The market survey of end users of security bags notifies that consumers seem to be satisfied with depositing cash as these meet the routine need of most customers. However, pharmaceutical distribution bags and strap bags are likely to gain traction, owing to the tamper evidence feature provided in the bags. Moreover, in the past few years, healthcare industry has realized the essentials of the pharmaceutical bags and it estimated to upscale the market in no time. Other security bags such as dice bags & card bags are not much considered owing to the fact that these are largely used in casino’s and gambling world. Evidence bags are majorly used by government agencies and are related to public safety.
The Security Bag market is expected to grow at a CAGR of 8.45% to reach USD 801.77 million in 2028.
Due to the effective growth in courier and logistics services has been seriously taken across the globe. As the industry has a necessity of security bags, this automatically became a key growth factor of the global security bags market. Moreover, a large number of business houses look forward specifically for a cash-in-transit which has also supremely augmented the adoption of security bags, therefore, this is also believed to be a major factor fuelling the market growth.
Due to the dramatic change in the global industrial ecosystem and introducing advanced technology, the global security market holds a minimum exception in the past operations. The increasing consumer response towards digital payments will restrict the scope of application of security bags. Further, consumers prefer cheaper packaging of security products and this might disturb the adoption of highly priced security bags. Therefore, the market is restraining a growth at some extent.
The global security bags market share is segmented into several classifications including product analysis, end-user/application analysis, and regional analysis. Based on the product analysis the market is categorized by raw material type, and product type. On the basis of end user/applications the market is classified into financial institutions, hospitals, casinos, government organization and others. Whereas, on the basis of regional analysis the market is widely range to North America, U.S., Europe, UK, France, Germany, Asia-Pacific, China, Japan, India, Latin America, Brazil, and Middle East Africa.
Leading players of the global security bags market include Initial Packaging Solutions Ltd., Dhwani Polyprints Pvt. Ltd., GlobalPack and Packaging Horizons Corporation, Shields Bag & Printing Co., Ampac Holdings LLC, A. Rifkin Co., B-Sealed Nz Pty. Ltd., and more others.
Key segments of the global Security Bag market
Material 2018-2028 (USD Million)
• High-Density Polyethylene
• Low-Density Polyethylene
Regional Overview, 2018-2028 (USD Million)
• North America
o Rest of Europe
o Southeast Asia
o Rest of Asia-Pacific
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
• Central & South America
o Rest of South America