Tote Bags Industry Booming in the Market with accounted for US$ 38.5 billion in 2017 | Key Players are Guangzhou Yaxin Leather Corporation Limited

Tote bags are large bags with two parallel handles that are stitched from the sides of the bag. The dimension of a typical tote bag is such that its length is more than its breadth.

Key Players
Key players operating in the global tote bags market include Michael Kors, Guangzhou Yaxin Leather Corporation Limited, XIAMEN NOVELBAG CO., LTD., BIDBI, H&M Group, Blivus Bags, and others.

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Market Outlook
In terms of material type, the canvas and cloth tote bags are comparatively cheaper than leather and faux leather tote bags. Therefore, the demand for canvas and cloth tote bags is expected to rise during the forecast period.

Among application segment, business & travel tote bags and laptop tote bags are expected to have an increasing market share during the forecast period. As the female employment is rising, the demand for tote bags will increase due to its multipurpose usage. Along with storing a laptop, other essential items can be carried in this bag due to its large size. Therefore, women are expected to prefer this multipurpose tote bag over other bags.

On the basis of distribution channel, online store is expected to be the dominant segment during the forecast period. Online stores aid in easy shopping from any place and are convenient as compared to offline stores. According to the Associated Chambers of Commerce and Industry in India (ASSOCHAM), an industry trade association, the e-commerce market accounted for US$ 38.5 billion in 2017 and is projected to exceed US$ 50 billion by 2025.

Market Dynamics
Factors contributing towards growth of the global tote market during the forecast period include, growing female employment, availability of variants, ban against the use of plastic bags, and increased spending power in terms of fashion. According to International Labor Organization’s report on Women at Work: Trends 2016, the share of women in wage and salaried work more than doubled, from 26.3% in 1995 to 55.3% in 2015. Rising population of working women will contribute towards the increasing sales of tote bags during the forecast period.

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However, other cheaper substitutes such as backpacks, laptop bags, handbags, and paper bags can be a threat to the global tote bags market in the near future.

Market Taxonomy

On the basis of material, the global tote bags market is segmented into:
• Canvas
• Fabric
• Leather
• Faux Leather
• Jute
• Cloth
• Others

On the basis of application, the global tote bags market is segmented into:
• Shopping tote
• Laptop tote
• Sports tote
• Business and Travel tote
• Others

On the basis of distribution channel type, the global tote bags market is segmented into:
• Online stores
• Offline stores

On the basis of region, the global tote bags market is segmented into:
• North America
◦ U.S.
◦ Canada
• Europe
◦ U.K.
◦ Germany
◦ Italy
◦ France
◦ Russia
◦ Spain
◦ Rest of Europe
• Asia Pacific
◦ China
◦ India
◦ Japan
◦ ASEAN
◦ Australia
◦ South Korea
◦ Rest of Asia Pacific
• Latin America
◦ Brazil
◦ Mexico
◦ Argentina
◦ Rest of Latin America
• Middle East
◦ GCC
◦ Israel
◦ Rest of Middle East
• Africa
◦ Northern Africa
◦ Central Africa
◦ South Africa

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This release was published on openPR.