Asia Pacific Retail Security Tags Market Forecast to 2030 - Regional Analysis - by Technology (RF and RFID), Material (Paper and Plastic), Print Type (Printable and Non-Printable), and Application (Apparel & Fashion Accessories, Cosmetic & Pharmaceuticals and Others)

The Asia Pacific retail security tags market was valued at US$ 235.78 million in 2022 and is expected to reach US$ 418.73 million by 2030; it is estimated to grow at a CAGR of 7.4% from 2022 to 2030.

Increasing Construction of Commercial Complexes Fuels the Asia Pacific Retail Security Tags Market

Governments of various developed and developing nations are investing rapidly in the development of commercial infrastructure such as airports and shopping malls. This is anticipated to offer lucrative business opportunities to the global retail industry for opening stores and shopping malls, attracting more customers. To cater to the growing passenger traffic and rising aircraft fleet, several countries, such as China, India, Japan, Australia, the US, Mexico, the UK, and Germany, have planned to construct new airports. In 2021, the Melbourne International Airport started renovation activities, and the construction of Western Sydney Airport commenced in November of the same year. As per several aviation sources, seven of the top 10 expensive airport projects that entered the execution phase in 2021 were in Asia Pacific. Similarly, the Civil Aviation Administration of China (CAAC) has planned to build 150 civil airports by the end of 2035. This development is expected to accelerate the growth of the retail industry across terminals to cater to the passengers traveling every year. Hence, the demand for security tags in the retail industry is expected to increase, contributing to the market's growth during 2022-2030.

Asia Pacific Retail Security Tags Market Overview

The Asia Pacific (APAC) retail security tags market is segmented into Australia, China, India, Japan, South Korea, and the Rest of APAC. The rapidly growing retail industry is primarily contributing to the APAC retail security tags market growth. The industry has experienced exponential growth owing to the increasing population, which is directly proportional to the rise in demand for consumer electronics, fashion and apparel, and groceries. Hence, the number of retail stores to cater to the requirement for basic household products across the region is increasing, which is boosting the demand for retail security tags across these stores. A few recent launches of retail stores across the region are mentioned below:

In December 2022, Daiso Japan announced the opening of its new retail store in Mumbai, India, to expand its retail presence in the country. In June 2022, V2 Retail announced its plans to open 20 new stores for expansion across UP. In October 2022, Central Retail launched its new food stores in Thailand. The store offers ~8,000 product lines, attracting a huge base of consumers. In July 2022, Mr. DIY added new stores in Thailand. The company also announced its plan to open several other stores in the country to expand its footprint by 2023. Thus, the increasing number of retail stores across the region is likely to fuel the growth of the APAC retail security tags market in the coming years.

Moreover, an airport is a vital destination and attraction point for retailers. The construction of several airports across APAC is a key factor driving the rise in the number of retail outlets across the region. Airports are among the most crowded places, and retailers take advantage of the same to promote their products to passengers in transit. These factors are directly impacting the demand for retail security tag solutions. Major airport construction projects across the region are as follows:

According to the Civil Aviation Administration of China (CAAC), the country plans to expand its domestic flight operations and restore international travel by air during 2023-2025 due to the rise in air passengers. In addition, the percentage of air passengers in China increased by 5.9% in 2021 compared to 2020. Therefore, CAAC planned to construct new airports to handle increased air passengers, and the country is expected to have 270 airports by 2025. In India, the air traffic movement was 131.61 million in FY22 (April-December 2021) and increased to 236.71 million in FY23 (April-December 2022). Therefore, to manage such increased traffic, the country's government plans to invest ~US$ 1.83 billion for airport infrastructure development by 2026. Moreover, the country's Minister of Civil Aviation announced to have 220 new airports by 2025. These new airport construction projects across APAC would offer lucrative business opportunities to retail brands to establish their stores across airport terminals and attract consumers during layovers or wait times. This, in turn, will increase the demand for retail security tags, which is expected to fuel the market growth over the forecast period.

Asia Pacific Retail Security Tags Market Revenue and Forecast to 2030 (US$ Million)

Asia Pacific Retail Security Tags Market Segmentation

The Asia Pacific retail security tags market is segmented based on technology, material, print type, application, and country.

Based on technology, the Asia Pacific retail security tags market is categorized into RF & RFID, AM, and others. The RF & RFID segment held the largest share in 2022.

Based on material, the Asia Pacific retail security tags market is categorized into paper and plastic. The plastic segment held the larger share in 2022.

By print type, the Asia Pacific retail security tags market is categorized into printable and non-printable. The non-printable segment held the larger share in 2022.

By application, the Asia Pacific retail security tags market is categorized into apparel & fashion accessories, cosmetics & pharmaceuticals, and others. The apparel & fashion accessories segment held the largest share in 2022.

Based on country, the Asia Pacific retail security tags market is segmented into the Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific retail security tags market in 2022.

Avery Dennison Corp, 3M Co, Alien Technology LLC, Brady Corp, Sensormatic electronics Corp, Check Point Systems Inc, HP Inc, and Guangzhou Virginland Technology Co Ltd are some of the leading companies operating in the Asia Pacific retail security tags market.

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