The global hang tags market is anticipated to generate revenues of USD 1,861.0 million in 2023. Demand for hang tags is projected to develop at a CAGR of 5.4% and reach USD 3,148.8 million by 2033.
Growth Factors of Hang Tags Industry
| Attribute | Details |
|---|---|
| Hang Tags Market CAGR (2023 to 2033) | 5.4% |
| Hang Tags Market Size (2023) | USD 1,861.0 million |
| Hang Tags Market Size (2033) | USD 3,148.8 million |
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| Particular | Details |
|---|---|
| H1 2021 | 10% |
| H1 2022 Projected | 3.4% |
| H1 2022 Expected | 3.5% |
| BPS Change - H1, 2022 (O) - H1, 2022 (P) | (+)10↑ |
| BPS Change - H1, 2022 (O) - H1, 2021 | (+)250↑ |
Hang tags have emerged as an effective means of conveying essential product information to end users. In recent years, there has been a shift from sticky notes and labels to hang tags, particularly in the textiles and apparel industry. This transition was driven by concerns such as color damage and bubble formation caused by traditional brands.
From 2018 to 2022, the industry had a CAGR of 3.3%. As it expanded, the market's value increased from USD 1,550.3 million in 2018 to USD 1,765.6 million in 2022. Manufacturers have increasingly adopted hang tags, with the clothing and apparel segment expected to dominate the global market.
Businesses, especially in the clothing, fashion retail, and accessories sectors, rely on visually appealing hang tags to capture consumer attention and drive sales.
Advanced printing technology and die-cut hang tags have further enhanced their appeal. As a result, the hang tags industry is projected to experience significant growth due to the increasing demand for effective branding and product promotion.
According to FMI's analysis, hang tag sales have grown at a CAGR of 3.3% between 2015 and 2021. Hang tags allow brand owners to establish their brand identity and create a memorable customer experience. The glossy finish and attractive designs of hang tags contribute to their ability to influence purchasing decisions.
Brand owners across various industries seek customization options from hang tag manufacturers to align the tags with their specific products. The availability of innovative designs in hang tags has boosted their sales and popularity among brand owners.
The market is expected to expand as businesses recognize their branding potential and seek high-quality and creatively designed hang tags for their products.
| Countries | Market Share (2023) |
|---|---|
| United States | 19.1% |
| Germany | 4.2% |
| Japan | 4.6% |
| Australia | 2.4% |
FMI's research team has observed a significant surge in the consumption of hang tags within the United States market over the past four years. This growth is attributed to the increasing sales of electronic goods during this period.
According to the United States Environmental Protection Agency (EPA), the country manufactured approximately 3 million tons of consumer electronic goods in 2018. Many electronic goods manufacturers have shifted towards using hang tags instead of labels to provide crucial guidelines and product information.
The consumer electronics industry in the United States grew at a rate of 4.3% in 2021, indicating a promising future. As a result, FMI predicts a substantial exponential increase in the consumption of hang tags in the electronics industry shortly.
| Country | China |
|---|---|
| Market CAGR (2023 to 2033) | 6.2% |
| Market Size (2033) | USD 96.4 million |
According to a report published by PlasticsEurope, a European association of plastic manufacturers, Asia emerges as the leading plastics producer, with China holding a prominent % market share of 30% within the region. China's significant plastic production contributes to the easy availability of raw materials for key players in the hang tags business.
China benefits from low material prices, manufacturing, and labor costs, providing additional advantages to the industry's key players. Due to these favorable factors, the sales of plastic hang tags in the Chinese market are anticipated to reach new heights.
| Country | India |
|---|---|
| Market CAGR (2023 to 2033) | 7.7% |
India’s textile sector is one of the oldest sectors in the Indian economy, dating back several decades. Hang tags are predominantly used on or attached to clothes and garments to indicate product information. The rising manufacturing output from the Indian textile industry has created a significant demand for hang tags in the Market.
As per the India Brand Equity Foundation (IBEF), The Indian textile and apparel industry contributed 12% to the export earnings and held 5% of the total global trend in textiles and apparel in 2019. Furthermore, in 2020 India exported ready-made garments worth USD 1,040 million. This economic growth of the Indian textile sector is ultimately projected to fuel the sales of hang tags during the foreseeable future.
| Segment | Tag Type |
|---|---|
| Top-segement | Hang/Swing tag |
| Market share (2022) | 83.7% |
| Segment | End Use |
|---|---|
| Top-segement | Clothes & Apparel |
| Market share (2022) | 58.1% |
The global hang tags market is primarily driven by the hang tag/swing tag segment, which is expected to experience a significant increase of 210 basis points (BPS). This is attributed to the widespread use and diverse applications of hang tag/swing tags in industries such as clothing & apparel, hospitality, and travel.
Due to its consistent demand and versatility, the hang tag/swing tag segment is projected to have over 80% of the market share by the end of 2033.
In the foreseeable future, the clothing & apparel segment is expected to lead the end use segment in the hang tags sector. There is a growing demand for stylish hang tags in the clothing & apparel industry, as they serve as effective tools for brand promotion and conveying precise information to customers.
This trend presents significant revenue-generating opportunities for hang tag manufacturers. By the end of 2026, the clothing & apparel segment is estimated to offer an incremental opportunity of USD 263 million.
Hang tags, traditionally popular for garments and clothing, have seen a notable increase in usage within the food and beverage industry in recent years. From beverage bottles to packaged food items, hang tags are extensively employed for brand promotion and enhancing product aesthetics.
The global food and beverage industry has seen remarkable market growth, driven by increased spending on food and beverage consumption and a growing preference for packaged food and beverages.
Hang tags attached to these products offer customers a novel product interaction experience, captivating a significant portion of the consumer base. The rising consumption of packaged food items and carbonated and non-carbonated drinks, particularly among the youth, has been a key catalyst in expanding the global food and beverage industry.
Consequently, the application of hang tags has expanded to cater to the demands of this thriving industry.
Hang Tags Manufacturers Emphasis on New and Attractive Designs
Within the global hang tags market, manufacturers emphasize creating application-oriented hang tags that cater to a wide range of industries. This opens up a vast realm of product innovation and customization.
Hang tags manufacturers are now welcoming design inputs from brand owners, enabling them to produce tailor-made hang tags perfectly suited for their respective products. These manufacturers incorporate advanced printing techniques like flexo, direct thermal, thermal transfer, and more to achieve a sophisticated finish.
Prominent players in this space, such as St. Louis Tag Company and Signal Ltd, utilize thermal transfer and flexo printing methods to produce customized hang tags with a glossy appearance. These versatile hang tags find applications across various sectors, including logistics, inventory management, and even door-hanger tags in the hospitality and travel industry.
With a strong presence in the packaging and labeling industry, CCL Industries manufactures hang tags with advanced printing techniques and specialized finishes. They serve a broad customer base and prioritize delivering high-quality and cost-effective solutions.
The current market size of the hang tags industry is USD 1,861.0 million in 2023.
The hang tags market is anticipated to experience a CAGR of 5.4%, propelling it toward a valuation of USD 3,148.8 million by 2033.
The Asia Pacific region prominently holds the dominant position in the hang tags market with a strong manufacturing base and high demand.
The hang tag/swing tag segment currently holds dominance within the hang tags market by tag type, reflecting its prominent market share.
Evolving fashion trends, growing retail sectors, and e-commerce expansion are driving forces propelling the hang tags market growth.
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Hang Tags Market
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