Hang tags are highly sought-after label/tag solutions, predominantly used with or attached with items for displaying the item information. Using hang tags also is considered a way of branding items with an attractive look.
Nowadays hang tags are not only limited to clothing & apparels but their application has expanded to several industries such as food, hospitality & travel, and beauty & personal care. According to a study by Future Market Insights (FMI), this will enable sales in the hang tags market. The market is forecast to reach a valuation of US$ 1.7 Bn by 2021
In terms of availability, there are different kinds of hang tags made up of paper, fabric and plastic. Of these, paper hang tags are in considerably high demand. Shifting buying patterns of millennials from store shopping to online shopping has boosted sales of clothing & apparels to a significant extent and this is going to be one of the key factors behind driving the hang tags market. Rising demand from clothing and apparel sector will continue driving growth. It is expected to account for over 60% of sales in the market in 2021.
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Key Takeaways from Hang Tags Market
After a period of lackluster sales, hang tags market will register 5.2% CAGR between 2021 and 2031
The U.S. will remain the chief hang tags market in North America, accounting for over 80% of sales
Expansion of beauty and personal care industry will aid growth in the U.K.
Presence of a growing textile industry will drive the India market for hang tags
Increasing demand from food and beverages sector will support growth in China
“Incorporation of eye catchy printings on hang tags coupled with smooth finishing make them exceptional brand communicators with target audience. Emergence of hang tags as an effective medium of interaction between item and customers has catapulted its popularity among the brand owners. This popularity for hang tags among the brand owners has transformed into lucrative opportunities for hang tags manufacturers” says FMI analyst.
Printing on Hang Tags to Elevate Brand Image of Product
Leading as well as small food & beverages, beauty and personal care, clothing and apparel industry players across the globe are preferring labelling solutions such as hang tags, loop tags, and swing tags for brand promotion and attract end-use customers. Printing on hang tags with precise product information helps brand owners to differentiate their products from competitor’s products already available in the market.
Hang tags can be printed with several printing options such as flexo printing, direct thermal and thermal transfer, and others as per the requirement. These custom printing options able to print all sorts of prints on hang tags starting from barcodes to track your product to any other form of information as per the customer needs.
Quality of print on hang tags plays a pivotal role in hang tags aesthetic look and its finishing. Such printing on hang tags improves the overall look of hang tags and make it attractive and it also gains the attention of consumer towards the product.
Availability of such advanced printing options is offering several opportunities to hang tags manufacturers to design and manufacture more attractive and catchy hang tags to attract a major portion of customers in the market.
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Impact of COVID-19 on Hang Tags Market
Global wave of COVID-19 pandemic has induced moderate impact on the sales of hang tags in the market. Substantial portion of demand for hang tags is derived from clothing & apparels, hospitality and travel and food & beverages sectors. Stringent lockdown in several regions including North America, Europe and Asia has created negative impact on these industries in terms of demand and supply.
Lesser demand generation for hang tags from these industries resulted in stagnant market growth for hang tags amid the COVID-19 period. Furthermore, the second wave of pandemic in some countries, halt the production of manufacturers including hang tags producers which will further limit the sales of hang tags for certain period.
Nevertheless, factors such as recovery from outbreak, revised demand & supply of raw materials in production plants is estimated to fuels the sales of hang tags in the later part of 2021.
Who is Winning?
CCL Industries Inc, Sato Holdings Corporation , Nilorn Group are the top players operating in the hang tags market. Furthermore, St. Louis Tag Company, Bornemann-Etiketten GmbH, WunderLabel Company, Dortex Werbung und Vertrieb mbH, Finotex USA Corporation and Pacific Coast Bach Label Inc are also the noticeable players in the hang tags market. The Tier 3 players in the market hold 80-85% in the global hang tags market. In conclusion, key players contribute almost 15-20% of the global market.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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