ALBANY, New York, April 3, 2018 /PRNewswire/ --
According to a new market report published by Transparency Market Research titled "Cash- in Transit Bags Market (Bag Type - Deposit Bags, Shipping Bags, Coin Bags, Strap Bags, Stock Bags, Custom Bags; Material Type - Plastic Bags, Paper Bags, Fabric Bags; End-Use - Financial Institutions, Hospitals, Casinos, Hotels, Retail Chains, Government Organizations, Courier Services, Academic Institutions) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017 - 2025," the global cash-in transit bags market is expected to reach US$ 452.2 Mn by 2025, expanding at a CAGR of 3.3% from 2017 to 2025. Europe held the highest share of the cash- in transit bags market in 2017.
Cash handling and transfer of valuables is a high security activity and comes with the great responsibility of protecting the cash and goods by the designated staff. Cash- in transit bags are bags that are used to carry currency from one place to another. The types of cash-in transit bags include deposit bags, shipping bags, coin bags, strap bags, stock bags, and custom bags. Growing risk of online fraud and cybercrime across the world and Increasing ATM installations and services expansion is expected to drive the demand for cash-In transit bags over the forecast period. All these factors are anticipated to drive the cash-in transit bags market during the forecast period.
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Growing risk of online fraud and cybercrime has increased 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 the online fraud activities. Various other factors such as rapidly expanding ecommerce market, increased use of mobile payments, and higher money flows in the online channel are driving online fraud and crime. In Europe, around 60% of card fraud is associated with CNP (Card not Present) transactions. All these factors are expected to drive cash transactions across the region.
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Plastic bag segment is expected to have the highest CAGR as plastic has more strength and durability as compared to other cash-in transit material bags. Furthermore, plastic bags are reusable which provides cost savings. Deposit bag segment is expected to have the highest CAGR as compared to others due to its flexibility. The Asia Pacific region is expected to have the highest CAGR driven by increasing urbanization and cash transactions from 2018-2026.In terms of value, the China deposit bags market is expected to account for US$ 15.06 Mn by 2025 and is expected to register a growth rate of 4.5% during the forecast period. Plastic bags segment is expected to hold the major market share during the forecast period and people are adopting reusable and biodegradable plastic bags which are eco-friendly. The consumption of plastic bags is more and as the customer prefers more sustainable packaging alternatives, all of this is accelerating the plastic bags segment across the region.
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The developing countries of Asia Pacific, Europe, and South America are the most attractive markets for cash-in transit bags market. China is catching up; however, countries such as India, France, and Mexico have high potential for expansion of the cash-in transit bags market. Factors such as increasing ATM installations and services expansion are expected to fuel the growth opportunity for the market during the forecast period 2017 - 2025.
Companies are focusing on achieving long-term growth through value added services in the cash-in transit bags market. Some of the major companies operating in the market are 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 Solutions Ltd, Leghorn Group, Coveris Holdings S.A, Mega Fortris Group, and Amerplast Ltd.
Global Cash-in Transit Bags Market, by Bags Type
- Deposit Bags
- Shipping Bags
- Coin Bags
- Strap Bags
- Stock Bags
- Custom Bags
Global Cash-in Transit Bags Market, by Material Type
- Plastic Bags
- Paper Bags
- Fabric Bags
Global Cash-in Transit Bags Market, by End-Use
- Financial Institutions
- Retail Chains
- Government Organizations
- Courier Services
- Academic Institutions
Global Cash-in Transit Bags Market, by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
- South America
- Rest of South America
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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