New York, US, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Bags Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), "Bags Market Information by Product Type, Material Type, End User, Distribution Channel, and Region - Forecast till 2027, the market is projected to register a CAGR of 4.9% and reach USD 94.63 billion by 2027.
Market Scope:
Backpacks, gym bags, duffle bags, drawstring bags, and crossbody bags are just a few examples. They are constructed from nylon strips, and typical backpack materials include polyester, nylon, and leather.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2027 | USD 94.63 Billion |
| CAGR | 4.9% |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Product Type, Material Type, End User, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising popularity of customized bags |
| Increasing demand in fashion industry |
Competitive Dynamics:
Key industry players in the worldwide bags market are launching new products, forming strategic alliances, and expanding their operations to maintain or increase their market shares. The majority of players in the market are concentrating on becoming global, enhancing their capabilities, and establishing solid partnerships. Many major firms are actively seeking to broaden their operations and enter new markets to attract a larger share of the market. During the time period under study, the regional and global players can make strategic acquisitions to bolster their positions. Moreover, it has been predicted that the market will grow as a result of the improving global economic picture and the expanding bags industry in developing countries, creating an ideal environment for companies to introduce innovative products and expand their global market shares. Competition in the market, government encouragement, and technological advancement all contribute to company expansion. Therefore, businesses selling such items need to concentrate on both global expansion and product enhancement. The major players of the market are:
- Nike, Inc. (US)
- Adidas AG (Germany)
- Samsonite International SA (Hong Kong)
- VF Corporation (US)
- Puma SE (Germany)
- Louis Vuitton (France)
- Delsey (France)
- Hershel Supply Company (Canada)
- Jensen Lee (US)
- Belmil (Serbia)
Market USP:
Market Drivers
Driving this expansion are an increasing number of health and fitness centers and a burgeoning travel industry. The rising custom of exchanging bags as presents is also contributing to the industry's expansion. Growth in the market is expected to be spurred in the future years by factors such as the increasing demand for personalized bags and the expansion of the organized retail sector in the Asia-Pacific region. The rise of the organized bag market is hampered, however, by the existence of the unorganized market for bags.
Market Restraints
Bag-packs, briefcases, drawstring bags, and other alternatives to hand-bags are growing in popularity in markets around the world, which is expected to slow the expansion of the handbag industry.
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COVID-19 Analysis:
Because of the COVID-19 pandemic, several areas have gone into lockdown and transportation systems have failed. In comparison to previous pandemics, such as severe acute respiratory syndrome (SARS), avian flu, swine flu, bird flu, and Ebola, the economic uncertainty caused by the COVID-19 outbreak is much higher. This is because the number of people infected with the virus continues to rise, and the end of the crisis is uncertain.
Customers stocked up on necessities like hand sanitizer, masks, and even toilet paper and bread in the wake of the outbreak. Non-essential firms saw a precipitous decline as consumers redirected their spending to cover the cost of necessities. During the early stages of the epidemic, non-essential companies were required to close as more cities fell into lockdown. Since handbags are a luxury item, their demand dropped significantly. Border closures and government lockdown orders caused by the COVID-19 outbreak have had a devastating effect on the tourism industry. The world's corporations observed a work-from-home day while schools, colleges, and institutions were closed. Tote sales suffered as a result of the pandemic's causes. Even so, now that things are returning to normal, bag sales should start to pick up again.
As far as bag prices go, the COVID-19 pandemic was probably not that much of a factor. The expansion of the worldwide bags market is anticipated to be hampered by challenges such as supply chain disruptions, logistics, and the scarcity of raw materials and manpower. Because of the difficulties in transporting goods across international borders, producers during a pandemic must rely heavily on their local suppliers of raw materials. This gives those suppliers greater leverage in negotiations. Several manufacturers were found to be maintaining low profit margins in order to dominate the market. Producers and manufacturers selling through ancillary internet marketplaces have lowered their prices.
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Market Segmentation:
By Product Type
It is expected that the backpacks subsegment of the bags market will continue to be the most lucrative during the projected period.
By Material Type
The global bags market is segmented by material type, and polyesters have historically held and are expected to continue holding the largest share. The leather industry is anticipated to grow at the fastest rate. One of the major causes in the predicted rising growth of the leather category is the rising demand for high-end handbags.
By End User
The global bags market is dominated by consumers aged 20 and up, and this demographic is expected to expand at a slower-than-average rate over the forecast period. The majority of consumers are middle-aged or older (20+), driving up the demand from this demographic. The market for people aged 13–19 is anticipated to grow at the fastest rate of all age groups throughout the predicted horizon.
By Distribution Channel
The in-store distribution channel category held a sizable share of the market in 2019 and is expected to rise at a steady clip over the forecast period. Supermarkets and hypermarkets, corner markets, specialty shops, and other types of retail shops all make up a subset of the store-based distribution network. The supermarkets and hypermarkets subsegment of the store-based distribution channel held the largest market share in 2019 and is projected to maintain its dominance throughout the study period.
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Regional Analysis:
North America is predicted to demonstrate tremendous growth, owing to the booming rise of small firms. This is a major contributor to the expanding market for professional handbags. Consumers in the West are getting pickier about the brands they support, especially when those brands are extensions of their individual identities. Thus, the market for handbags in North America has developed in recent years. As a subset of the apparel industry, fashion accessories have evolved from being seen as a luxury item to a staple in any well-rounded consumer's wardrobe. In the future years, the retail sector in North America is predicted to expand greatly, thanks in large part to the development of e-commerce and the conveniences associated with online buying.
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