Bags Market: Current Analysis and Forecast (2021-2027)

Bags Market: Current Analysis and Forecast (2021-2027)

Global Bags Market is anticipated display a CAGR of around 6.3% over the forecast period (2021-2027). The market witnessed a slight decline in 2020, owing to Covid-19 pandemic. Today’s world is constantly changing, and companies are forced to learn how to adapt to the changing scenario quickly and answer to those changes appropriately. Every change creates new opportunity for the businesses and the globalization trend, fueled by technology advancements and internet penetration. This is encouraging the companies operating in the market to use these new market opportunities by making information available everywhere and simplifying the whole international business process. Bag manufacturers offer a wide range of differentiated products, based on materials, functions and sizes, hence customer have the privilege of choosing product as per their requirement and paying capability. Therefore, presence of wide range of products have created competitiveness among the players operating in the global bags market.

In FY 2020, Covid-19 pandemic has forced majority of the global population to stay at home, owing to travel restrictions and lockdown, this have impacted the bags industry. Also, during that period majority of the potential consumers limited their spending on travel bags, which directly impacted the sales revenues of top brands in the market. During the Covid-19 period, VIP have shut down 200 stores whereas Samsonite have shut over 100 stores.

Insights Presented in the Report

“Amongst Product, Backpacks segment dominated the market in 2020”

Based on product, the Global Bags Market is segmented into Backpacks, Handbags, Wallets & Purses, Duffle & Gym Bags, Sling & Crossbody Bags, Others. In 2020, 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.

“Amongst Material Type, Polyesters bags are the most sold bags in 2020.”

Based on material type, the Global Bags Market is divided into Polyesters, Nylon, Leather, Cotton Canvas, Others. 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. Also, most of the companies have 360° spinner wheels, however, only Travelpro offers branded wheels (MagnaTrac).

“Amongst End-User, Segment 20 Years & Above is expected to witness significant growth”

Based on End-users, the market is bifurcated 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. Owing to the Covid-19 pandemic and global restriction on mobility, domestic visitor spending decreased by 45%, while international visitor spending declined by an unprecedented 69.4% in 2020.

“North America (United States) represents as the largest market.”

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, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World. US is considered as the most mature market for bags globally owing to the presence of renowned brands operating in the market. Proliferation of e-commerce retailing have emerged as one of the major trends in the US bags market. Development of smart luggage with inbuilt GPS system tracker, occurring due to the advancement in technology is on the rise in the country. Some of the major players operating in the market include Samsonite International SA, Nike, Inc., Adidas AG, VF Corporation, Puma SE, Louis Vuitton, Delsey, Hershel Supply Company, Jensen Lee, Belmil etc.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional & country-level analysis of the industry