintain food quality. Food manufacturers use these bag closures types to store perishable goods, including frozen foods, cereals, snacks, and other items.
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- Convenience and Portability: Consumer demand for convenience and easier-to-open packaging is fueling the global market. The popularity of resealable bags allows consumers to enjoy their little cravings and seal them for later use.
- Branding: Food & beverage companies are rising the demand for bag closures to promote their brand with high-quality printing on the bags. It seems eye-catching to attract consumers and build trust among them. These companies provide product details to maintain transparency and loyalty among consumers.
- Eco-friendly Packaging: Rising consumer demand for eco-friendly and sustainable packaging solutions drives the global market. The manufacturers are developing this packaging by adopting high-quality materials to reduce carbon footprints.
- E-commerce: The e-commerce industry is rapidly growing by increasing demand for food services and home deliveries. Food service centers and companies are widely adopting bag closures to protect their food and make it easy to transport.
Key Takeaways:
- The food & beverages sector dominates the global market by capturing the maximum share during the forecast period.
- The United States is leading the global market by securing a share of 31.8% by 2033.
Key Player's Innovations Uplift the Global Market:
Key players are innovating new and unique products by investing in research and development activities. These players are adopting various marketing strategies to enhance their business portfolios. These strategies are collaborations, mergers, partnerships, product launches, acquisitions, and agreements.
The key players are developing sustainable packaging solutions to reduce environmental impacts and satisfy end users' requirements. These players significantly promote their brands on various online platforms and distribution channels.
Recent Developments in the Global Market are:
- Avery Dennison announced newly launched bag closures with advanced sealing and temper-evident packaging solutions. The company focuses on sustainability to reduce carbon emissions.
- Kwik Lok Corporation launched its new Bakery Lock Clips. It is a suitable, reliable, and reusable closure widely used in various applications.
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Other Prominent Key Players in this Market are:
- 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.
Market by Categorization:
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.)
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
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Table of Content (ToC):
1. Executive Summary
2. Market Overview
3. Market Background
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
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Plastic Caps & Closures Market: The global plastic caps & closures market size is foreseen to gain significant growth from 2023 to 2033. According to the research report published by Future Market Insights, the global market is poised to surpass a valuation of US$ 45,913.6 million in 2023. It is anticipated to attain a valuation of US$ 76,953.0 million by 2033. The market is anticipated to exhibit a noteworthy CAGR of 5.3% from 2023 to 2033.
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