Bags Market Overview:
There are various types of bags such as backpacks, gym bags, duffle bags, drawstring bags and cross body bags. These types of bags are made up of nylon strips and the materials which are used for backpack are polyester, nylon and leather. The growth of the tourism sector and the increased number of health and fitness centers drive the market growth.
The global Bags Market Share reaches up to the USD 94.63 billion with a CAGR of 4.9% by 2027.
The increased trend of offering bags as a gift exchange was also boost the growth of the market. The increased popularity of customized bags and the increased growth of organized retail sector in Asia Pacific projected to propel the growth of the market in the coming years. The growth of the market of the organized sector was hampered by the prevalence of the unorganized market for the bags.
In covid 19 pandemic, the economic uncertainty has high past outbreaks such as severe acute respiratory syndrome (SARS), avian flu, swine flu, bird flu and Ebola. There was a spike in the essential goods such as sanitizers and mask, household essentials like toilet paper and bread were stocked by the people. The major downfall was observed in the non-essential businesses because most of the customer’s budget was shifted to the essential goods. The schools, colleges and institutions were closed and the corporates start work from home due to which it has a negative impact on the sales of the bags during the pandemic.
There are some issues such as supply chain disruptions, logistics and limited availability of raw materials and labor cripple the growth of global bags market to some extent. The market for eco-friendly bags was grabbing the customer’s attention because of the less availability of the eco-friendly bags in the market.
Regional Classification:
The global bags market was spread in the following regions – North America which includes US, Canada, Mexico; Europe includes UK, Germany, France, Italy & Spain; Asia Pacific includes China, India, Japan, Australia & New Zealand; Middle East; South America; Africa.
Top Key Players:
The key players who are involved in the global bags market are – Nike, Inc. (US), Adidas AG (Germany), Samsonite International SA (Hong Kong), VF Corporation (US), Puma SE (Germany), Louis Vuitton (France), Delsey (France), Hershel Supply Company (Canada), Jensen Lee (US), and Belmil (Serbia).
Market Segmentation:
The global bags market was segmented on the basis of product type, material type, end user and distribution channel.
On the basis of product type, the global Bags Market Trends was divided into Backpacks, School Bags, Drawstring Bags, Handbags, Wallets & Purses, Duffle & Gym Bags, Sling & Cross body Bags, Others.
On the basis of material type, the global bags market was divided into Polyesters, Nylon, Leather, Cotton Canvas and Others.
On the basis of end user, the global bags market was divided into 5 to 12 years, 13 to 19 years, 20 years & above.
On the basis of distribution channel, the global bags market was divided into store based, supermarkets & hypermarkets, convenience stores, speciality stores, non-store based and others.
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