The global cash and coin deposit bags market is likely to grow at over 4% CAGR and reach a value of nearly US$ 445 Mn by the end of 2024, according to a new research report by Transparency Market Research. The report analyses the global cash and coin deposit bags market for the forecast period 2017-2024 and offers detailed segment-wise analysis on the basis of material type, end use, and key regions.
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The leading players profiled in the report include Truseal (Pty) Ltd, KOROZO Ambalaj San. Ve Tic. A.S, Packaging Horizons Corp, NELMAR Security Packaging Systems Inc., Dynaflex Private Limited, Coveris Holdings S.A., ProAmpac LLC, Illinois Tool Works Inc, Initial Packaging Solutions Ltd., and A. Rifkin Co. A number of players are focusing on increasing their market presence through expansion and increased spending on R&D.
According to the report, demand for cash and coin deposit bags is likely to remain steady on account of demand for secure and safe transactions from financial institutions. The report opines that use of cash and coin deposit bags in financial institutions of Europe is likely to create numerous growth opportunities for manufacturers during the forecast period. To boost their adoption in end-use segments, manufacturers are focusing on incorporating advanced features in their offerings – many latest cash and coin deposit bags are equipped with tamper-proof films and warning indicators, offering users a higher degree of security.
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Although the global cash and coin deposit bags market is projected to grow at a moderate rate, increasing preference for cashless transactions can impede sales during the forecast period. Many developing economies are focusing on reducing the currency in circulation, and moving towards cashless systems, owing to which demand for cash and coin deposit bags has witnessed a decline. These factors are likely to pull back the growth of the market during the forecast period.
Detailed Segment-wise Analysis and Insights
The report has segmented the market on the basis of material type into plastic, paper, and fabric. On the basis of product type, the market has been segmented into opaque and clear. By end-use, the key market segments include financial institutions, hospitals, casinos, hotels, retail chains, government organizations, courier services, and academic institutions. The key regions covered in the report include North America, Europe, Latin America, Asia Pacific excluding Japan (APEJ), and Japan.
According to the report, demand for opaque cash and coin deposit bags is significantly higher than clear variants. The former accounts for nearly 80% revenue share of the global market, and the trend is likely to remain unchanged during the forecast period. By material type, plastic remains one of the preferred material type, accounting for a significant revenue share of the market. Financial institutions are among the leading end-users of cash and coin deposit bags globally. Region-wise, Europe accounts for the highest revenue share and continue to be one of the leading markets for cash and coin deposit bags globally. Asia Pacific excluding Japan (APEJ) is also expected to offer numerous growth opportunities to market players owing to increasing emphasis on high volume sales of cash and coin bags at affordable pricing.
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