Global tote bags market is expected to thrive at a considerable CAGR during the forecast period. The market is expected to expand on the back of increasing awareness amongst the population regarding harmful effect of plastic bags on environment. Populations are adopting reusable bags instead of plastic bags to curb the pollution caused by improper disposal of plastic bags. Additionally, reusable feature of tote bags are likely to intensify the growth of global tote bags market during the forecast period.
The online segment by distribution channel is likely to grow at remarkable pace during the forecast period. Growing e-commerce industry and increasing number of internet uses are key factors which are augmenting the growth of online distribution channel segment. Manufacturers of tote bags are continuously enhancing their online distribution channel and selling their products through various online retailers.
Government Initiatives and Support
Government across the globe are promoting reusable carry bags and encouraging population to boycott plastic carry bags in order to curb the pollutions. For instance, china prohibited shops, supermarket and other retailers to distribute free plastic bags that are less than 0.025 mm thick. This initiative in China reduced plastic bag usage by 66 percent by the end of 2017. Further, government initiatives to promote reusable carry bags are escalating the growth of tote bags market across all regions.
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Rising Female Employment
Rapid urbanization and increasing women participation in the global workforce is a key factor which is augmenting the growth of global tote bags market. Further, government initiatives for women empowerment in both developing and developed countries are also expected to increase the women employment. This factor is anticipated to increase the demand for women handbags such as tote bags all over the world in upcoming years.
Although, presence of alternatives and lack of stringent rules and regulation to curb the use of plastic bags are likely to inhibit the growth of the tote bags market in the near future.
The report titled “Global Tote bags Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation” delivers detailed overview of the global tote bags market in terms of market segmentation by pattern, by material, by application, by distribution channel, by size, by price range and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global tote bags market which includes company profiling of BOSTON BAG CO., Michael Kors, BIDBI, H&M Group, XIAMEN NOVELBAG CO., LTD., Guangzhou Yaxin Leather Corporation Limited, Blivus Bags, Deeya International, Moonshine Leather Company and Victoria Leather Company. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global tote bags market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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