Our in-depth analysis has segmented global tote bags market into the following segments:
Global tote bags market is envisioned to grow at a significant pace over the forecast period i.e. 2017-2024. The adoption of tote bags is rapidly increasing amongst women across all regions. This rising demand for tote bags can be attributed to availability of wide range of tote bags product to meet every requirement. Further, growing environmental awareness amongst the population has increased the consumer’s preference for tote bags over plastic bags. Reusability of tote bags and environmental benefits of using tote bags are likely to be the major factors behind the growth of global tote bags market.
Regionally, the global tote bags market is segmented into North America, Latin America, Europe, Asia Pacific and Middle East & Africa regions. Among these regions, North America tote bags market is predicted to grow at considerable pace during the forecast period. Women in America are adopting tote bags for various applications such as daily retail shopping and more. Further, continuous enhancements with looks and strength of tote bags have allowed these products to serve fashion purposes as well as practical ones. High adoption rate of tote bags amongst female population in North America region is projected to drive the growth of tote bags market in this region over the forecast period.
Apart from North America, Asia Pacific tote bags market is envisioned to witness robust growth during the forecast period. Further, tote bags market in Asia Pacific is thriving on the back of large population base coupled with growing retail shopping in Asia countries. Governments in Asian countries such as India and China are awarding population regarding harmful effect of plastic on environment and are encouraging population to use reusable carry bags instead of plastic bags. For instance, china prohibited shops, supermarket and other retailers to distribute free plastic bags that are less than 0.025 mm thick. This initiative in China reduced plastic bag usage by 66 percent by the end of 2017.
The global tote bags segmented by application into shopping tote, casual every day tote, laptop tote, sports tote, business and travel tote, personalized tote, others. Among these segments, shopping tote bags are dominating the global tote bags market across all regions. Rising preference for tote bags over plastic bags for shopping purposes is likely to intensify the growth of this market in near future.
Global tote bags market is further classified on the basis of region as follows:
Tote bags have become a fashion statement and consumers are aggressively adopting these products to fulfill their fashion and practice needs. Availability of variations such as leather totes, top zip for the main compartment and others is fuelling the adoption rate of tote bags amongst female population.
Toto bags also serve environmental benefits owing to its reusable features. Government support and initiatives such as plastic ban and fine on plastic use, to reduce the use of plastic bags are also creating a strong demand for tote bags across the globe. For instance, Wasilla City Council has recently banned single use plastic bags in Wasilla, Alaska, U.S. The city council announced a 300$ penalty for the offenders.
Additionally, manufacturers are developing high durable and lavish designed products to attract maximum number of buyers. Further, tote bags are flexible and certainly affordable and are able to fulfill fashion needs. Further, rising women’s preference for tote bags over other handbags owing to its large interspace and ability to carry maximum number of products is strengthening the market of tote bags.
Furthermore, rising women participation in the global workforce and high adoption rate of tote bags amongst working women are key factors which are augmenting the growth of global tote bags market. However, availability of other hand bangs products and lack of stringent government regulations regarding use of plastic bags in various countries is predicted to hamper the growth of tote bags market in future.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.