New York, US, March 30, 2023 (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 2030”, Bags Market could thrive at a rate of 4.90% between 2023 and 2030. The market size will reach around USD 94.63 billion by the end of the year 2030
Market Synopsis
Bags, which come various materials such as mesh, leather, nylon, straw, canvas, vegan leather, and jute, are essential items for everyday living. The surging demand for personalized bags and favorable trends in the fashion business are driving up demand. The tourist industry is seeing increasing demand as the driver of market growth. These days, shoppers give much more thought to their impact on the planet. People have shifted their preferences toward organic and environmentally friendly options. Due to consumers' changing tastes, the market for sustainable totes has surged in recent years.
Market stringent government regulations on disposable bags. Another segment of the bag market has been considerably impacted by the strict government regulations regarding the use of plastic bags, leading to a rapid decline in the consumption of single-use plastic bags and such alternatives. Other than this, the escalating inclination towards the functional bags market will further stimulate the industry’s growth.
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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 |
| growth of the tourism sector |
Market Competitive Landscape:
The affluent companies in the Bags industry include
- 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)
January 2021
SpruceGel has introduced an eco-friendly bag collection that is fully compostable. The company sells a variety of bags and pouches, including disposable ones. Products are 100% biodegradable and compostable when used as intended.
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Market USP Covered:
Market Drivers:
People are more concerned about the health of the planet. People have shifted their preferences toward organic and eco-friendly alternatives. There has been a growth in the demand for eco-friendly bags due to consumers' changing tastes. Businesses are ramping up efforts, developing new and launching creative products to promote sustainability and fashion simultaneously.
Market Restraints:
Strict government limits on the use of plastic bags, combined with a rapid decline in the consumption of single-use plastic bags and such alternatives, have substantially influenced a segment of the bags market. Luxury goods, including handbags, saw a steep drop in sales as consumers prioritized needs.
COVID 19 Analysis
COVID-19's impact has given way to numerous repercussions for people worldwide. The aftermath is linked with the significant social and economic burden on people worldwide. As a result of the COVID-19 pandemic, many people worldwide have been quarantined in their homes, preventing them from going to work or school. It has devastated the fashion sector since many brick-and-mortar stores and malls have been closed for months.
Most potential customers also reduced their spending on trendy appeals and accessories, which hurt the profits of the industry's leading handbag brands. Yet, consumer purchasing patterns have increased as the pandemic situation steadily improves, and the market is likely to regain its potential as the economies of the developing nations improve.
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Market Segmentation
By Product Type
The bag types in the market include Backpacks, Handbags & Wallets & Purses, Duffle & Gym Bags, Sling & Cross body Bags, and others.
By Material Type
Polyesters, Nylon, Cotton Canvas, Leather, and others are the top material type outlook Worldwide.
By End User
5 to 12 Years, 13 to 19 Years, and 20 Years & above have been listed as the top category in the study.
By Distribution Channel
Store-Based and Non-Store-Based are the major distribution channels available in the worldwide market.
Regional Insights
Asia-share Pacific's worldwide bag market revenue was the highest in 2022. China, Japan, India, and South Korea own most of the market. Revenue growth of the bags market has expanded in this region due to rising disposable income, improved living conditions, and heightened awareness of the importance of fashion accessories. The increasing environmental awareness of Asian consumers has also contributed to the region's growing demand for sustainable tote bags.
The European market was crucial to the company's success in 2022. Bags are most popular in Germany, the United Kingdom, France, Italy, Spain, and Poland. Since this area is widely recognized as the world's fashion center, rising fashion consciousness among consumers and increased disposable income are fueling the expansion of the bags market in the region.
The North American market was responsible for consistent revenue growth over the anticipated time frame. The U.S., Canada, and Texas account for most of the market. Sales are on the rise in this area because of rising disposable money and a corresponding rise in awareness of the importance of fashion and style in helping one to appear their best at all times. Revenue is expected to rise in this region because of the increasing sway of social media ads, influencer ads, and the growing popularity of fast fashion trends generally and among youths.
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