The global Cash-in Transit Bags Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global cash-in transit bags market size is expected to reach USD 547.5 million by 2028, according to a new report. 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.
Key Players:
- TruSeal (Pty) Ltd.
- Harcor
- ADSURE Packaging Limited
- ITW Envopak
- ProAmpac
- Dynaflex Pvt. Ltd.
- Versapak International Ltd.
- NOVOLEX SHIELDS LLC
- NELMAR Security Packaging Systems
- Packaging Horizons Corporation
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Growth Drivers:
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. The industry is expected to witness various challenges as well as restraints in the near future. With technological advancements, online payment has eliminated the requirements to carry cash. Additionally, online or cashless payments do not require a PIN code as compared to conventional card transactions, thus inducing the overall process more convenient to buyers. Hence, these factors may hinder the market growth over the next few years.
With the occurrence of the COVID-19 pandemic globally, the supply chain of various sectors has been disrupted. It has also impacted the financial markets. The impaired distribution network and supply chain are some major challenges that the companies are focusing on. Moreover, due to lockdown, a sales drop was observed in the market for cash-in transit bags.
Product Outlook:
- Deposit
- Shipping
- Coin
Material Outlook:
- Plastic
- Fabric
- Paper
Application Outlook:
- Hospitals
- Casinos
- Government Organizations
Regional Outlook:
North America held the largest share of over 45.0% share in 2020 due to high product demand in the U.S. and Canada. Moreover, the increasing purchasing power of the consumers in this region drives the market. As North America presents attractive opportunities for the consumer goods sector, the market is projected to witness significant growth.
Asia Pacific is expected to register the fastest CAGR of 7.2% from 2021 to 2028. It is estimated to witness growth due to the increasing demand for cash-in transit bags in this region. An increase in disposable income in countries like China and India is also driving the market in this region. Cash-in transit bags are widely used in countries, like India, due to the large rural population. The rural population transacts only with cash. This factor has led to the increasing demand for cash-in transit bags. Hence, this region is estimated to register the fastest growth rate over the forecast period.
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