Global Tote Bags Market: Overview
The global tote bags market to witness a substantial growth in coming years owing to rising trend or online shopping across the globe. Moreover, the market is also expected to grow as a result of rising fashion trend of carrying one-sided sling bags by women around the world. Furthermore, rising popularity of custom-free shops in various domestic and international airports to reduce the plastic bags consumption is another factor that is expected to drive the global tote bags market’s growth during the estimated period of 2019 to 2027.
A report by Transparency Market Research on global tote bags market provides all the crucial information about the market to the players. The report covers area such as notable developments, market opportunities, major challenges and key strategies adopted by players to have a sustainable future in global tote bags market during the projected period of 2019 to 2027.
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Global Totes Market: Notable Developments and Competitive Landscape
The current scenario of global totes market is highly competitive. This is because of the rising number of players entering the market to capture the potential offered by various opportunities by the market. The players are looking to capture maximum market share by leveraging the opportunities such as rising demand of tote bags in domestic and industrial applications.
Moreover, presence of various players in the market is further making the entry of new players quite difficult. To overcome this competition, the new players are adopting certain strategies such as merger and collaborations to have a successful future in global tote bags market.
On the other hand, the established players are acquiring various businesses in order to gain a tactical advantage over their rivals. These players are also investing a huge amount in research and development department so as to provide innovative products to the customers. This allows the players to retain their existing customers and acquire new ones for better business growth.
Some of the examples of players acquiring other businesses to get ahead of their rivals are as follow:
- In June 2019, CAPRI Holdings acquired luxury fashion brand Versace. The acquisition helped the company to expand its portfolio in luxurious tote bags domain. Also, as a result of this acquisition CAPRI Holdings can now boost its sales in multiple regions with the help of Versace’s vast distribution network. This allowed the company to acquire 25% share in global tote bags market.
- In April 2017, Samsonite International S.A. announced the acquisition of a leading digital retail specialist in bags industry, -the eBags. As a result of this acquisition, the company can now dominate the online retail sector for tote bags. This in turn helped the company to dominate the online retail domain of global tote bags market.
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Global Tote Bags Market: Key Drivers
Rising Trend of Retail Shopping
The growth of global tote market is majorly driven by the growing retail industry across the globe. Various retailers such as supermarkets, hypermarket, and specialty stores require tote bags for their customers. This growing demand for tote bags in these retail chains is expected to propel the global tote bags market’s growth in the estimated period of 2019 to 2027.
Changing Fashion Trend
The growth of the market is massively associated with the changing fashion trends at a global level. The trend of women carrying tote bags to carry their fashion and beauty products is considered to be one of the major factors that are expected to boost the growth of global tote market during the estimated time frame.
Reusability of Tote Bags
Furthermore, the property of reusability of tote bags is also expected to accelerate the growth of the market during the projected time frame. Moreover, the convenience of folding the bags and keeping them in a tight space is further anticipated to support the global tote bags market’s growth.
Global Tote Bags Market: Regional Analysis
Geographically, Europe is expected to exhibit maximum opportunities for the players of global tote bags market. The dominance of the region is the result of numerous initiatives by the governments of Germany and France to reduce the pollution. Moreover, various technical developments such as upgrading the tote bags manufacturing machines and the fabrics used to produce tote bags by the players in the region are few more factors that expected to be responsible for the growth of Europe in tote bags market during the projected time frame of 2019 to 2027.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.