Cash- in Transit Bags Market: Snapshot
As compared to traditional packaging, current packaging solutions are used for transferring cash or coins from one place to another. Cash-in transit bags offer added value and features such as being highly secure, reusable, and biodegradable. They also have tamper evident security seals. Cash- in transit bags are bags that are used to carry currency from one place to another. Rising concerns about safe and secure movement of cash from one place to another is resulting in the rise in demand for cash- in transit bags. Currently, manufacturers of cash-in transit bags are more focused on using material that is less toxic, as consumers prefer more eco-friendly products.
Growing risk of online fraud and cybercrime has boosted the need for robust security and safety concerns. Online fraud is increasing and spreading rapidly across geographies. However, financial institutions and merchants are investing to control online fraud activities through cash transfers, thereby driving the cash-in transit bags market over the forecast period. Rapid increase in installations of ATM in developing and emerging regions like Asia Pacific has also impacted the cash-in transit bags market. Currently, China is dominating in terms of ATMs installed followed by the U.S. Europe held the highest share in the cash- in transit bags market followed closely by Asia Pacific.
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Rapidly increasing demand for fast and convenient ways to transact and rising usage of mobile phones for payment across the world is expected to have a negative impact on the cash-in transit bags market during the forecast period. Contactless payment solutions come with the convenience of fast methods of payment, eliminating the need to carry cash or even worry about having enough cash to complete the transaction. Furthermore, cashless payment solutions do not require signing in or entering a PIN as compared to normal debit/credit card transaction, thus making the process swift. All these features are expected to hamper the growth of the cash-in transit bags market.
On the basis of bag type, the cash- in transit bags market is classified into deposit bags, shipping bags, coin bags, strap bags, stock bags, and custom bags. The deposit bags segment has a huge potential in the cash-in transit bags market. The shipping bags segment is the second dominant market in terms of CAGR. Adoption of reusable bags and use of tamper evident bags are expected to provide opportunity, and enhanced cash-in transit bags provisioning and cash management.
Based on material, plastic bags segment is expected to maintain the prominent market share during the forecast period. Manufacturers of these cash-in transit bags are inclined toward developing plastic security bags with a completely degradable film. Plastic bags are more secure and sustainable as compared to paper and fabric bags. All these factors are expected to drive the cash-in transit bags market during the forecast period.
Under the end use segment, the retail and financial sector is expected to drive the cash- in transit bags market during the forecast period. There are various factors which are driving the cash-in transit market such as increasing number of financial institutions and retail stores across the world. Moreover, increased government investment in emerging sectors in developing economies has boosted the growth of the market. In term of CAGR, retail chains hold the first place followed by the hotel sector.
Asia Pacific is expected to have the highest growth prospects for the cash-in transit bags market. India, China, Japan, and Australia are expected to drive the market during the forecast period. For example, in India, 0.83 billion people out of the total population of 1.21 billion reside in rural areas. In addition to this, the rural population transacts only with cash, as digital or cashless methods of transaction has still a long way to go. This factor offers a huge opportunity for the cash-in transit bags market in India. Growing risk of online fraud and cybercrime has led to the need for robust security and safety systems. This factor is anticipated to have positive impact on the cash-in transit bags market during the forecast period. This is due to increasing cash transaction and increasing online fraud and crime rate. As compared to Europe, Middle East & Africa, and South America are expected to witness a lower growth rate during the forecast period that is 2017 – 2025.
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Companies are focusing on achieving long-term growth through innovations. TruSeal (Pty) Ltd, Harcor Security Seals Pty Ltd, Adsure Packaging Ltd, ITW Envopak Limited, ProAmpac Holdings, LLC, Dynaflex Pvt. Ltd, KOROZO Ambalaj San.ve Tic A.S, The Versapak Group, Shields Bags & Printing Co, A. Rifkin Co., Nelmar Group, Packaging Horizons Corp, Initial Packaging Solution Ltd, Leghorn Group, Coveris Holdings S.A, Mega Fortris Group, and Amerplast Ltd. are the key companies active in the cash-in transit bags market.
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