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.
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