Bags Market To Reach USD 93.56 Billion 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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Market Dynamics:
The global Bags market is rapidly gaining traction over the recent years and is expected to register robust revenue growth throughout the forecast period of 2021 and 2028. The consumer goods sector is rapidly growing due to factors such as paradigm shift in consumer preferences, rising demand for convenience and ongoing COVID-19 pandemic. Rapid revenue growth is attributed to factors such as rising disposable income, improvements in standard of living, and increasing preference for organic food and plant based food products. Moreover, rising health conscious population, increasing preference for online shopping and doorstep deliveries and growing inclination of veganism in several countries across the globe and increasing focus on developing novel products to cater to consumer demand are other factors expected to support market growth going ahead.
Competitive Landscape:
The research report offers details about leading companies in the global Bags market along with global position, financial standing, license agreement, products and services portfolio and revenue contribution of each market player. Key players in the market are focusing on adopting various strategies such as mergers and acquisition, business expansion plans, new product launches, partnerships, collaborations, joint ventures to enhance their product base and gain robust footing in the market.
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Major Companies:
· Louis Vuitton,
· Michael Kors,
· Guccio Gucci S.p.A.,
· Prada,
· Chanel,
· Diana Korr,
· Hermès,
· Fendi,
· Calvin Klein,
· Kate spade.
Market Segmentation:
The report also sheds light on the market segmentation based on type, application and region:
By Type Outlook:
- Backpacks
- Tote Bags
- Duffle and Gym Bags
- School Bags
- Wallets
- Others
By Material Outlook:
- Polyester
- Leather
- Cotton Canvas
- Others
By Distribution Channel:
- Online Stores
- Offline Stores
Bags Market Segmentation based on Regions:
North America
o U.S.
o Canada
o Mexico
· Europe
o Germany
o U.K.
o France
o Italy
o Spain
o Benelux
o Rest of Europe
· Asia Pacific
o China
o India
o Japan
o South Korea
o Rest of Asia Pacific
· Latin America
o Brazil
o Rest of Latin America
· Middle East & Africa
o Saudi Arabia
o UAE
o South Africa
o Rest of Middle East & Africa
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