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 Mn in 2022, and further expand at a CAGR of 4.4% to reach US$ 1097.7 Mn 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 2022-32.
Market Size 2022
US$ 713.6 Mn
Market Size 2032
US$ 1097.7 Mn
Value CAGR (2022-2032)
4.4%
Collective Value Share: Top 3 Countries (2022E)
25-30%
According to the FMI analysis, the tote bags market revenue totaled US$ 683.6 Mn in 2021. With the increasing demand from the various end-users, the global tote bags market is projected to reach US$ 1097.7 Mn 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 2022-2032 and is projected to create an absolute incremental growth opportunity of US$ 384.1 Mn.
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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Historic Market Outlook for Tote Bags
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.
Why is Innovation an Important Aspect in the Growth of Tote Bags?
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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Category-wise Insights
Which Material is expected to hold a Major Portion of the Global Tote Bags Market?
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.
Which Pattern is majorly preferred for 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.
Country-wise insights
How is India’s Growing Paper Industry Expected to Drive the Demand for the Tote Bags?
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.
Why is the U.S. Considered the Most Attractive Market for Tote Bags?
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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Competitive Landscape
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 –
In June 2022, Ralph Lauren Corporation published the data showing their efforts in increasing the sustainability & global citizenship outlining the company’s progress across its environmental, social and governance (ESG) commitments.
In September 2022, Capri Holding Ltd announces participation in goldman sachs 29th annual global retailing conference to discuss recent trends in retail industry with market leaders.
Scope of the Report
Attribute
Details
Growth Rate
CAGR of 4.4% from 2022 to 2032
Base Year for Estimation
2021
Historical Data
2015-2020
Forecast Period
2022-2032
Quantitative Units
Revenue in USD Billion, Volume in Units and CAGR from 2022-2032
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
US
Canada
Mexico
Brazil
Germany
U.K.
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
Tote Bags Market by Category
By Material, Tote Bags Market is Segmented as:
Fabric
Plastic
Paper
By Pattern Type, Tote Bags Market is Segmented as:
Printed
Solid
Textured
By Distribution, Tote Bags Market is Segmented as:
Offline
Online
By Region, Tote Bags Market is Segmented as:
North America
Latin America
Europe
South Asia
East Asia
Middle East & Africa
Oceania
Frequently Asked Questions
What was the value of the tote bags market in 2021?
In 2021, the value of the global tote bags market was US$ 683.6 Mn.
At what rate is the global tote bags market is projected to expand during the forecast period?
During the forecast period, the global tote bags market is anticipated to expand at a CAGR of 4.4%.
By 2032, what will the value of the global tote bags market?
The global tote bags market is expected to reach US$ 1,097.7 Mn by the end of 2032.
Which material segment is expected to lead the global tote bags market during the forecast period?
During the forecast period, fabric material is likely to be the leading material segment in the global tote bags market.
What drives the demand for tote bags?
The increasing demand from retail shopping industry is increasing the demand for tote bags.
Which are the top players supplementing the sales of 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.
At what rate is the Indian tote bags market projected to grow?
As per the FMI analysis, the Indian tote bags market is projected to expand at a CAGR of 5.9% during 2022-32.
