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Bags Market

Global Bags Market is expected to foresee significant growth. Asia-Pacific to witness highest growth, owing to growing urban population and rising number of business-related travels!

Global Bags Market is expected to grow at a CAGR of around 6.3% during the forecast period 2021-2027. The market witnessed a slight decline in 2020, owing to Covid-19 pandemic. Substantial boom in the travel and tourism sector is expected to foster the demand for bag, especially for backpacks and trolleys. Rising urban population and changing lifestyle, along with growing demand for innovative products such as polycarbonated bags is further expected to drive the growth of the global bags market during the forecast period 2021-2027. Rising birthrate especially in the developing region, would increase the overall number of children going to schools and colleges, this would further drive the demand for bags. Also rising Purchasing power of the middle-class population would leave more money in the hand of individuals to spend on luxury products, this would further drive the demand for luxury branded bags majorly in the developed and developing markets.

Travel and tourism industry was shut during the Covid-19 pandemic in the early 2020, owing to this the bags industry has been severely hit with many dealers with rented stores permanently shutting they shops due to the second wave of the Covid-19. According to industry estimates, bags manufacturers and dealers have witnessed around 40-45% decline in sale in 2020. Covid-19 pandemic had significantly impacted the bags sales in the US. In 2020, US retail bags sales declined by 59.7% comparison to the previous year 2019. However, with gradually improvement in the pandemic situation, spending patterns of consumers have strengthened, and the market is expected to regain its potential, and the economies of the developing nations is expected to improve post 2021.

For a detailed analysis of the Covid-19 Impact on the market browse through https://univdatos.com/report/global-bags-market/

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. 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. Based on the assumptions and data Polyesters bags are the most sold bags in the global market. 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 bag in the US ranges between US$25 to US$1,200.

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. 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 based segment consisting of Supermarkets & Hypermarkets, Convenience Stores, Specialty Stores is expected to dominate the market during the analyzed period. 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.

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For a better understanding of the demand 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. North America dominated the market in 2020. As per on of the top market research firm, in 2016, retail sales of travel/sports bags in the US totaled around US$6 billion. In the US households with higher income are more likely to purchase branded bags (34%) than households with lower income. 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.

Global Bags Market Segmentation

Market Insight, by Product

  • Backpacks
  • Handbags, Wallets & Purses
  • Duffle & Gym Bags
  • Sling & Crossbody Bags
  • Others

Market Insight, by Material Type

  • Polyesters
  • Nylon
  • Leather
  • Cotton Canvas
  • Others

Market Insight, by End-User

  • 5 to 12 Years
  • 13 to 19 Years
  • 20 Years & Above

Market Insight, by Distribution Channel

  • Store-Based
  • Non-Store Based

Market Insight, by Region

  • North America Bags Market
    • United States
    • Canada
    • Rest of North America
  • Europe Bags Market
    • Germany
    • United Kingdom
    • France
    • Rest of Europe
  • Asia Pacific Bags Market
    • China
    • Japan
    • India
    • Australia
    • Rest of Asia-Pacific
  • Rest of World Bags Market

Top Company Profiles

  • Nike, Inc.
  • Adidas AG
  • Samsonite International SA
  • VF Corporation
  • Puma SE
  • Louis Vuitton
  • Delsey
  • Hershel Supply Company
  • Jensen Lee
  • Belmil

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