According to Future Market Insights research, during the projected period, the global tote bags market is set to enjoy a valuation of US$ 713.6 Million in 2022, and further expand at a CAGR of 4.4% to reach US$ 1097.7 Million by the year 2032.
Based on the material, the fabric material is projected to remain the leading segment among the other material used for manufacturing tote bags. The reason behind the same is convenience and superior product protection. The paper segment is estimated to grow at CAGR 6.1 % during 2022 to 2032.
| Attributes | Details |
|---|---|
| Market Size 2022 | US$ 713.6 Million |
| Market Size 2032 | US$ 1097.7 Million |
| Value CAGR (2022 to 2032) | 4.4% |
| Collective Value Share: Top 3 Countries (2022E) | 25 to 30% |
According to the FMI analysis, the tote bags market revenue totaled US$ 683.6 Million in 2021. With the increasing demand from the various end-users, the global tote bags market is projected to reach US$ 1097.7 Million by 2032, accelerating at a CAGR of 4.4% during the forecast period.
The tote bags market is estimated to experience a positive growth outlook during the forecast period. A new forecast by FMI anticipates that the tote bags sales will rise during 2022 to 2032 and is projected to create an absolute incremental growth opportunity of US$ 384.1 Million.
The significant change in lifestyle and rising trend in retail shopping has driven the tote bags market demand. The tote bags market is anticipated to expand 1.5 times the current market value during the forecast period.
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The global tote bags market witnessed a CAGR of 3.9% during the historic period with a market value of US$ 683.6 Mn in 2021.
The term tote bags are nothing but material carrying way for a different purpose. These raw materials used for the tote bag may differ by the requirement of a customer such as fabric plastic and paper. The increase in the demand for customized bags created a market growth for the production of tote bags the manufacturers of tote bags are focusing on maximum usage of fabric & eco-friendly materials for the packaging due to increasing environmental concerns.
The continuously growing fashion market and the luxurious way are creating an impact on consumers to purchase the different types of tote bags and this is creating a market impact for producers. The changes in the working habits and lifestyle of people have increased the usage of tote bags. Overall, the global tote bags market is anticipated to bolster at a faster pace during the forecast period.
The market is growing in every sector including the food industry, pharma industry, cafes restaurants the daily change in lifestyle the different malls are coming up with different products that are catching the eye of customers. Tote bags are nothing but two handles and one opening the bags are secondary type as such contains the primary coverage and again one covering where a product is stored. The tertiary bags are used for bulk use and transportation across the globe the large materials, and raw materials are stored.
Tote bags requires variation according to the generation there are segments where different type of tote bags are used such as market, office, party, cafes, and hospitals. As market tote bags can’t be used in cafes the material is different market tote bags may be of cotton or jute that can hold the weight of vegetables and fruits. And taking the tote bags of leather or linen carry the lightweight products that can be taken to cafes or restaurants. Every tote material is different and the purpose of taking tote bags is different and markets require new modified products. Thus, innovation is an important aspect of tote bags.
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Based on the material segment, the fabric material segment holds the major portion of the global tote bags market. The targeted segment is projected to hold around 53.5% of the market share by the end of 2032.
Fabric material has various advantages such it is lightweight, moisture-proof, and durable. It is required minimal seepage and has reusable properties. It is cost-efficient. Overall these factors drive the global tote bags market.
Texture Pattern segment is the most lucrative segment in end users for the global tote bags market and is projected to expand 1.4 times during the forecast period.
The texture pattern provides an aesthetic look to the tote bag. The manufacturer is using this as a marketing technique. It will attract demand from customers. People are tending towards experimental design and look for unique designs.
The textured bags catch the eye and go with any outfit you wear. Post-covid, shopping malls, and cafes have great come back and consumers are focusing on shopping and outings this take away has seen a sudden rise. Due to an increase in online orders, the usage of tote bags has been increased by end users. Thus, texture pattern offers to offer lucrative growth opportunities in the global tote bags market.
Indian tote bags market is anticipated to grow at CAGR 5.9%. The reason for it is the availability of the packaging raw materials like paper and others.
