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A comprehensive overview of the Global Bags Market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Bags Market in the Global context. The report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the Global Bags Market at the regional & country levels. The Global Bags Market is expected to grow at a CAGR of ~6.3% between 2021-2027
Market Overview
As per on of the top market research firm, in 2016, retail sales of travel/sports bags in the US totaled approximately US$6 billion. In the US households with higher income are more likely to purchase branded bags (34%) than households with lower income. Substantial boom in the travel and tourism sector is expected to foster the demand for bags, especially for backpacks and trolleys. Rising urban population and changing lifestyle, along with growing demand for innovative products such as polycarbonated bags is further expected to drive the growth of the global bags market during the forecast period 2021-2027.
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COVID-19 Impact
Travel and tourism industry was shut during the Covid-19 pandemic in the early 2020, owing to this the bags industry has been severely hit with many dealers with rented stores permanently shutting they shops due to the second wave of the Covid-19. To control the spread of the pandemic, several governments across the globe have put in place strict shopping rules, curfews, and travel bans. In the US 77% of consumers reported that they stayed at home more, and 56% states they travelled less in 2020. Owing to these reason bags sales during the pandemic declined.
Global Bags Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Product, the market is primarily bifurcated into:
Based on product, backpacks segment dominated the market in 2020 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.
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By Material Type, the market is primarily studied into:
Based on the assumptions and available data Polyesters bags are the most sold bags in the global market. Polycarbonate is used for high-quality products and the highest priced products are mostly 100% polycarbonate. Majority of the companies operating in the market uses nylon and polyester to produce bags.
By End-User, the market is primarily studied into:
Based on end-users’ 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. This has impacted the overall sales of bags.
By Distribution Channel, the market is primarily studied into:
Based on distribution channel, store-based segment consisting of Supermarkets & Hypermarkets, Convenience Stores, Specialty Stores is expected to dominate the market during the analyzed period. Although, e-commerce retail has grown during the last few years, which have negatively impacted the store-based retailing, there are still numerous loyal customers who purchases bags from branded store, they are considered as loyal customers.
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Global Bags Market Region Segmentation Includes:
Based on the estimation, North America dominated the market in 2020. However, Asia-Pacific region is expected to witness highest CAGR growth during the forecast period. Growing urbanization paired with rising number of business-related travels especially in the developing Asian countries is expected to drive the market growth.
The major players targeting the market includes:
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the Global context. The specialist team of research analysts sheds light on various traits such as Global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Global Bags Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
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Key questions resolved through this analytical market research report include:
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