United States Sports Bags Market - Growth, Trends, and Forecast (2022 - 2027)

United States Sports Bags Market - Growth, Trends, and Forecast (2022 - 2027)

United States Sports Bags Market is projected to grow at a CAGR of 10.32% during the forecast period (2020- 2025).

Key Highlights

• The prominence of sports activities, owing to health and wellness trends, the increasing influence of social media and celebrity endorsements, and the rise in international sports events, encourages consumers to engage in sports activities.
• Additionally, the market is heading toward premiumization; this can be attributed to increased demand for high-quality premium options in affluent millennials. For instance, sports bags made from leather and other superior quality materials are gaining traction in the market. Further, premium products are not only catering to the affluent class as the high price tag is often associated with high standard/quality.
• Companies are utilizing the growing trend of premium product consumption and raising the market's affluence to introduce separate premium lineups and mainstreamization of premium products.

Key Market TrendsGrowing Influence of Athleisure and Health Wellness Trends

The primary drivers behind the proliferation of athleisure trends, such as health and wellness, are expected to remain popular in the forecast period. Also, the increasing active social media users create attention toward various products among consumers in the country. According to Outdoor Foundation, in the United States, the number of participants in outdoor activities, including various sports, increased from 134.4 million in 2006 to 146.1 million in 2017. This figure shows an anticipated increase in the demand for sports apparel during the forecast period. An increasing number of sport and fitness activities, such as football and basketball, and an increase in the number of women participating in these sports activities, boost the sales of sports bags, especially among women consumers.

Specialty Stores holds the Largest Market Share

Specialty stores are the major channels through which sports bags are sold in the country. Many specialty outlets are running into serious obstacles, including the difficulty in marketing high-end bags to a relatively small audience and competition from cut-rate goods sold in the country. Companies involved in the manufacturing of sports bags, such as Adidas and Nike, are no longer looking at a single retail channel to boost their sales but are targeting multiple specialty formats. Sports and athletic goods store is one such category, which is being used as a significant weightage retail format in the country. For instance, by 2019, there were 217 Nike factory stores, while there had only been 176 in 2016.

Competitive Landscape

United States sports bag market is highly competitive. A major market share is held by prominent players, such as Puma SE, Nike Inc., and Adidas AG, among others, owing to their higher market penetration, reflecting their strong industry grip through the goodwill, diversified product offerings, distribution networks, partnerships, and advertising. Further, companies compete on different factors, including product offerings, materials, designs, prices, functionalities, and marketing activities, in order to gain competitive advantages in the market. In addition, companies are following strategies that include the provision of products through e-commerce (own website and third parties) channels to facilitate a larger targeted audience.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Nike Inc.
Puma SE
Adidas AG
Franklin Group
Under Armour Inc.
Select Sport AS
Rawlings Sporting Goods Company Inc.
Sport Maska Inc. (CCM)

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