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Security Bags Market By Raw Material Type (Plastic (HDPE, LDPE, PVC), Paper, Fabric), Application (Cash/Coin Deposit Bags, Strap Bags, Card & Dice Bags, Evidence Bags, Pharmaceutical Distribution Bags) & Region – Forecast 2021 – 2031

Security Bags Market By Raw Material Type (Plastic (HDPE, LDPE, PVC), Paper, Fabric), Application (Cash/Coin Deposit Bags, Strap Bags, Card & Dice Bags, Evidence Bags, Pharmaceutical Distribution Bags) & Region – Forecast 2021 – 2031

Security Bags Market - Analysis, Outlook, Growth, Trends, Forecasts

Security Bags Market Snapshot

The global security bags market size is poised to reach US$ 419 Mn in 2021, finds Future Market Insights (FMI) in a recent market analysis. Sales of security bags are expected to grow at a robust 8% CAGR between 2021 and 2031, with total volume of shipment reaching 33,000 Tonnes over the forecast period.

Demand for security bags and seals is expected to be driven by the increasing investments in secure packaging products. As per FMI, sales of security bags represented 2% of the US$ 17 Bn worth global bags market in 2020.

Competition in the market is expected to grow in the coming years. As per FMI, the top security bags manufacturers are expected to account for 10% to 15% of overall sales in the market in 2021.

Attribute

Details

Estimated Security Bags Market Size Value in 2021

US$ 419 Million

Security Bags Market Value-Based CAGR (2021-2031)

~8.0%

2020-2021 Security Bags Market Y-o-Y Growth

~8.3%

2016-2020 Security Bags Market Outlook in Comparison to 2021-2031 Growth Forecast

FMI projects the global security bags market to expand at a healthy 8.0% CAGR between 2021 and 2031, in comparison to the CAGR of 7.6% registered between 2016 and 2020.

Growing demand for sustainable packaging solutions in the pharmaceutical industry is expected to fuel growth of the market. During the COVID-19 crises, sales of security bags for pharmaceutical distribution propelled, as these bags significantly reduced the risk of contamination while shipping and handling of pharmaceutical items.

FMI has forecast sales of security bags to grow year-over-year by 8.3% between 2020 and 2021. In the forthcoming years, sales of strap bags and pharmaceutical distribution bags are expected to increase owing to the tamper evidence feature offered by them.

Sales of cash/coin deposit bags also increased in the last few years. However, increasing preference for digital payments is expected to impact demand for cash/coins deposit bags negatively.

Some of the leading security bags manufacturers are shifting from plastic to most sustainable raw materials. As they aim for reducing carbon footprint, the sales of fabric and paper security bags will increase.

According to the report, the top five security bags market players include Ampac Holdings LLC., Coveris Holdings S.A., Mega Fortris, KOROZO Ambalaj San.ve Tic A.S., and Harwal Ltd.

What is Fuelling Demand for Tamper Proof Security Bags?

Rapid expansion of the eCommerce industry, along with increasing adoption of online retail channels by small and medium scale enterprises are propelling demand for tamper-proof security bags for courier services.

Tamper-proof security bags facilitate safe delivery of packaged goods from the assembling site to consumers. These bags not only seal contents securely but also protect them from external environmental factors during handling, packaging, and transport.

These bags are waterproof and are made of strong material to withstand external impact effectively during the tampering process. They also protect contents from extreme sunlight, fluctuating temperatures, and damage while handling.

Manufacturers operating in the security bags market are gradually shifting to biodegradable materials to create multifunctional and sustainable courier bags. For instance, Mega Fortis offers security tamper-evident bags for various applications including couriers and postal services. The tampering on these bags can be detected at a glance and safe delivery of contents is ensured. These bags are manufactured with highly-recyclable plastic material for enhanced durability while rough handling and are user-friendly.

How will Adoption of Evidence Bags in Forensics Affect Security Bags Market?

