The UK’s persisting cost of living crisis resulted in a 32% increase in recorded shoplifting offences last year, according to the Office for National Statistics, reaching its highest level since police records began in 2003.

The consequences have been dire for UK retail, with the British Retail Consortium estimating the minimum cost to be £1.8bn per year.

In response, retailers are forced to fortify their security systems to minimise their losses on stolen goods, especially high value food and non-food goods.

Coveris said its “composite security solutions” have hence risen in demand, initiating a 60% year-on-year increase in volume. The manufacturer has ramped up its investment to expand its production and R&D capabilities, while maintaining its key focus on sustainable impact.

Alongside tackling in-store theft, these loss-prevention label tags promise to yield cost savings, supply chain efficiencies, shrinkage reductions and time savings, with no requirement for removal once purchased.

Nigel Hewitt, sales director of Coveris’ Paper division, commented: “We are working really hard alongside our retail and manufacturing partners to not only reduce in-store theft, but also waste, as part of our No Waste vision.

“Compared to secondary tagging, our current SourceTag labels offer a more sustainable solution as well as reducing SKUs, cost, process and time, however delivery of a fully sustainable solution is a pioneering development that we are looking to launch within the market imminently.”

The Coveris Group is responsible for €1bn (£853m) in global sales, employing a total of 4,100 employees across its 30 sites in the EMEA region.