The global bags market is anticipated to record a CAGR of 4.9% to surpass USD 94.63billion by 2027. Bags are used by all the communities from rural and urban areas. It is an essential good and is commonly used globally. The bags are designed as per the applications and usage; they are available in various sizes and shapes. The global bags market is highly competitive and adopting various strategies such as product launches, partnerships, and expansions to strengthen their market positions.
The global Bags market is expected to register significant market growth during the forecast period owing to the increasing popularity of customized bags and advancements of the organized retail sector. The worldwide bags market is highly competitive owing to the presence of several local & regional players. Individuals across the globe are slowly becoming mindful of the climate and the significance of eco-friendly items. The ecological concerns have expanded indeed, and with that, the idea of being eco-friendly or going eco-friendly has advanced. There is a popularity for economical and eco-friendly items among shoppers. Subsequently, eco-friendly bags offer a crafty market to the current players. However, the rising prevalence of the unorganized market for bags restrains the market growth of the organized sector.
The Global Bags Market has been classified into Product Type, Material Type, End-user, and Distribution Channel.
Based on product type, the global bags market has been segmented into Backpacks, School Bags, Drawstring Bags, Others, Handbags, Wallets & Purses, Duffle & Gym Bags, Sling & Crossbody Bags, and Others.
The Global Bags Market by Material Type has been classified into Polyesters, Nylon, Leather, Cotton Canvas, and Others. Based on End Users the global market has been divided into 5 to 12 Years, 13 to 19 Years, and 20 Years & Above. The Distribution Channel segment categorizes the global bags market into Store-Based and non-store-based segments. The store-based segment is further divided into Supermarkets & Hypermarkets, Convenience Stores, Specialty Stores, and others.
The global bags market has been studied across North America, Europe, Asia-Pacific, and the rest of the world.
North America is likely to drive the global bags market as it exhibits one-fourth of the global market. The regional market is driven by the leading markets in Canada and the US. Asia-Pacific contributed the largest market share of the global bags market owing to the increasing per capita expenditure in emerging countries such as China, India, and Japan.
Europe is anticipated to contribute the second-largest market in the global bags market due to a moderate growth rate during the review period. The regional market growth is driven by the premiumization and rising demand for leather bags in recent years. The market in the rest of the world is expected to register a healthy CAGR of 4.68% during the review period. The region covers South America, the Middle East, and Africa.
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), and Belmil (Serbia).
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