Growing need for safe handling of delicate items such as evidence components in forensics and law enforcement agencies is propelling sales of security bags. Law enforcement agencies use evidence bags to securely store prisoners' belongings, crime scene evidence, and other components that are crucial for investigation.

These bags provide tamper-evident features to ensure that the evidence is safe and not violated by additional fingerprints, dirt, and environmental factors while handling. Tamper-evident security bags also ensure that no crucial information is stolen. These bags are made of opaque or clear polyethylene films with serialized numbers and tear-off receipts.

The material used in these bags is thick, tear, and puncture-resistant. Companies are also manufacturing breathable evidence bags to safely store liquid evidence. Growing applications of security bags in police departments, forensic teams, and criminal investigation departments will continue pushing sales of security bags.

In addition to this, surging demand for flexible, lightweight, tamper-evident, and durable packaging solutions is expected to further boost sales of security bags. Shifting preference from rigid to flexible packaging solutions is a chief factor driving demand for security bags. This trend is anticipated to continue over the forecast period.

Country-wise Analysis

How Will the U.S. Security Bags Market Fare?

Growing demand for secure packaging in the pharmaceutical industry is expected to boost sales of security bags in the U.S. As per FMI, demand for security bags in North America is expected to soar at a 7.6% CAGR through 2031. 

The U.S. is home to a robust pharmaceutical industry that also exports medicines and other medical equipment to various countries. Such products are vulnerable to tampering and require advanced security measures to preserve the product’s integrity. Stringent regulatory standards implemented to standardize pharmaceutical packaging in the U.S. are also compelling pharmaceutical companies to invest in security bags.

Besides this, cities such as Las Vegas and Atlantic City in the U.S. are home to numerous casinos that require card & dice bags. These cities are famous for their casinos and regularly experience an influx of tourists every year. This factor is also expected to provide impetus to card and dice security bags sales over the assessment period.

Will the U.K. Security Bags Market Continue Exhibiting High Growth?

Rising preference for sustainable security bags for retail packaging, forensics, airport baggage handling, and item storage in hotels and resorts is fuelling the demand for security bags in the U.K. The security bags market in Europe is projected to expand at a healthy 7.1% CAGR over the forecast period, finds FMI in this report.

Owing to growing concerns regarding carbon emissions, the European Union (EU) has imposed stringent regulations. These regulations are compelling manufacturers across various industries to develop sustainable security bags.

Consumers and organizations in the U.K. also prefer flexible and sustainable security bags as opposed to rigid ones. For instance, passengers showing higher consciousness about the environmental impact of single-use plastics and generally refrain from using single-use plastic bags for security screening purposes.

This has resulted in various initiatives in the U.K., encouraging the sales of security bags. For instance, in 2019, London City Airport launched an eight-week challenge for innovators to create a new sustainable and sealable security bag for use at the airport. This is expected to remain a chief growth driver of the U.K. security bags market.

Such developments are indicative of lucrative growth prospects for existing players and new entrants in the security bags market in the U.K. over the assessment period.

Why is China Security Bags Market Attracting Higher Investment?

China is anticipated to hold a dominant share of the East Asia security bags market over the assessment period. Growth can be attributed to the expansion of the ecommerce sector in the country, along with rapid development of financial institutions and hospitals.

Apart from this, easy availability of raw materials in China is enabling manufacturers to develop different variants of security bags to suit various end-use requirements. Owing to this factor, manufacturers are planning to expand their production facilities in China to strengthen their product portfolios. This will continue augmenting growth of the security bags market in China over the forecast period.

Category-wise Insights

Why is Demand for Plastic Security Bags Rising?

Based on raw material, demand for plastic security bags is expected to remain high over the assessment period. Security bags are composed of materials that are tough and provide the highest level of protection against environmental factors and wear and tear.

Hence, security bags made from plastic are widely being adopted in various end-use sectors. PVC security bags are tough and waterproof and offer adequate protection during handling and transit.

