- Tote bags have developed a craze among the consumers, thereby driving the demand for tote bags.
- Availability of other hand bag products as well as weak government regulations pertaining to usage of plastic bags may hinder the market.
- The market in North America and Asia Pacific are estimated to be the most preferred shareholders when it comes to demand for tote bags.
Tote Bags Largely Catering to women are being promoted by the market globally through various innovative ways by providing options to consumers to customize these bags according to their needs which may well be a possible remedy or solution when it comes to packaging goods that are purchased by the consumer. Given the immense potential and the convenience that it provides to consumers, the tote bags are predicted to perform better owing to notable features, such as, their re-usability and cost efficiency. Riding on the back of these factors, the market is expected to grow by significant CAGR over the forecast period i.e. 2017-2024.
The global market covers several segments which are divided on the basis of pattern, material, application, size, price range, distribution channel and by region. The market in North America and Asia Pacific are estimated to be the most preferred shareholders when it comes to demand for tote bags. Countries in North American region, especially the U.S. are using tote bags for various practical uses and applications such as daily retail shopping and several other areas. Being widely preferred among the women population in the region, the tote bags with their continuous upgradation have developed a craze among the consumers, thereby driving the demand for tote bags.
The region of Asia Pacific is also active in its efforts to embrace tote bags owing to the high growth rate of population along with the gradual rise in retail shopping in the region. Additionally, China placed a complete ban on usage of plastic bags which helped the region reduce plastic usage significantly. Moreover, rewards and incentives handed out by countries such as China and India to encourage their population to adopt reusable carry bags and shun plastic bags, owing to their damaging effects on environment is supporting the growth of the market.
Some of the hurdles that the market might face on its way to achieve significant growth include availability of other hand bag products as well as weak government regulations pertaining to usage of plastic bags.
This report aims to establish the current competitive scenario of some of the key players of the tote bags market accompanied by company profiling:
- Boston Bag Co.
- Michael Kors
- BIDBI, H&M Group
- Xiamen Novelbag Co. Ltd.
- Guangzhou Yaxin Leather Corporation Limited
- Blivus Bags
- Deeya International
- Moonshine Leather Company and Victoria Leather Company
In addition to the same, it seeks to provide valuable key information of the companies that encompasses business overview, products and services, key financials and recent news and developments.