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

Report Description

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.

12 months change in the performance of luxury item, 2020

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

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future of the Global Bags market were the three major steps undertaken to create and analyze the demand of Bags across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted, with industry experts across the value chain of the industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below.

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Bags through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Bags, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are product, material type, end-user, and distribution channel. Further regional & country-level analyses were conducted to evaluate the overall demand of Bags in the global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as growing tourism sector, rising number of work-related travels etc. Historical trends and their year-on-year impact on the market size and share was analyzed. Demand and supply side scenario was also thoroughly studied.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Market, and market shares of the segments and company. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the demand of Bags across the major markets
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Bags Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Bags market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product, material type, end-user, and distribution channel for major country/region globally.

The main objective of the Bags Market Study

The current & future market trends of Bags were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Bags in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include product, material type, end-user, and distribution channel
• Defined analysis of the regulatory framework for the Global Bags industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Bags for the major regions & countries
• Major regions studied in the report include North America (US, Canada, Rest of North America), Europe (Germany, United Kingdom, France, Rest of Europe), Asia Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World
• Company profiles of the Bags Market players and the growth strategies adopted by them to sustain in the fast-growing market

Deep dive regional & country level analysis of the industry