In addition to this, security bags made from LDPE plastic are 100% recyclable. As consumers are preferring sustainable packaging solutions, sales of LDPE plastic security bags are expected to increase at a remarkable pace over the assessment period.

What is Pushing Sales of Pharmaceutical Distribution Bags?

In terms of application, the pharmaceutical distribution segment is expected to hold a dominant share of the global security bags market. Pharmaceutical drugs are meant for human consumption and they require optimal care while handling and transit.

Security bags are made from strong materials that can withstand harsh environmental conditions and protect the contents of the bag from getting contaminated. This is expected to continue propelling sales of security bags for pharmaceutical distribution over the forecast period.

Why are Opaque Security Bags Highly Sought-After?

FMI has projected demand for opaque security bags to rise at a significant pace through 2031. Opaque security bags are used to visually conceal the contents of the bag. The polyethylene material used to compose opaque security bags can also be recycled after use, which helps companies achieve their sustainability goals.

Common applications of opaque security bags include crime scene evidence, storage and transportation of confidential documents, personal items of hospital patients, playing cards and dice for casinos, and valuables stored in hotel vaults.

Who is the Leading Security Bags End User?

Demand for security bags in financial institutions for cash and coin deposit is expected to increase over the forecast period, opines FMI. Banks and credit unions prefer tamper-evident security bags for transporting essential banking supplies and reducing cash loss.

Although traditional cash bags are reusable, they lack many security features. Hence, tamper-evident security bags are the ideal solution for banks. Tamper evident security bags offer excellent security as is difficult to hide any tampering, even if a skilled burglar breaches the bag. It is impossible for thieves to steal cash without a trace.

Owing to these factors, the financial institutions segment will continue exhibiting high demand for security bags through 2031.

Competition Landscape

Leading players operating in the global security bags market are aiming to strengthen their distribution channels through mergers, acquisitions, collaborations, and partnerships. Apart from this, players are launching new products to improve their product portfolios to gain a competitive edge in the market. For instance:

  • In November 2021, ProAmpac, a global leader in flexible packaging and material science, acquired Irish Flexible Packaging and Fispak from their parent company IFP Investments Limited. Both companies are Ireland-based manufacturers and distributors of sustainable and flexible packaging.
  • In July 2021, Coveris unveiled a new Film Science Lab at its Winsford films facility in Cheshire, U.K. The facility comprises state-of-the-art technology and leading expertise to support and accelerate R&D for new and improved recyclable polyethylene (PE) films for food and non-food applications.

Scope of Report

Attribute

Details

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

MT for Volume and US$ Mn for Value

Key Regions Covered

North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA

Key Countries Covered

United States, Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, others.

Key Market Segments Covered

Raw Material Type, Product Type, Applications, End-Use, and Regions

Key Companies Profiled

Pricing

Available upon Request

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Security Bags Market by Category

 

By Raw Material Type:

  • 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

Key Questions Answered in the Report

What is the current security bags market size?

The security bags market is expected to reach a valuation of US$ 419 Mn in 2021.
The security bags market experienced steady growth, exhibiting a 7.6% CAGR between 2016 and 2020.
Increasing investments in secure packaging, along with growing preference for durable and sturdy packaging for pharmaceutical components are key trends expected to drive sales of security bags over the forecast period.
Ampac Holdings LLC., Coveris Holdings S.A., Mega Fortris, KOROZO Ambalaj San.ve Tic A.S., and Harwal Ltd. are the leading players operating in the global security bags market.
North America security bags market is projected to grow at a 7.6% CAGR during the forecast period.
Top 5 players operating in the global security bags market are expected to account for 10-15% of the total market share in 2021.
The security bags market in Europe is anticipated to expand at a 7.1% CAGR between 2021 and 2031.
Japan and South Korea are anticipated to hold 14% and 9% of the global security bags market share respectively.

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