Boston, MA -- (SBWIRE) -- 08/31/2015 -- Totes, just like shoulder bags, have become a desirable fashion accessory, after shoes, and are now seen as status symbols. Consequently, the demand for luxury and premium totes has gained popularity. Totes manufacturers are implementing innovative strategies to cater to changing consumer demography and preferences, such as demand for environment-friendly totes, to tap the market.

Technavio analysts forecast the global totes market grow at a CAGR of 5.22% and 4.56%, in terms of revenue and volume, respectively, during 2014-2019.

Commenting on the report, an analyst from Technavio's team said: "The shortage of animal skins used for the manufacture of leather goods has forced vendors to look out for alternative animal skins that can be used to manufacture tote bags. For instance, crocodile skin is the most demandable leather for handbags in the market. Birkin bags made of crocodile skin can be very expensive and only used for high-end bags. Hence, manufacturers like Nike and Prada are looking for alternative skins such as varieties of fish to use for handbag manufacturing. It is emerging as a high-profile segment for vendors in the market. Ostrich and snake skins are also used in the manufacture of tote bags. Hence, the use of newer varieties of leather in the manufacture of totes is expected to positively drive the growth in the market during the forecast period."

Get More Details on this Report and a Full Table of Contents at Global Totes Market 2015-2019

According to the report, another trend driving sales in the market is the introduction of value-added and innovative products by vendors. Vendors are continuously trying to innovate with their product offerings in terms of design, color, shape, and weight to meet the varied needs of consumers. For instance, vendors use leather and microfibers to manufacture lightweight luggage products. Colors such as burgundy, blue, orange, and green are being increasingly used in tote bags. Totes manufacturers are also launching specialty products that offer comfort, convenience, and utility. As a result, consumers are encouraged to purchase these new and improved products that are suited to their specific needs and influence the growth of the market.

Further, the report states that one of the challenges hindering the growth of the market is the increasing competition from counterfeit or fake products.

The key players in the Global Totes Market are ART - BERG, Burberry Group, Chanel, Coach, Hermes International, Kate Spade, LVMH, Michael Kors, Mulberry, Prada, Ralph Lauren and Tory Burch while other prominent vendors include Adidas, Aldo, Alfred Dunhill, Boconi, Bottega Veneta, Buggatti, C & J Clark International, Cambridge British Satchel Company, Crew Clothing, Dolce & Gabbana, Donna Karan International (DKNY), Ferrari, Fossil, French Connection, Goyard, Guess, Gerard Darel, Jerome Dreyfuss, Kenneth Cole Productions, L.Credi, La Petite Mendigote, Lipault Paris, Longchamp, Lulu Guinness, Mandarina Duck, MARUFUKU SHOTEN, McKlein, New Look Retailers, Nicole Lee, Paul Costelloe, Paul Smith, PUIG, Puma, River Island, Russell & Bromley, Smythson, TLG Brands, Vanessa Bruno, VF and WITH.

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