Retail Security Tags Market Analysis Report & Growth Outlook 2030

The retail security tags market size was valued at US$ 701.91 million in 2022 and is expected to reach US$ 1,151.58 million by 2030; it is estimated to record a CAGR of 6.4% from 2022 to 2030.

Analyst Perspective:

The retail industry contributes a significant amount to the GDP of any country. Rising consumer purchasing power and growing business strategies by the retail market players in categories such as apparel, cosmetics, footwear, watches, beverages, and food act as major contributors to the growing retail industry. The inorganic business strategies by retailers to reach more customers further fuel the retail industry. For instance, in November 2022, Aditya Birla Fashion and Retail Ltd. strategically partnered with Galeries Lafayette to open luxury department stores and a dedicated e-commerce platform in India. In addition, in June 2022, Mango announced its intentions to open 70 new retail stores in France by 2025. Under this expansion strategy, the company is expected to establish 300 stores in France by 2025.

Retail brands are expanding their footprint across the globe to grow their business, contributing to the growing number of retail outlets of fashion and apparel, cosmetics, supermarkets, and groceries. A few of the major retail brands focused on increasing their retail footprint are mentioned below:

• In November 2022, JD Sports announced its plan to open 15 retail stores in Canada by 2023 to expand the company's retail footprint in the country.
• In October 2022, Miniso announced the launch of a store in Canada with a "$2 Plus" concept. The store was established to provide low-cost, high-quality products for the growing customer base in the country.

Market Overview of Retail Security Tags Market:

The retail security tags market is a security solution used in the global retail industry to prevent thefts of products and inventory and help in supply chain management. These tags are attached to merchandise with information stored in the retailer's database. These tags notify the authority if any personnel are taking out merchandise such as clothes, liquor, food items, and accessories without billing. In addition, it helps the retail authority check the merchandise information in real-time and manage the inventory effectively to stock the store on time. The use of retail security tags market is the most efficient and cost-effective way to protect stores and retail outlets from theft, leading to their demand from retail security tags market.

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Retail Security Tags Market: Strategic Insights

Market Size Value in	US$ 701.91 million in 2022
Market Size Value by	US$ 1,151.58 million by 2030
Growth rate	CAGR of 6.4% from 2022 to 2030
Forecast Period	2022-2030
Base Year	2022

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Market Driver:

Growing Shoplifting Cases is helping to grow retail security tags market.

Shoplifting or retail fraud is the theft of goods from retail outlets. There is an increase in incidents of shoplifting across the globe. For instance, according to Novaya Gazeta Europe, there was an 18% rise in shoplifting cases across Russia from February to April 2022 compared to the same period in 2021. The rising cost of living is one of the major factors catalyzing the number of shoplifting cases worldwide. Due to rising shoplifting cases, retailers suffer huge losses that hamper their business performance and profitability. For instance, according to a report by the National Retail Federation, the total store loss was US$ 453,940 per US$ 1 billion in sales in 2015 and increased to US$ 719,458 in 2020. In addition, according to the Retail Council of Canada, the retail sector in the country experienced theft of ~US$ 200 million a year before the onset of the COVID-19 pandemic. The rise in shoplifting cases generates the need for installing security solutions, such as security tags, across retail stores. Retail security sensors firms use security retail security tags market with different technologies, such as barcodes and RFID, to prevent theft and trigger an alarm when someone tries to steal a tagged item from the retail store. These retail security tags market help in checkpoint retail security sensors to cut down on shoplifting losses.

Segmental Analysis:

The retail security tags market is segmented on the basis of technology, material, printing method, and geography. Based on technology, the retail security tags market is segmented into RF & RFID, AM, and others. Based on material type, the retail security tags market is segmented into paper and plastic. Paper-based security tags are widely used on merchandise as they are cost-effective. These tags are integrated with electronic article surveillance systems and are attached to products to detect theft. It is a highly efficient solution for protecting goods. Therefore, the rising cases of retail thefts have generated a demand for retail security tags market solutions to reduce retailer's losses. According to the study conducted by the National Retail Federation in 2021, the drop in retail sales due to shoplifting and organized retail crime cost retailers US$ 94.5 billion in 2021, an increase from US$ 90.8 billion in 2020. To cater to t increased demand for security solutions from retailers, the adoption of retail security tags market is growing and encouraging the retail security tags market players to provide such solutions to various end users. For instance, Easitag provides self-adhesive paper-thin radio frequency security labels for protecting high-volume, high-shrinkage items, including health and beauty products, home entertainment products, liquor, hardware items, white goods, shoes, and other types of highly desirable merchandise in the store. Such type of the product launches are helping to grow the retail security tags market.

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Country Analysis:

Canada witnessed a rise in the number of supermarkets and stores in 2022. For instance, in December 2022, a ~70,000 sq. ft new T&T Supermarket was opened in Montreal, Canada. In addition, in March 2022, T&T Supermarket opened its two stores in Western Canada—Toronto and Quebec. Moreover, in October 2022, Walmart opened a 149,000 sq. ft. store in Alberta. These new supermarkets across Canada require a strong security system, which contributes to the growing demand for retail security tags market to provide improved inventory accuracy, enhanced brand security, and increased ability to create better shopping experiences focused on maximizing convenience and utility.

Key Player Analysis:

The retail security tags market analysis consists of players such as Avery Dennison Corp; 3M Co; Alien Technology, LLC; Brady Corp; Sensormatic Electronics Corp; Checkpoint Systems Inc; Guangzhou Virginland Technology Co Ltd; MaverickLabel.Com Inc; HP Inc; and Century Retail Europe BV, owing to the diversified product portfolio offered.

Recent Developments: 

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the retail security tags market. A few recent key retail security tags market developments are listed below: 

• In October 2022, Century—the provider of advanced RFID and EAS products, systems, and solutions—launched the RFID+EAS cable tag T313, the first dual-frequency multi-alarm cable tag. It is mainly designed to enhance security and inventory management. The Century RFID+EAS multi-alarm cable tag offers additional protection using a unique dual lanyard. These tags are portable and reusable objects, simplify open merchandising and require less help from salespeople.
• In May 2022, Avery Dennison Corporation announced plans to invest over US$ 64 million to develop its manufacturing capacity and improve factory efficiency in Europe to meet the growing demand for its label and packaging materials.