Bags

Bags

The global bags market is a thriving industry encompassing various types of bags, including handbags, backpacks, luggage, and more. The bags market has witnessed steady growth driven by factors such as fashion trends, travel, and lifestyle changes. It is a highly competitive and dynamic sector. Therefore, presence of wide range of products have created competitiveness among the players operating in the global bags market.

Global Bags Market is expected to grow at a CAGR of around 4% during the forecast period 2023-2030. The key trends in the bag market include the rise of sustainable and eco-friendly bags, increased online sales, and the integration of smart features in bags (e.g., anti-theft technology). Another trend in customization is becoming a popular trend in the bag market, as consumers want bags that reflect their personal style and preferences. This trend is expected to drive the demand for customized bags, such as bags with personalized logos or designs.

• Based on product, the Global Bags Market is segmented into Backpacks, Handbags, Wallets & Purses, Duffle & Gym Bags, Sling & Crossbody Bags, Others. Backpacks dominated the market and is expected to maintain its dominance during the forecast period. Demand for sophisticated travel bags commendably designed to reduce neck, back, or shoulder pain is expected to have a positive influence on the global bags market. Overall rise in the international migration of individuals, innovations in product design and quality, popularity of backpacks among students, increase in tourist traffic and Air Travel paired with growing demand for stylish men’s bags and small carry-on bags is further expected to drive the overall market for bags globally.
• Based on material type, the Global Bags Market is divided into Polyesters, Nylon, Leather, Cotton Canvas, Others. Polyesters bags are the most sold bags in the global market. Majority of the companies operating in the market uses nylon and polyester to produce bags. Polycarbonate is used for high-quality products and the highest priced products are mostly 100% polycarbonate. Majority of the companies have 360° spinner wheels, however, only Travelpro offers branded wheels (MagnaTrac). Prices of bags vary owing to the different product specifications, features and material used for producing the products and the average price set for a bags in the US ranges between US$ 25-US$1,200.
• Based on End-users, the market is segmented into 5 to 12 Years, 13 to 19 Years, 20 Years & Above. Segment 20 Years & Above is expected to witness significant growth owing to growing tourism sector and rising work-related travels. This has impacted the overall sales of bags. Further, due to the pandemic schools and collages were closed globally, this has further reduced the overall sales of bags among the students. In addition, in 2020, global business travel expenses contracted by almost 52%, while managed corporate-travel spending in the US dropped by 71%, or US$94 billion in the same year.
• Based on distribution channel, the global bags market is bifurcated into Store-Based and Non-Store Based. Store Stores is expected to dominate the market during the analyzed period. These are retail establishments that offer a wide range of products under different category in the store. Store segregate the departments as clothing, sportswear, jewelry, home appliances, hardware, etc. bags is usually sold under the clothing/apparel and fashion section of the store. Although, e-commerce retail have grown during the last few years, which have negatively impacted the store-based retailing, there are still numerous loyal customers who purchases bags from brands store, they are considered as loyal customers.
• For a better understanding of the market adoption of Bags, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World. The Asia-Pacific region, particularly countries like China, Japan, South Korea, and India, has emerged as a major hub for bag manufacturing. These countries have a strong manufacturing base, cost-effective labor, and access to a wide range of raw materials, allowing them to produce bags at competitive prices. Moreover, the increasing disposable income and urbanization in the region have led to a higher demand for bags, making it a lucrative market.
• Some of the major players operating in the market include Nike, Inc., Adidas AG, Samsonite IP Holdings S.à r.l, VF Corporation, Puma SE, Louis Vuitton Malletier SAS, Delsey, Hershel Supply Company, Jensen Lee, bkg-ada.rs etc. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.