Bags Market Summary
As per Market Research Future Analysis, the global bags market is projected to grow at a CAGR of 6.50%, reaching USD 38.9 billion by 2032. The market is driven by the growth of the tourism sector, increasing health and fitness centers, and the trend of gifting bags. Customized bags and the organized retail sector's growth in Asia-Pacific are also contributing to market expansion. However, the unorganized market poses challenges to organized sector growth. The COVID-19 pandemic negatively impacted demand due to lockdowns and restrictions, particularly affecting non-essential products like bags. As conditions normalize, demand is expected to recover gradually. The market is fragmented, with local players gaining traction, while eco-friendly bags present new opportunities. The backpacks segment holds the largest market share, with polyesters leading in material type. North America accounted for about 25% of the market share in 2019, with Asia-Pacific projected to witness the highest growth rate.
Key Market Trends & Highlights
Key trends influencing the global bags market include tourism growth, eco-friendly product demand, and market fragmentation.
- Bags Market size expected to reach USD 38.9 billion by 2032.
- Backpacks segment holds the major market share, with drawstring bags projected to record the highest CAGR.
- Asia-Pacific region anticipated to witness the highest CAGR, driven by a growing middle-income population.
- COVID-19 pandemic caused a significant decline in non-essential product sales, including bags.
Market Size & Forecast
| Market Size | USD 38.9 Billion by 2032 |
| CAGR | 6.50% |
Major Players
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), Belmil (Serbia)
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