Cash in Transit Bags Market Size, Share & Industry Analysis, By Product Type (Deposit Bags, Shipping Bags, Coin Bags, Others), By Material Use (Plastic, Paper, Fabric), By Application (Retail, Financial Institutions, Casino, Others) And Regional Forecast, 2024-2032

Cash in transit bags is a carrier that is specifically designed for moving a large amount of cash from one location to other. The certain positive attributes of the usage of the product include the transfer of cash is more secure, it assists to protect the cash from bad weather conditions, and others. The increasing consumption of the product for the transportation of cash from one branch of bank to another is likely to generate more needs for the product. Furthermore, the innovation of smart cash transit bags which has built-in GPS for security purposes to easy track in case of robbery or loss acts as an opportunity for market growth. For instance, Satcom Cash Bag S100 comes with the capability of tracking the bag and provide information regarding the status of the location and also gives an alert when there is low cash.

The growing popularity of the usage of the product for cash supply to ATM points around the world act as a driving factor for the market growth. The rising growth of the casino industry resulting in an increase in the transportation of cash to and from the casino has played an important role in the growing demand for the cash transit bags. For instance, according to the American Gaming Association data issued, in 2018 the American commercial casino industry is estimated to generate a revenue of USD 41.6 billion. Furthermore, the increasing placement of different types of vending machines in various countries is helping to propel the need for the product. Additionally, the rising trend of the use of coin parking meter in developed and developing countries around the world has also contributed to the growing demand for cash in transit bags.

Nevertheless, the rising usage of digital money transaction across various industry sectors act as a hampering factor for market growth.

Key Market Driver -

The increasing popularity for the use of the product across the globe for cash supply to ATM points act as a driving factor for the market growth

Key Market Restraint -

The use of digital money transaction act as a restraining factor for the market growth

Key Players Covered:

Controltek, ITW Envopak Limited, ProAmpac Holdings, LLC, Harcor Security Seals Pty Ltd, Dynaflex Pvt. Ltd, Adsure Packaging Ltd, Shields Bags & Printing C, and others are the key companies operating in cash in transit bags.

The cash in transit bags market is segmented into product type, material use, application, and geography.

On the basis of product type, the market is fragmented into deposit bags, shipping bags, coin bags, and others(strap bags, stock bags, custom bags). Deposit bags are projected to be the largest segment on an account of being convenient and popularity use especially for small businesses and people depositing money to the bank. Likewise, its ability to carry a limited amount of cash makes it safer from a robbery which thus upsurges the consumption of this segment.

Based on material use, the market is grouped plastic, paper, fabric. Plastic is anticipated to be the leading segment owing to its ability to protect the cash from getting wet, less prone to tearing, and is also easy to carry around while still providing durability.

By application, retail is estimated to be the prominent segment due to a large number of transactions of money from consumer to cashier is done through cash. Similarly, the rising establishment of a supermarket in various parts of the globe help to increase the demand in this segment.

Regional Analysis:

On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

Asia Pacific is assessed to be the prominent market shareholder and is anticipated to continue throughout the forecast period of 2020-2027. The rising growth of the economy of this region leading to the increasing spending made on consumer goods items such as electronics, clothing, household goods, and others in retail outlets majority in cash has a significant contribution to the demand of the product. For instance, according to the Indian Brand Equity Foundation, August 2020, is declaring that the Indian FMCG sector is estimated to generate a revenue of USD 52.75 billion in the financial year of 2018.  Additionally, a large number of government organizations of various countries still receiving the majority of bills such as electric, water, and others in cash have resulted to upsurge the need for the product.

North America is estimated to display substantial growth in the cash transit bags market owing to a large number of its financial institutions such as investment banking, brokerages, the insurance company, and others taking high precautionary measures with the transaction of cash. A large number of theme park visitors in this region still popularly using cash as a mode of payment has also helped to generate traction. For instance, according to the Theme Entertainment Association data issued, is declaring that in 2019 the top 20 theme park of the United States experience an overall growth rate of 1.2% which is representing about 1.8 million new visits.

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Segmentation

Key Industry Developments-

• In June 2020, Controltekusa cash transit bag producer announced that it is adding virtual site survey services for investigative loss prevention solutions to better support retailers while maintaining a pledge to the health and safety of employees and customers.


• In October 2018, cash transit bag brand called ADSURE Packaging Limited declared that it has taken part Intelligent Security Tamper Evident Packaging Seminar.