Market Overview
During the projected 2021–2026, the bags market is expected to grow at a CAGR of 4.5 percent.
The fashion apparel and accessory sector have been struck severely since the COVID-19 epidemic forced a large portion of the worldwide people to stay at home due to travel limitations and lockdown. At the same time, offline retail establishments and shopping outlets were closed down for a considerable portion of the year. Consumer buying patterns have improved as the pandemic situation has improved, and the market is projected to recover its capacity as the economies of emerging countries improve.
Market segmentation
By Product Type
Drawstring bags, school bags, and various backpacks are divided into the backpacks category. The backpacks category accounted for the largest market share in the worldwide bags market for product type, but it is expected to continue during the Bags Market forecast period. The drawstring bags sector is expected to grow fastest over the projection period.
By Material Type
By type of material, the polyesters segment does have the largest market share in the worldwide bag market. Also, it is expected to continue to do so all through the forecast period. The leather segment is expected to grow at the fastest rate during the forecast timeframe.
By End-User
The 20 years and older category has the largest market share within the worldwide bags market and is expected to grow at a lower-than-average rate over the forecast period.
By Distribution Channel
In 2019, the store-based distribution channel category held a high bags market share and is expected to rise modestly throughout the forecast period.
Regional Analysis
North America, Asia-Pacific, Europe, and the rest of the globe make up the global bag market.
In 2019, North America Is expected to account for over a quarter of the overall market share within the worldwide bag market. This is anticipated to grow at a moderate rate during the predicted period. The United States controls the primary share of the North American bag market. On the other hand, the market within Canada is expected to grow at the fastest rate throughout the projection period.
Asia-Pacific has the largest share of the worldwide market bags market as well as is expected to grow at the fastest rate during the forecast period. Many factors have contributed to the development of the Asia-Pacific bag market. The growing middle-income population within Asia-emerging Pacific's economies is the major driver driving the bag market's rise.
In 2019, Europe is considered the second biggest market for bags in the world, and it is expected to increase at a moderate rate throughout the forecast period. Premiumization is among the most popular trends amongst European consumers, particularly in Western Europe. Germany held the most market share in 2019, which is anticipated to continue throughout the projected period.
Industry news
Consumer preferences for changing trends and fashion, especially among millennials, are driving the handbags market. Key competitors are attempting to create strategic collaborations and expansions to meet rising demand, particularly in the luxury handbags category.
The rising fashion sector drives the bags market, with handbags considered an important fashion statement. On the other hand, counterfeit items are one of the most serious problems that brands confront around the world.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.