Cash-in Transit Bags Market Size, Share & Trends Analysis Report By Product (Deposit, Shipping, Coin), By Material (Plastic, Fabric, Paper),By Application, By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global cash-in transit bags market size was valued at USD 347.8 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.8% from 2021 to 2028. Growing concerns about secure and safe cash movement have promoted the demand for cash-in-transit bags as they provide biodegradability and high security. Moreover, factors such as rising spending on ATM installation, stringent banking regulations, the growing risk of online fraud, and increasing crime rates are responsible for the market growth. The cash-in-transit bags are intended for physically transferring monetary coins, banknotes, credit cards, debit cards, and other costly things from one location to another. The location may involve cash centers, bank branches, ATMs, and other such places that accommodate a large cash volume. These bags are made of more durable and weather-resistant material, fitted with a base made of wood and having metal that supports a large number of coins and grip that is easy for carrying comfort.

The industry is expected to witness various challenges as well as restraints shortly. 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 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 Insights

Shipping cash-in-transit bags held the largest share of over 35.0% in 2020. Consumers mostly prefer these products. Advancement in product availability, product safety, and design is resulting in increasing demand for shipping bags. The need for shipping bags arises for e-commerce packaging, which is booming sales of this segment. Hence, shipping bags are estimated to dominate the market shortly.

Deposit cash-in-transit 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 witnessing gains as a result of the shifting focus toward secure and safe packaging. It consists of multi-layered polymer resins. The manufacturers are now including 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 the segment growth over the forecast period.

Material Insights

The plastic segment captured the largest share of more than 45.0% in 2020. Owing to increasing brands and transforming business approaches, the segment is estimated to witness growth over the forecast period. The preference for plastic cash-in-transit bags is growing among customers due to more sustainability and security offered by this material than other material types.

The fabric segment will register the highest growth rate over the forecast period as it doesn’t get damaged easily. Over the past few years, various manufacturers have been shifting toward developing fabric bags with a completely degradable film. Fabric bags are considered more sustainable and secure as compared to paper and other bags. These factors are anticipated to promote segment growth.

Application Insights

The hospitals held the largest share of more than 50.0% in 2020 on account of the increasing patient population globally. Various hospitals charge deposits from patients before they are admitted. In hospitals like India, it has been observed that they ask patients to pay a flat deposit. With such increasing cases, the demand for cash-in-transit bags is seen growing in hospitals.

The casino segment is estimated to register the fastest CAGR of 6.4% from 2021 to 2028 due to the increasing demand for leisure time due to a busy lifestyle. The rise in tourism is another factor that drives the casino segment. The growing wealthy lifestyle of customers and increasing investments in developed economies are likely to boost the segment growth in the coming years.

Regional Insights

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.

Key Companies & Market Share Insights

The main focus of the companies is on innovating new products to meet the increasing demand for cash-in-transit bags. However, implementing sustainability has its unique limitations and challenges. Various companies are focusing on the expansion and launches of recent developments in the market. For example, in May 2018, Tyden Brooks announced the launch of new security solutions with the availability of tamper-evident bags. These innovative security solutions provide highly secure transportation capabilities. Some prominent players in the global cash-in transit bags market include: -

    • TruSeal (Pty) Ltd.
    • Harcor
    • ADSURE Packaging Limited
    • ITW Envopak
    • ProAmpac
    • Versapak International Ltd.
    • NOVOLEX SHIELDS LLC
    • NELMAR Security Packaging Systems
    • Dynaflex Pvt. Ltd.
    • Packaging Horizons Corporation

Cash-in-Transit Bags Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For this study, Grand View Research has segmented the global cash-in transit bags market report based on product, material, application, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2028)
    • Deposit
    • Shipping
    • Coin
    • Others

• Material Outlook (Revenue, USD Million, 2017 - 2028)
    • Plastic
    • Fabric
    • Paper

• Application Outlook (Revenue, USD Million, 2017 - 2028)
    • Hospitals
    • Casinos
    • Government Organizations
    • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2028)
    • North America
        • U.S.
    • Europe
        • Germany
        • U.K.
        • France
    • The Asia Pacific
        • China
        • Japan
    • Central & South America
        • Brazil
    • Middle East & Africa
        • South Africa