Cash-in Transit Bags Market Growth & Trends
The global cash-in transit bags market size is expected to reach USD 547.5 million by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.8% from 2021 to 2028. Rising concerns over secured and safe cash among the consumers are expected to be a major factor responsible for market growth over the forecast period. These bags help transport and store banknotes, monetary coins, and other costly things from one place to another. Cash-in transit bags are generally utilized by banks, retailers, local organizations and authorities, and cash centers. These bags consist of the safety features like weather-resistant material and metal feet that support large quantities of coins. Hence, the market is estimated to expand at a significant rate during the forecast period.
The increasing risk of cybercrime and online fraud has increased the security concerns and the need for protection. Online fraud is rapidly spreading and growing globally. Due to this reason, government organizations and hospitals are capitalizing on controlling online fraud activities through cash payments.
Deposit bags will register the highest growth rate over the forecast period due to more transactions taking place by cash and increased utilization. The segment is also driven by the growing focus on secure and safe packaging. It consists of multi-layered polymer resins. The manufacturers now include advanced structures to boost the superiority of these bags. Some of the existing deposit bags in the market have advanced features, such as warning indicators. The development in security features is likely to boost segment growth over the forecast period.
North America dominated the market with a revenue share of more than 45.0% in 2020 due to the consumers' high purchasing power in the U.S. and Canada. As the North American market presents attractive opportunities for the consumer goods sector, it is projected to witness significant growth over the forecast period. Furthermore, the increasing purchasing power of the consumers in this region is driving the market. Asia Pacific is estimated to be the fastest-growing regional market over the forecast period due to the rising demand for cash-in transit bags in countries, like China and India.
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Cash-in Transit Bags Market Report Highlights:
• Asia Pacificis expected to register the fastest CAGR of7.2% from 2021 to 2028 owing to the growing trend of cash-in transit bags in countries, including China and India
• The plastic material segment held the largest share of over 45.0% in 2020 owing to more sustainability and security offered by this material as compared to other material types
• By application, hospitals held the largest share of more than 50.0% in 2020 due to the increasing patient population globally
• The establishment of partnerships to undergo sustainable developments and new product launches are some of the strategies utilized by industry participants to gain a competitive edge in the market
Cash-in Transit Bags Market Segmentation
Grand View Research has segmented the global cash-in transit bags market on the basis of product, material, application, and region:
Cash-in Transit Bags Product Outlook (Revenue, USD Million, 2017 - 2028)
Cash-in Transit Bags Material Outlook (Revenue, USD Million, 2017 - 2028)
Cash-in Transit Bags Application Outlook (Revenue, USD Million, 2017 - 2028)
• Government Organizations
Cash-in Transit Bags Regional Outlook (Revenue, USD Million, 2017 - 2028)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa
List of Key Players of Cash-in Transit Bags Market
• TruSeal (Pty) Ltd.
• ADSURE Packaging Limited
• ITW Envopak
• Dynaflex Pvt. Ltd.
• Versapak International Ltd.
• NOVOLEX SHIELDS LLC
• NELMAR Security Packaging Systems
• Packaging Horizons Corporation