Increasing desirability among consumers to own separate bags for different purposes, and to enhance their look on every occasion is a key factor driving market revenue growth
Market Size - USD 51.15 Billion in 2021, Market Growth - at a CAGR of 6.9%, Market Trends - Increasing demand for eco-friendly bags
New York, September 30, 2022 - The global bags market size was USD 51.15 Billion in 2021 and is expected to register a revenue CAGR of 6.9% over the forecast period, according to a latest report by Reports and Data. Revenue growth of the market is expected to be driven by an increasing desirability among consumers to own different bags for different purposes and to enhance their look on every occasion. The availability of bags in various patterns, sizes, colors, and materials give buyers a wide range of possibilities. In addition, growing disposable income, improved living standards, and increase in social events and outings. Key companies are incorporating technological advancements into traditional bags to improve the product and make it more practical for modern use.
The preference for eco-friendly bags has increased as a result of rising environmental awareness among customers. Major industry heavyweights and creative start-ups are paying increasing attention to the idea of sustainability. For instance, on 20 June 2022, reusable produce bags and eco-friendly tote bags were released by The Green Ecostore, which is a reputable and outstanding eco-business with headquarters in the UAE that offers comprehensive products that are safe for the environment and the planet by reducing environmental footprint. Another example of this is, on 9 February 2022, two new bags from the Canadian athletic wear company Lululemon were made of eco-friendly vegan mushroom leather. Such initiatives are making a significant impact and resulting in a rising demand for the sustainable bags market.
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Some Key Highlights From the Report
- The backpack segment is expected to register a significant revenue growth rate over the forecast period. Backpacks are preferred the most as it can carry everything in the most accurate and orderly way, from textbooks to clothing. Most backpacks are pliable, light, and waterproof, providing the best protection for the items. Customers also favor them since they need less upkeep and have a range of uses, including daily use in offices, institutions, and schools.
- The polyester segment is expected to register a significant revenue growth rate over the forecast period. As polyester is a naturally heat-sensitive material, it can be permanently laser-cut with decorative shapes, patterns, and pleats for aesthetic purposes. Polyester is a very robust textile that can last for 5 to 15 years with adequate care. Polyester can be used in any environment, is exceptionally heat resistant, and is stain-resistant as well.
- The online stores segment is expected to register fast revenue CAGR over the forecast period. Online stores are expected to experience the fastest revenue growth. It is attributed to factors such as the fact that direct shipping from vendors eliminates the need for additional warehousing expenses. Customers can choose the shipping, delivery, and payment methods they choose. Low product prices, promotions, convenience, doorstep delivery, and the availability of a wide range of goods all contributed to the segment's growth.
- The market in Asia Pacific is expected to account for the largest revenue share in the global bags market over the forecast period. Increased disposable income, higher living standards, and rising fashion accessory awareness have all expanded the market for bags in this area's revenue growth. Growing consumer environmental awareness has also been a significant driver of increased demand for eco-friendly bags in the Asia Pacific region.
- Companies profiled in the market report are Louis Vuitton, Michael Kors, Guccio Gucci S.p.A., Prada, Chanel, Diana Korr, Herms, Fendi, Calvin Klein, and Kate spade.
For the purpose of this report, Reports and Data has segmented the global bags market based on type, material, distribution channel, and region:
Type Outlook (Revenue, USD Billion; 2019-2030)
- Tote Bags
- Duffle and Gym Bags
- School Bags
Material Outlook (Revenue, USD Billion; 2019-2030)
- Cotton Canvas
Distribution Channel Outlook (Revenue, USD Billion; 2019-2030)
- Online stores
- Offline stores
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA