Security Bags Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMOT3855 | Last Updated On: Jun 22 2022 | Available Formats

> Global Security Bags Market Expected to reach a high CAGR By 2029: DataM Intelligence

Global Security Bags Market is segmented By Material (Plastic, Paper, Fabric), By Usage (Disposable, Re-usable), Type (Card & Dice Bags, Cash Coin Deposit Bags, Pharmaceutical Distribution Bags, Strap Bags, Evidence Bags, Other), Product Type (Clear, Opaque), By End-User (Personal Use, Batch Samples, Forensic Department, Hospital, Casino, Financial Services, Insurance Sector, Other), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The security bags market is estimated to reach at high CAGR  during the forecast period (2022-2029).

A security bag is a heavy-duty bag used to enclose high-value products, documents, legally sensitive items and others. The bags are closed by an integral pressure-sensitive adhesive. Some of the features of security bags are flap structure, tamper-resistant and others. These bags are extensively used for shipping paper debit/credit cards, currency, cheques, coins, forensic samples and others.

The security bags offer ease and better reliability for transactions in numerous sectors due to their unique features such as unauthorized access deterrent, track and tracing, content management and tamper evidence.

Market Dynamics

The global security bags market growth is driven by the need for secured tamper evidence bags, the growing popularity of security bags in pharmaceutical distribution and the increasing demand for secure packaging solutions.

Increasing demand for secured packaging solutions

The increasing demand for secure packaging solutions is expected to drive the global security bags market growth. Security bags are widely used to transport money and valuable belongings without the danger of theft and tampering. Apart from safety, security bags are also used by financial institutions to have accurate records of their cash stores for a complete view of their cash flow. The major consumption source of security bags is from banks. For instance, from 2020, the U.S. Mint has produced over 1 billion coins every month to ensure coins remain available to banks, institutions and retailers. The inferior coin bags have a danger of rip in transit and tampering, creating demand for security coin bags with patented features in the country. The security bank coin bags are printed with barcodes for processing and serial numbers to facilitate asset tracking via CCTV cameras.

The security bags are have been adopted in diverse fields due to their unique features, creating growth in the market. For instance, in 2020- AGS Airports Ltd had become the first airport group to trial the Oxo-Biodegradable 100ml security bag. The sustainable bags will be available free of charge to passengers in the security areas at Glasgow, Aberdeen and Southampton airports.

Shifting consumers preferences towards digital payments

The security bags market is impacted by the shifting consumer's preferences towards digital payments, eliminating the need for security bags for cash transportation. The worldwide initiatives promoting digital payments and increasing use of smartphones enabling e-commerce growth and internet penetration are reducing cash transactions globally.

Moreover, the high cost of security bags has restricted the growth of the security bags market in the mentioned forecast period. These types of bags are costlier because of their additional features over conventional bags. But, the availability of low-cost packaging and alternative products are still preferred in developing countries.

COVID-19 Impact Analysis

Due to the pandemic, stakeholders across the security bags industry have seen a notable impact as all the production work, factories and other activities were closed. As a result, production was hindered by halts and supply chain disruption globally. The security bags are mainly used to transport valuable commodities, but the global lockdown has adversely impacted the demand for security bags.  After the pandemic, the governments still impose various restrictions, such as working with half the workforce and fewer operating hours hindering the production cycle of the market.

As a result, the losses are incorporated with less demand from financial, casinos, personal use, financial, insurance and other associated industries. However, the market is expected to recover after the pandemic, with sectors aiming to work with higher production rates to recover from the incorporated losses.

On the other hand, an increasing number of hospitals are ordering security bags during COVID-19 with expanding need to ensure medicine movements are secure and hygienic. The security bags have encountered more demand from the hospital industry during a global outbreak than earlier.

Segment Analysis

By end-user, the security bags market is broadly classified into personal use, forensic department, hospital, financial services and others.

The hospital sector is expected to grow at the fastest CAGR during the forecast period (2021-2028)

The hospital sector is expected to hold the largest market for the security bags market and is expected to continue its dominance in the forecast period. Security Bags are widely used in hospitals, healthcare facilities, nursing homes, rehabilitation facilities to facilitate control of patient medication, personal property and other important information. The bags provide superior protection, convenience and economy in the hospital sector.

Due to popular demand, Packaging Horizons Corporation has expanded its Alert Security Bag product line for the growing need to control patients’ medications. The bag is designed to provide a high level of security and accountability. The serial numbered bag can be logged by the person transporting the bag to create a Chain of Custody.

The cash security bags have been the ideal solution for the sanitary storage and transportation of medicines and medical equipment during the covid outbreak. These bags are easy to clean due to the PVC material construction.

Geographical Analysis

Europe region holds the largest market for the global security bags globally

Europe region holds the largest market share for the security bags market globally and is expected to continue its dominance in the forecast period with expanding automotive and electronics industry in the region. The high index crime rate and robbery rate caters to the demand for security bags for numerous purposes. The security bags are majorly used in house-hold, finances and casinos in the region.

The region has seen recent innovations for security bags used in airports. For instance, in 2020- London City Airport has awarded TIPA Corp Ltd, a manufacturing biodegradable plastic packaging company, £10,000/$13,428 to develop a fully compostable security bag. The trial with 25,000 bags is scheduled for spring 2021 as passengers return to the airport.

Moreover, in 2019- AirPortr has raised around $8.6 Million for Luggage Delivery. The AirPortr has hand-delivered over 100,000 bags from homes to airports.  The company collects the luggage from their doorstep and place it in a coded and trackable security bag.

Competitive Landscape

The security bags market is highly competitive with the local player’s presence, followed by the global companies, contributing to the major share in the market growth. In addition, some of the key players contributing to the growth of the market are Coveris Holdings S. A, A. Rifkin Co, Ampac Holdings Llc, Primary Packaging Inc, Controltek, Nelmar Security Packaging Systems Inc, Hsa International Group, Loctote Industrial Bag Co, Nelmar Security Packaging Systems Inc, Dynaflex Private Limited, Korozo Packaging, Truseal Pty Ltd, Kent Plastik Ltd. Sti, Superior Bag and others. The major players are adopting various new strategies to dominate the market, such as product launches, expansions, acquisitions and collaborations, contributing to the growth of the Graphene battery market globally.

Primary Packaging Inc.

Overview: Primary Packaging Inc. is a Field Packaging Solutions company engaged in serving the retail and industrial market with high-quality, heavy-duty plastic packaging for numerous applications.

Product Portfolio: The Company’s wide range of product portfolio for security bags including bank deposit bag, alert confidential document security bag, alert antistatic tamper-evident security bags, alert evidence & chain of custody security bag, alert patient’s medicine security bag, alert personal property security bag and custom security bags.

Key Development: In 2020- Primary Packaging has acquired tamper-evident security bags manufacturer Packaging Horizons. The acquisition of Packaging Horizons will enable the company to expand its product offering of bags.

The global security bags market report would provide access to an approx: 77 market data tables, 78 figures and 180 pages.

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