NEW YORK , Jan. 16, 2023 /PRNewswire/ -- The global tote bags market size is estimated to increase by USD 7.47 billion from 2021 to 2026. The market's growth momentum will accelerate at a CAGR of 6.37% during the forecast period - Request a sample report
Global tote bags market – Vendor analysis
Burberry Group Plc - The company offers tote bags such as Mini and Small Two tone Canvas and Leather Freya Tote, Small and Medium Knitted Check Freya Tote, Medium Striped wool and Leather Freya Tote, and Medium Grainy Leather Frances Bag.
Capri Holdings Ltd. - The company offers tote bags such as Cotton Canvas Capri Stripes Shopper Tote, and Camera and Laptop Tote Bag.
CHANEL Ltd. - The company offers tote bags such as Chanel Black Caviar Leather Vertical Kelly Bag, Black Caviar Leather Vertical Kelly Bag Black, and Chanel Medallion Tote.
Kering SA - The company offers Cotton, Selvedge, and Zipped Tote Bag.
For details on vendors and their offerings – Buy the report!
The global tote bags market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer tote bags in the market are Burberry Group Plc, Capri Holdings Ltd., CHANEL Ltd., Dolce and Gabbana Srl, Double R Bags, Giorgio Armani Spa, Hermes International SA, Kering SA, LVMH Moet Hennessy Louis Vuitton SE, Mulberry Group Plc, PRADA Group, PVH Corp., Ralph Lauren Corp., Ronak Industries, Samsonite International SA, Tapestry Inc., Targus Inc., Tods Spa, VF Corp., and VIP Industries Ltd. and others.
The established market players have a competitive advantage owing to their scale of operations and brand names. Consumers are willing to pay large amounts for premium tote bags. Hence, the competition among vendors is primarily based on brand value and innovative offerings. Compliance costs are high owing to regulations, but the capital-intensive nature of the market makes it difficult for new players to sustain themselves in the global tote bags market. In addition, vendors are implementing various strategies such as new product launches and M&A to strengthen their position in the market.
Global tote bags market - Customer landscape To help companies evaluate and develop growth strategies, the report outlines –
Global tote bags market - Segmentation assessment
Technavio has segmented the market based on distribution channel (offline and online).
The offline segment will grow at a significant rate during the forecast period. The sales through this segment are driven by the growth of the retail industry and the establishment of numerous retail outlets. These outlets offer consumers a wide range of tote bags to choose from. Consumers purchase leather handbags based on type, brand, and quality while considering factors such as discounted prices, a comfortable shopping experience, and attractive shelf displays. Moreover, the considerable growth in retail channels will drive consumer familiarization with different types of tote bags and, in turn, increase sales. These factors will drive the growth of the offline segment during the forecast period.
Based on geography, the global tote bags market is segmented into Europe , APAC, North America , Middle East and Africa , and South America . The report provides actionable insights and estimates the contribution of all regions to the growth of the global tote bags market.
APAC will account for 33% of the market's growth during the forecast period. China and Japan and Germany are the key contributors to the revenue of the tote bags market in the region. Moreover, market growth in this region will be faster than the growth of the market in other regions. Factors such as rapid urbanization will drive the tote bags market growth in APAC during the forecast period.
Global tote bags market – Market dynamics
Leading drivers - The personalization and customization of luxury tote bags is driving the tote bags market growth. Leading market players offer customized and personalized products. These products are more expensive than standard products. This is expected to propel the value sales of tote bags. Therefore, owing to these factors, the tote bags market is expected to grow during the forecast period.
Key trends – The increased demand at airport retail stores is a key trend in the market. Most major airports have large sections dedicated to retail stores and shopping centers. Many brands such as Samsonite and VIP have retail outlets in domestic and international terminals of airports. Retail stores in airports can attract consumers due to a shortage of high-quality retail space in developing countries. Such strategies will propel the value sales of the global tote bags market during the forecast period.
Major challenges - Fluctuating operational costs, including labor, logistics, and raw material costs, are challenging the tote bags market growth. Leather is one of the major raw materials used in manufacturing tote bags. However, the process of leather manufacturing is highly regulated, which increases its price. Manufacturers also have to incur transportation costs, including taxes, duties, and fuel prices, at different steps. As the market is highly competitive, vendors are unable to increase the prices of end products, which reduces their profit margins.
Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find some insights from a sample report!
What are the key data covered in this tote bags market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the tote bags market between 2022 and 2026
Precise estimation of the size of the tote bags market size and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the tote bags market across Europe , APAC, North America , Middle East and Africa , and South America
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of tote bags market vendors
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The handbags market size in Brazil is expected to increase by USD 834.68 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 9.26%. This report extensively covers segmentation by distribution channel (offline and online) and product type (clutches and wallets, shoulder bags, satchels and saddles, and totes).
The size of the handbags market in the UK is projected to grow by USD 654.28 million with a CAGR of 4.48% during the forecast period 2021 to 2026. This report extensively covers segmentation by product (tote bags, clutch, satchels, shoulder bags, and others) and distribution channel (offline and online).
Accelerate at a CAGR of 6.37%
Europe, APAC, North America, Middle East and Africa, and South America
US, China, Japan, France, UK, and Germany
Leading vendors, market positioning of vendors, competitive strategies, and industry risks
Burberry Group Plc, Capri Holdings Ltd., CHANEL Ltd., Dolce and Gabbana Srl, Double R Bags, Giorgio Armani Spa, Hermes International SA, Kering SA, LVMH Moet Hennessy Louis Vuitton SE, Mulberry Group Plc, PRADA Group, PVH Corp., Ralph Lauren Corp., Ronak Industries, Samsonite International SA, Tapestry Inc., Targus Inc., Tods Spa, VF Corp., and VIP Industries Ltd.
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
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3.4 Market outlook: Forecast for 2021-2026
5 Market Segmentation by Distribution Channel
5.3 Offline - Market size and forecast 2021-2026
5.4 Online - Market size and forecast 2021-2026
5.5 Market opportunity by Distribution Channel
7.3 Europe - Market size and forecast 2021-2026
7.4 APAC - Market size and forecast 2021-2026
7.5 North America - Market size and forecast 2021-2026
7.6 Middle East and Africa - Market size and forecast 2021-2026
7.7 South America - Market size and forecast 2021-2026
7.8 US - Market size and forecast 2021-2026
7.9 China - Market size and forecast 2021-2026
7.10 France - Market size and forecast 2021-2026
7.11 UK - Market size and forecast 2021-2026
7.12 Germany - Market size and forecast 2021-2026
7.13 Japan - Market size and forecast 2021-2026
8.3 Impact of drivers and challenges
10.7 LVMH Moet Hennessy Louis Vuitton SE
11.3 Currency conversion rates for US$
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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