The global hang tags market is forecast to expand at a CAGR of over 6.0% throughout the forecast period between 2021 and 2031, projects ESOMAR-certified consulting firm Future Market Insights (FMI). Surging demand for packed food items and consumer electronics along with expansion of retail chains at a global level has created lucrative opportunities for hang tags market growth.
Manufacturers often use hang tags to display the product information and as a marketing tool. Increasing drawbacks of sticky labels such as color damage intensified the demand for hang tags. Implementation of modern printing techniques in hang tag printing has positively affected the apparel and garment sales further boosting the market demand. Manufacturers are using die cut hang tags along with funky and poppy printing on hang tags to earn customer attention.
Furthermore, development of hang tags as a new branding and promotional tool is driving the market. Brand owners are moving towards custom designed and glossy printed hang tags in collaboration with manufacturers. This innovation is fueling the hang tag market sales.
Rising inclination towards branded beverages among youth has also increased the hang tags market sales. Organized retail industry is experiencing significant growth due to changed consumer spending habits and increasing per capita income. This growth has led to heightened demand of products requiring hang tags for authentication and marketing. These factors are contributing towards rapid hang tags market growth.
“Rising customer preference towards e-commerce has promoted the market players to use hang tags for brand promotion and product information. Flourishing e-commerce industry will facilitate the hang tags market growth,” says the FMI analyst
- Hang tags are utilized to provide instructions and information regarding the purchased electronic product. Flourishing electronic goods market in the U.S. is fueling the hang tags market growth.
- Plastic hang tag sale in China is expected to surpass the valuation of US$ 96.4 Mn by the end of forecast period. Abundance of natural resources and cheap labor and manufacturing cost are driving the market sales in China.
- Hang tags are preferred over labels by garment manufacturers to provide information regarding the purchased item. Growing textile industry in India will promote the market sales of hang tags during the forecast period.
- Increasing consumption of cosmetic and personal care products in Europe will boost the demand for hang tags during 2021-2031. Germany and France are expected to be the key markets for hang tag sales.
- Growing tourism in Japan has positively influenced the demand and sales of hang tags in the country. Increased selling of artifacts and jewelry elevates the demand for high quality plastic hang tags. Hang tags are useful in maintaining customer attention along with effectively conveying the information.
- With growing demand of green tags, fabric hang tags are predicted to grow at 6.3% CAGR during the forecast period from 2021 to 2031.
FMI has profiled some of the prominent market players providing hang tags that include CCL Industries Inc, Dutch Label Shop, Nilorn Group, Pacific Coast Bach Label Inc, Bornemann-Etiketten GmbH, CBF Labels Inc, Sato Holdings Corporation, St. Louis Tag Company, Finotex USA Corporation, Dortex Werbung und Vertrieb mbH, Signal Ltd.Industry leaders are working towards developing customized and application oriented hang tags to be used in wide range of industries. They are utilizing modern printing techniques like thermal printing, thermal transfer, and flexo printing to obtain stylish hang tags.
For instance, one of the leading hang tags manufacturers; St. Louis Tag Company and Signal Ltd. is designing and manufacturing customized hang tags by employing thermal transfer and flexo printing methods for glossy finish.
With growing application of hang tags in wide range of industries a surge in market growth can be expected.