Bags Market Size is expected to reach USD 94.62 billion with a CAGR of 4.9% | Report by Market Research Future

Bags Market Research Future Insights

According to MRFR analysis, the global Bags market is expected to register a CAGR of ~4.9% from 2022 to 2030 and hold a value of over USD 94.2 Billion by 2030.

There are many different sorts of bags, including crossbody bags, gym bags, duffel bags, and backpacks. They are constructed of nylon strips, and a backpack is composed of nylon, leather, and polyester. The market is expanding due to the expansion of the tourist industry and the rise in the number of health and fitness facilities. The growing practice of giving away bags as gifts is also promoting market expansion. Additionally, it is anticipated that the market would rise in the next years due to the growing popularity of personalized bags and the expansion of organized retail in the Asia-Pacific region. Due to the outbreak, demand for necessary items like sanitizers and masks increased, and shoppers stocked up on toilet paper and bread in addition to other home necessities. The majority of the consumer’s spending was diverted to necessities, while non-essential firms saw a significant decline. Non-essential companies were instructed to stay close throughout the first half of the epidemic as additional cities fell into lockdown. Bags are considered a non-essential good, hence their demand was significantly impacted. Border restrictions and government-issued lockdown orders caused by COVID-19 have had a significant negative impact on the tourism business and forced many people to stay at home. Schools, universities, and other educational institutions were closed, and businesses throughout the world conducted work-from-home days. The sales of bags during the pandemic were adversely affected by these causes. The need for bags is anticipated to steadily rise as things return to normal.

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Regional Analysis

The market share for bags globally was held by North America to a degree of around one-fourth. During the projection period, it is anticipated to experience a modest CAGR. In the market for bags in North America, the US has accounted for the bulk of the market share. But over the projection period, the Canadian market is anticipated to see the greatest CAGR.

Asia-Pacific has the largest market share and is expected to grow at the highest CAGR throughout the study period. Several factors have been identified as contributing to the growth of the Asia-Pacific bag market. The growing number of middle-class people in the developing nations of Asia-Pacific is one of the key drivers of the industry’s explosive expansion.

Market Segmentation

The Global Bags market has been segmented into Product Type, Material Type, End User, and Distribution Channel.

Based on the Product Type, the market has been segmented into Backpacks, Handbags, Wallets & Purses, Duffle & Gym Bags, Sling & Crossbody Bags, and Others.

Based on the Material Type, the market has been segmented into Polyesters, Nylon, Leather, Cotton Canvas, and Others.

Based on the End User, the market has been segmented into 5 to 12 Years, 13 to 19 Years, 20 Years & Above.

Based on the Distribution Channel, the market has been segmented into Store-Based, Non-Store-Based.

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Key Players

Some of the key market players are Nike Inc, Adidas AG, Samsonite International SA, VF Corporation, Puma SE, Louis Vuitton, Delsey, Hershel Supply Company, Jensen Lee, and Belmil.

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