In a recent market survey, Future Market Insights (FMI) has projected the demand in the security bags market to grow by 8% CAGR between 2021 and 2031. The overall security bags market size is expected to total US$ 419 Mn in 2021. Growing public sector investments in the development of secure packaging solutions are expected to push sales of security bags over the assessment period.
Amid the COVID-19 outbreak, sales of security bags gained traction, exhibiting year-over-year growth at 8.3% between 2020 and 2021. Security bags were widely being adopted for secure handling and transport of novel drugs and vaccines to contain the market, which in turn propelled sales of security bags in the pharmaceutical sector.
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This trend is expected to continue in the forthcoming years, as several countries are still bearing the brunt of the COVID-19 pandemic. Growing demand for security bags for no-contact delivery of pharmaceuticals and other non-essential goods delivered through eCommerce is expected to bode well for the market.
Apart from this, increasing adoption of security bags in financial institutions such as banks and credit unions will continue augmenting growth of the market. Tamper-proof security bags are ideal for transferring and storing cash and coins, as thieves can’t steal the contents without leaving any trace.
Rising demand for sustainable security bags in hotels and casinos is compelling manufacturers to launch new variants of security bags made of recyclable materials. Consumers are increasingly preferring recyclable packaging solutions to reduce their carbon footprint as a part of their social responsibilities. This is expected to create lucrative opportunities for existing players and new entrants in the global security bags market.
“Increasing applications of security bags for safe handling of crime scene evidence in forensics and government organizations, coupled with growing demand for durable packaging in the eCommerce sector, will continue fostering growth of the market through 2031,” says an FMI analyst.
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Key Takeaways:
- Demand for plastic security bags is expected to remain high, owing to durability and optimal protection offered by plastic materials such as PVC and LDPE.
- In terms of application, the pharmaceutical distribution segment is expected to account for a dominant share of the global security bags market.
- Based on product type, opaque security bags will remain most preferred, due to their diverse applications in various end-use sectors.
- Applications of security bags in financial institutions will continue gaining traction, owing to growing preference for reliable and sustainable packaging solutions.
- The U.S. will continue exhibiting high demand for security bags. Sales of security bags in the North America region are expected to expand at a 7.6% CAGR through 2031.
- The U.K. will emerge as a lucrative market, with demand for security bags growing at a 7.1% CAGR in the Europe market.
- China is expected to command lion’s share of the East Asia security bags market over the forecast period.
- Japan and South Korea will account for 14% and 9% of the East Asia security bags market share in 2021.
Competitive Landscape
Ampac Holdings LLC., Coveris Holdings S.A., Mega Fortris, KOROZO Ambalaj San.ve Tic A.S., and Harwal Ltd. are among the key players operating in the global security bags market. As per FMI, top 5 players in the security bags market are expected to account for 10-15% of the total market share in 2021.
Key players operating in the global security bags market are investing in research and development to improve their product portfolios by offering sustainable security bags. Apart from this, players are also investing in mergers, acquisitions, collaborations to expand their global footprint. For instance:
- In July 2021, ProAmpac, a global leader in flexible packaging and material sciences, acquired Euroflex, an Ireland-based flexible printing firm that develops films, lamination, tamper-proof security bags, and pouching packaging solutions.
- In November 2019, Korozo acquired Vitra NV and Creavit NV. Vitra NV is a Belgium-based packaging firm that specializes in thin films packaging, labels, security bags, and small-sized bags for transit and postal services. Creavit NV is an in-house design and pre-press department owned by Vitra.
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Security Bags Market by Category
- Plastic
- HDPE
- LDPE
- PVC
- Others
- Paper
- Fabric
By Product Type:
- Opaque
- Clear
By Application:
- Cash/Coin Deposit Bags
- Strap Bags
- Card & Dice Bags
- Evidence Bags
- Pharmaceutical Distribution Bags
By End-Use:
- Financial Institutions
- Hospitals
- Casinos
- Hotels
- National Retail Companies
- Government Organizations
- Courier Services Companies
- Academic Institutions
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
For Information On The Research Approach Used In The Report, Ask Analyst @ https://www.futuremarketinsights.com/askus/rep-gb-4011
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