Bags Market Will Estimated to Boost USD 93.56 Billion at a CAGR of 6.9% by 2030 | Reports and Data
The global bags market size was USD 51.15 Billion in 2021 and is expected to register a revenue CAGR of 6.9% over the forecast period, according to a latest report by Reports and Data. Revenue growth of the market is expected to be driven by an increasing desirability among consumers to own different bags for different purposes and to enhance their look on every occasion. The availability of bags in various patterns, sizes, colors, and materials give buyers a wide range of possibilities. In addition, growing disposable income, improved living standards, and increase in social events and outings. Key companies are incorporating technological advancements into traditional bags to improve the product and make it more practical for modern use.
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Top Profiled Companies in the Global Bags Market Report:
Louis Vuitton, Michael Kors, Guccio Gucci S.p.A., Prada, Chanel, Diana Korr, Hermès, Fendi, Calvin Klein, and Kate spade.
Some Key Highlights From the Report
- The backpack segment is expected to register a significant revenue growth rate over the forecast period. Backpacks are preferred the most as it can carry everything in the most accurate and orderly way, from textbooks to clothing. Most backpacks are pliable, light, and waterproof, providing the best protection for the items. Customers also favor them since they need less upkeep and have a range of uses, including daily use in offices, institutions, and schools.
- The polyester segment is expected to register a significant revenue growth rate over the forecast period. As polyester is a naturally heat-sensitive material, it can be permanently laser-cut with decorative shapes, patterns, and pleats for aesthetic purposes. Polyester is a very robust textile that can last for 5 to 15 years with adequate care. Polyester can be used in any environment, is exceptionally heat resistant, and is stain-resistant as well.
- The online stores segment is expected to register fast revenue CAGR over the forecast period. Online stores are expected to experience the fastest revenue growth. It is attributed to factors such as the fact that direct shipping from vendors eliminates the need for additional warehousing expenses. Customers can choose the shipping, delivery, and payment methods they choose. Low product prices, promotions, convenience, doorstep delivery, and the availability of a wide range of goods all contributed to the segment’s growth.
- The market in Asia Pacific is expected to account for the largest revenue share in the global bags market over the forecast period. Increased disposable income, higher living standards, and rising fashion accessory awareness have all expanded the market for bags in this area’s revenue growth. Growing consumer environmental awareness has also been a significant driver of increased demand for eco-friendly bags in the Asia Pacific region.
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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Further market segmentation
Type Outlook (Revenue, USD Billion; 2019-2030)
- Tote Bags
- Duffle and Gym Bags
- School Bags
Material Outlook (Revenue, USD Billion; 2019-2030)
- Cotton Canvas
Distribution Channel Outlook (Revenue, USD Billion; 2019-2030)
- Online stores
- Offline stores
Key Takeaways of the Global Bags Market Report:
- A comprehensive overview of the global Bags industry.
- Accurate market projections in terms of market size, share, and volume.
- Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
- Deep-dive analysis of the upcoming market trends.
- Qualitative and quantitative analyses of the global Bags market.
- Elaborate study of the leading regional markets in the global Bags market.
- Complete overview of the market’s competitive landscape.
- Brief look at the company profiles and portfolios.
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