Executive Summary
The banknote market in Europe, including the 27 countries of the European Union and the United Kingdom, is experiencing a notable transformation and growth phase. This growth is being driven by evolving consumer preferences, technological advancements, and a steadily increasing working-age population. The region holds a significant position in the global banknote market, with several countries witnessing rapid economic development and urbanization. Despite the rise of digital payments, many European nations maintain a strong demand for banknotes due to cultural inclinations, cash-oriented economies, and a substantial unbanked population.
The growth of the banknote market in Europe is further bolstered by rising disposable incomes, a flourishing tourism sector, and governmental initiatives aimed at modernizing currency systems. This market presents appealing opportunities for industry participants and investors, with a promising outlook for continued expansion.
Transition to Polymer Banknotes in the UK: The United Kingdom after the transition from Brexit, will become the largest economy globally to exclusively adopt polymer banknotes, showcasing a commitment to improved durability and security.
Advancements in Supply Chain Management: A notable advancement in the Polymer series is the procurement and supply-chain strategy for the polymer substrate. Initially, the series relied on a single supplier. However, it later diversified its sources, engaging both top banknote producing firms for different denominations. This dual-supply approach fosters ongoing price competition, mitigates risks, and promotes collaboration to enhance efficiency and environmental benefits.
Euro Banknote Production: Since 2002, euro banknotes have been collectively produced by the national central banks (NCBs) of the eurozone. Each NCB manages a portion of the total annual production. These banknotes are available in seven denominations all made from pure cotton paper, providing a unique texture.
Croatia's Eurozone Integration: Croatia, the twentieth member of the euro area since January 1, 2023, was included following the EU Council's decision on July 12, 2022. With over two-thirds of its foreign trade conducted with the European Union (EU), Croatia's integration reflects a deepening economic relationship. The proportion of exports and imports with the EU has steadily risen since joining in 2013, highlighting its increasing alignment with the eurozone.
Production of Banknotes
The report delves deep to assess production facts of banknotes in different geographies in the Europe. Production facts comprises of volume of banknotes, banknotes production by value, and banknotes printing cost. Additionally, banknotes production by denomination has also been discusses in the report.
Circulation of Banknotes:
Circulation of banknotes has been discussed for all countries included in the Europe and UK in the research report. To study circulation of banknotes, we have identified circulation of banknotes by volume and value including by denominations.
Counterfeit of Banknotes
The chances of encountering a counterfeit remain low, given that the number ofcounterfeits is very small compared to the number of genuine euro banknotes in circulation. However, in 2023, the European Central Bank saw an uptick in counterfeit euro banknotes.
Scope of Europe Banknote Research Study
Makreo Research recently released an extensive study titled "Europe Banknote Market Performance (2018-2023): Currency Trends, Production Dynamics, Counterfeit Prevention, Polymer Usage." This study meticulously examines the production and circulation of banknotes, analysing both volume and value metrics. It also provides a detailed assessment of key macroeconomic and industry drivers. The rising adoption of digital currency has notably influenced banknote demand, leading to a comprehensive analysis comparing digital payment adoption with traditional currency usage. The report maintains a balance between qualitative and quantitative factors, incorporating macroeconomic analyses and sector assessments. In summary, this Europe Banknote Market report serves as a valuable resource for comprehending the past performance and expected future trends of the banknote industry amidst evolving variables.
The research study assesses key European countries to provide an understanding of banknote production and supply dynamics in the European region. Furthermore, it delves into the historical performance of the industry along with the current situation of the market, considering factors closely associated with the banknote sector. The report also addresses crucial subjects including currency production and circulation, polymer banknotes, the incidence of counterfeit banknotes, analysis of production costs, and counterfeit detection.
1.1. Market Definition
1.2. Objective of the Study
1.3. Research Process
1.4. Data Collection Methods
1.5. Analytical Framework
2.1. Global Banknotes Market Performance
2.2. Europe's Positioning in the Global Banknotes Market
2.3. Global Currency Performance & Impact of COVID-19
2.4. Regional Break-up of Polymer Banknotes
2.5. Countries Using Polymer Banknotes
3.1. Europe Banknotes Production Facts
3.1.1. Europe Banknotes Issued by Euro System
3.1.2. Europe Banknotes in Circulation by Country
3.1.2.1. Europe Banknotes in Circulation (Value)
3.1.2.2. Europe Banknotes in Circulation (Volume)
3.1.2.3. Europe Coins in Circulation (Volume & Value)
3.1.3. Europe Banknotes Transactions Facts
3.1.4. Europe Counterfeit Banknotes
3.1.5. United Kingdom Banknotes Facts
3.1.6. United Kingdom Banknote Timeline
3.1.7. United Kingdom Banknotes Production
3.1.8. United Kingdom Banknotes in Circulation
3.1.8.1. United Kingdom Banknotes in Circulation by Denomination
3.1.9. United Kingdom Exchanged Banknotes
3.1.10. United Kingdom Counterfeit Banknotes
3.1.11. United Kingdom Polymer Banknotes Key Highlights
Conclusion
Limitation of the study
Global Banknote Market Revenue - Regional Breakup (%)
Most Traded Currencies in the World
Regional Breakup of Polymer Adoption Worldwide
Euro Banknotes Issued by Euro System, 2018 – 2023
Euro Banknotes Issued by Denomination, in Volume, 2018 – 2023
Annual Production and Forecast of Euro Banknotes by Volume and Value, 2018 - 2025F
Annual Production and Forecast of Euro Banknotes by Denomination in Volume (Millions of Banknotes), 2018 - 2025F
Euro Banknotes in Circulation by Country, in Terms of Volume, Dec'2022 (Million)
Euro Banknotes in Circulation, in Terms of Value, 2020 - 2023
Euro Banknotes in Circulation in Denomination, in Terms of Value
Euro Banknotes in Circulation, in Terms of Volume, 2020 - 2023
Euro Banknotes in Circulation in Denomination, in Terms of Volume (Million)
Europe Coins in Circulation, in Terms of Volume and Value, 2020 - 2023
Euro Coins in Circulation, in Denomination, in Terms of Volume (Million)
Estimates of Components of Euro Banknote Circulation, 2021
Europe Number of Counterfeit Banknotes Yearly, 2018 – 2022
Europe Banknotes Yearly Figures in Comparison, 2022
Europe Number of Counterfeits Detected Annually per 1 million Genuine Notes in Circulation, 2018 - 2022
United Kingdom Banknote Timeline
United Kingdom Total Annual Issuance of Bank Notes (Value), 2016 – 2023
United Kingdom Total Annual Issuance of Bank Notes by Denominations (Value), 2015/16 – 2022/23
United Kingdom Total Annual Circulation of Bank Notes (Volume), 2016 - 2023
United Kingdom Total Annual Circulation of Bank Notes (Value), 2016 - 2023
United Kingdom Average Bank Notes in Circulation Growth Rate, 2016 – 2022
United Kingdom Banknotes in Circulation in Denomination, in Value (GBP Million), 2016 – 2023
United Kingdom Banknotes in Circulation in Denomination, in Volume (GBP Million), 2016 – 2023
United Kingdom Value of Exchanged Bank Notes, 2016 – 2023
Number of Counterfeit Notes Discovered in the UK, 2016 - H1 2023