Future Market Insights
Packaging is becoming an important aspect to protect and preserve the product from harmful rays, dust or moisture during the course of transportation. It plays an important role as primary packaging so that the product contaminate or react with any chemical. Moreover, secondary packaging plays a vital role during handling of goods from one place to another without getting damage. Tote bags is a type of secondary packaging solution that is specifically designed for carrying luggage and storage purpose. Tote bags are generally regarded as unfastened bags that have parallel handles which emerge from both the side of the bag to provide it a pouch shape. These tote bags are made from cloth, leather, fabric, nylon, and jute. Tote bags are gaining traction in the market over traditional disposable plastic bags as it provides cost effectiveness and are efficient for reuse purposes. According to UK environment agency, a cotton canvas tort bag can be reused for at the minimum 327 times.
Tote bags Market- Market Segmentation:
The global tote bags market is segmented on the basis of product type, material type and application type. On the basis of product type, global tote bags market is segmented into fabric shopper, leather, winged, tassel & fringe and canvas. On the basis of material type, global tote bags market can be segmented into cloth, fabric, jute and nylon. On the basis of application type, the global tote bags market is segmented into shopping totes, casual every day totes, laptop totes, Laundry and beach totes, sports totes, business and travel totes, wine and cheese totes, custom and designer totes and personalized totes.
Tote bags Market - Market Dynamics:
One of the significant factors towards the growth of global Tote bags market is growing retail market such as super market, hyper market and specialty stores etc. Moreover, the trending fashionable bags for carrying beauty and make up products in female is further expected to boost leather tote bags market over the forecast period. Furthermore, another factor towards the growth of tote bags market is the reusability feature of tote bags, as these bags can be folded and kept when not in use which is not possible in case of conventional plastic bags. Adding to this, the recyclable property of tote bags is expected to be another factor towards the growth of the tote bags market.
However, the discharge of toxic waste from the manufacturing plants of tote bags and raw material is expected to hinder the growth of the tote bags market, as it is affecting the environment as well as the household those are residing around these plants.
Tote bags Market - Regional Outlook:
Geographically, the global Tote bags market is segmented into North America, Latin America, Europe, Asia Pacific (APAC) and Middle East & Africa (MEA). The global tote bags market is expected to witness a healthy CAGR over the forecast period of 2016-2024. North America is expected to account for largest market share in the global tote bags market due to its highest contribution in chemical industry. Moreover, growing retail sector in India and China coupled with increasing shopping center is expected to drive the market for Asia-Pacific region and is expected to emerge as the most lucrative market by the end of 2024. Europe is expected to have moderate growth in tote bags market as the region is moving towards its maturity stage.
Tote bags Market - Major Players:
Some of the major players identified across the globe in the Tote bags market are Guangzhou Yaxin Leather Corporation Limited, Yiwu Zhihao Leather Factory, Bustificio Enneci Snc., Paimax SRL, Xiamen Novebag Co. Ltd., Tibuk 2 Manufacturing Ltd.
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