New York, US, July 29, 2021 (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 slated to reach USD 94.63 Billion by 2027 at 4.9% CAGR.
Market Scope
Bags come in various types like backpacks, gym bags, duffle bags, drawstring bags, and crossbody bags. They are made of nylon strips, and the materials used for a backpack are polyester, nylon, and leather.
Market Drives
The market is growing due to the expansion of the tourism industry and the increase in the number of health and fitness centers. The growing practice of giving bags as gifts is also propelling the industry forward. Furthermore, the rising popularity of personalized bags and the expansion of Asia-organized Pacific's retail sector are expected to drive market growth in the future years. People are also becoming more aware of travel destinations as a result of social media, travel shows, and advertising. As a result, the rise in travel and tourism has boosted demand for travel or luggage bags, propelling the worldwide bag industry forward. Because of their hurried lifestyles, individuals plan short vacations in addition to long vacations every year. As a result, they experiment with different sorts and sizes of bags depending on where they plan to go and how long they plan to stay.
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Competitive Landscape
- 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 Restraints
The existence of unorganized bag market, on the other hand, stifles the organized sector's expansion.
COVID-19 Analysis:
The COVID-19 pandemic is unlikely to have had a significant impact on bag pricing. However, difficulties including supply chain disruptions, logistics, and restricted raw material and labour availability are projected to hamper the worldwide bag market's growth to some level. Because of the difficulties to cross-border commodity shipping in a pandemic crisis, factories are increasingly reliant on local raw material suppliers, which boosts suppliers' bargaining power. Various producers were seen keeping their profit margins low in order to obtain market dominance. On third-party e-commerce channels, manufacturers and producers have cut their pricing on internet websites. The coronavirus outbreak in 2020 had a detrimental influence on the travel industry, which hampered bag sales. However, once things return to normal, the tourism economy is likely to rebound, boosting bag sales in the process.
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Market Segmentation
The backpacks category accounted for the largest market share in the worldwide bags market by product type, and it is expected to continue to do so during the forecast period. School bags, drawstring bags, and various types of backpacks are divided into the backpack’s category. The drawstring bags sector is expected to grow at the fastest rate over the projection period. During the forecast period, however, the handbags, wallets, and purses category is expected to grow at the fastest rate.
By material type, the polyesters segment has the largest market share in the worldwide bag market and is expected to continue to do so throughout the forecast period. During the forecast period, the leather segment is expected to grow at the fastest rate. The increased demand for luxury handbags is expected to be one of the major drivers driving the leather segment's expansion.
The 20 years and up category has the largest market share in the global bags market and is expected to grow at a lower-than-average rate over the forecast period. The majority of the population is under the age of 20, which drives up demand for this category. During the forecast period, the segment of 13 to 19 years old is expected to grow at the fastest rate.
In 2019, the store-based distribution channel category held a high market share and is expected to rise at a modest rate during the forecast period. Supermarkets and hypermarkets, convenience stores, specialty stores, and others make up the store-based distribution channel. The supermarkets & hypermarkets sector held the largest market share among the store-based distribution channels in 2019, and this trend is likely to continue during the study period.
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Regional Insights
North America, Europe, Asia-Pacific, and the rest of the globe make up the global bag market.
In 2019, North America accounted for over a quarter of the total market share in the worldwide bag market. During the predicted period, it is expected to grow at a moderate rate. In the North American bag market, the United States owns the lion's share of the market. The market in Canada, on the other hand, is expected to grow at the fastest rate throughout the projection period.
Asia-Pacific has the largest market share in the global bags market and is expected to grow at the fastest rate during the forecast period. Several factors have contributed to the growth of the Asia-Pacific bag market. The growing middle-income population in Asia-emerging Pacific's economies is one of the major drivers driving the bag market's rise. In the Asia-Pacific bag market, China holds the largest market share. During the projection period, India's market is expected to grow at the fastest rate.
In 2019, Europe was the second-largest market for bags in the world, and it is expected to increase at a moderate rate throughout the forecast period. Premiumization is one of the most popular trends among European consumers, particularly in Western Europe. Leather bags are in high demand among business professionals in Europe's wealthy economies. Germany held the most market share in 2019 and is expected to continue to do so throughout the projected period.
During the forecast period, the rest of the world market is expected to grow at a CAGR of 4.68 percent. South America, the Middle East, and Africa make up the rest of the world's market. South America has the largest market share in 2019, with Brazil and Argentina both having major market shares. During the projection period, the Middle East market is expected to grow at the fastest rate. During the review period, the African market is projected to be slow. Due to the presence of various domestic and unorganized competitors, the market in several African nations is highly fragmented.
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