According to the new research report on " Retail Security Tags Market Forecast to 2030 – COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 1,151.58 million by 2030 and register a CAGR of 6.4% from 2022 to 2030.
There is a rise in shoplifting cases in the apparel & fashion accessories sector. According to Shopify, clothing is four times more expected to be shoplifted compared to any other product category. Therefore, attaching retail security tags to apparel & fashion accessories helps retailers deter theft. These tags also help retailers to manage omnichannel sales with enhanced inventory management. Thus, such benefits of attaching retail security tags on apparel & fashion accessories drive the demand for retail security tags. Moreover, the rise in new apparel and fashion accessories outlets across the globe is boosting the demand for security solutions, which is driving the retail security tags market. For instance, in September 2022, Reliance Retail launched Azorte, a premium fashion and lifestyle store in India. In addition, in May 2022, Amazon launched its first clothing store, Amazon Style, in the US. Thus, the demand for retail security tags market is growing in the region.
The Europe retail security tags market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. The retail industry in Europe has experienced significant growth owing to the growing adoption of omnichannel business strategies by several retail brands. For instance, European brands such as Nordstrom and Louis Vuitton have significantly adopted the omnichannel model for their business growth. Such instances propelling the growth of retail security tags market.
The region is also experiencing a significant rise in the number of retail outlets. For instance, in February 2023, the fashion brand "Reserved" announced its plans to open several new stores across the UK and Europe. Similarly, in May 2021, Action announced its plans to open 200 new stores across Europe over the next five years. The rise in retail outlets is contributing to the increasing adoption of retail security tags across retail stores to monitor inventory and signal the management if any product is leaving the retail campus without billing, thereby contributing to the retail security tags market growth.
The presence of global fashion brands such as H&M, ASOS, Prada, Burberry, Levi's, Gucci, Benetton, Ted Baker, and Promod, coupled with their investment to expand the number of retail outlets across the region, is boosting the demand for retail security tags in the fashion industry. For instance, in November 2022, Goldsmiths announced its plan to expand its operations across Europe by opening a new luxury concept store in England. Similarly, in August 2022, H&M opened its new stores in Costa Rica and North Macedonia. The retail security tags market size is segmented into technology, material, print type and application. Based on technology, the retail security tags market is segmented into RF & RFID, AM, and others. In terms of material, the retail security tags market is bifurcated into paper and plastic. Based on print type, the retail security tags market is segmented into printable and non-printable. based on application, the retail security tags market is segmented into apparel & fashion accessories, cosmetic & pharmaceuticals and others
Key Findings of Study:
According to Target’s Chief Financial Officer, in December 2022, there was a rise of 50% in shoplifting cases in the US in 2022 compared to 2021. Target, a department store chain, lost more than US$ 400 million for the fiscal year 2022. In addition, according to Deep Sentinel Corp, in December 2022, there were more than 548,000 shoplifting cases in 2021 in retail stores in the country. Thus, with the rise in shoplifting and theft cases, the need for retail security tags is also increasing in the country. Hence, the retail security tag providers are launching new products to mitigate product loss. For instance, in September 2020, Impinj partner Avery Dennison combined the capabilities of RAIN RFID and electronic article surveillance (EAS) into a new, retail-optimized inlay. The dual-technology AD-362r6-P inlay integrates the item-level tracking and digital ID capabilities of a high-performance Impinj Monza R6-P tag chip with an EAS tag's secondary loss prevention functionality, suitable for a wide range of retail apparel products and applications. Thus, new product launches to prevent shoplifting and product loss are contributing to the increasing demand for retail security tags market in the US.
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