According to the Indian Paper Manufacturers Association (IPMA), the Indian industry is the fastest-growing market for paper and has an annual turnover of around US$ 9.0 Bn. Due to innovative technology, paper is used in the packaging industry. The growing paper industry is expected to drive the tote bags market in India.
U.S. tote bags market is estimated to hold more than 70% market share of North America’s tote bags market during 2022-2032. It is expected to grow at CAGR 3.4% during 2022-2032.
Young people in the US are drawn to distinctive, fashionable, and reasonably priced bags. Companies that produce clothing are concentrating on delivering stylish bags. The US market for tote bags is heavily influenced by these elements.
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The key players operating in the tote bags market are trying to focus on increasing their sales and revenues by expanding their capabilities to meet the growing demand. The key players are trying to adopt a merger & acquisition strategy to expand their resources and are developing new products to meet the customer needs. Also, the players are focusing on upgrading their facilities to cater to the demand. Some of the recent key developments in the by the leading players are as follows –
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.4% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Units and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Material Type, Pattern, Distribution |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Middle East and Africa; Oceania |
| Key Countries Covered | USA, Canada, Mexico, Brazil, Germany, UK, France, Italy, Spain, Russia, China, Japan, India, GCC countries, Australia |
| Key Companies Profiled | Burberry Group Plc; Capri Holdings Ltd.; Dolce and Gabbana Srl; Double R Bags; Giorgio Armani Spa; Hermes International SA; Mulberry Group Plc; Tapestry Inc.; XIAMEN NOVELBAG CO. LTD.; Ralph Lauren Corp.; Samsonite International SA; Blivus Bags; PVH Corp.; Michael Kors; BOSTON BAG CO. |
| Customization & Pricing | Available upon Request |
In 2021, the value of the global tote bags market was US$ 683.6 Mn.
During the forecast period, the global tote bags market is anticipated to expand at a CAGR of 4.4%.
The global tote bags market is expected to reach US$ 1,097.7 Mn by the end of 2032.
During the forecast period, fabric material is likely to be the leading material segment in the global tote bags market.
The increasing demand from retail shopping industry is increasing the demand for tote bags.
Burberry Group Plc, Capri Holdings Ltd., Dolce and Gabbana Srl, Double R Bags, Giorgio Armani Spa are the top players supplementing the sales of tote bags.
As per the FMI analysis, the Indian tote bags market is projected to expand at a CAGR of 5.9% during 2022-32.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Demand Analysis and Forecast, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Analysis and Forecast 6.1. Material 6.2. Pattern Type 6.3. Distribution 7. Global Analysis and Forecast, By Material 7.1. Fabric 7.2. Plastic 7.3. Paper 8. Global Analysis and Forecast, By Pattern Type 8.1. Printed 8.2. Solid 8.3. Textured 9. Global Analysis and Forecast, By Distribution 9.1. Offline 9.2. Online 10. Global Analysis and Forecast, By Region 10.1. North America 10.2. Latin America 10.3. Europe 10.4. South Asia 10.5. East Asia 10.6. Middle East & Africa 10.7. Oceania 11. North America Sales Analysis and Forecast, by Key Segments and Countries 12. Latin America Sales Analysis and Forecast, by Key Segments and Countries 13. Europe Sales Analysis and Forecast, by Key Segments and Countries 14. South Asia Sales Analysis and Forecast, by Key Segments and Countries 15. East Asia Sales Analysis and Forecast, by Key Segments and Countries 16. Middle East & Africa Sales Analysis and Forecast, by Key Segments and Countries 17. Oceania Sales Analysis and Forecast, by Key Segments and Countries 18. Sales Forecast by Material, Pattern Type, and Distribution for 30 Countries 19. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 20. Company Profile 20.1. Burberry Group Plc 20.2. Capri Holdings Ltd. 20.3. Dolce and Gabbana Srl 20.4. Double R Bags 20.5. Giorgio Armani Spa 20.6. Hermes International SA 20.7. Mulberry Group Plc 20.8. Tapestry Inc. 20.9. XIAMEN NOVELBAG CO. LTD. 20.10. Ralph Lauren Corp. 20.11. Samsonite International SA 20.12. Blivus Bags 20.13. PVH Corp. 20.14. Michael Kors 20.15. BOSTON BAG CO.
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