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Bags Market Insights:
By 2027, the size of the bags market is projected to have grown at a 4.9% CAGR to reach USD 94.63 billion. There are many different kinds of bags, including drawstring, duffle, gym, backpack, and crossbody bags. They are composed of nylon strips, while backpacks are made of leather, nylon, and polyester.
Gift-giving has long been regarded as an essential component of interpersonal interactions. Gift-giving has become increasingly popular over the past ten years, which can be ascribed to globalisation and the acceptance of festivals and festivities that across cultural boundaries. People frequently give gifts on special days like birthdays, anniversaries, Valentine’s Day, Mother’s Day, and Father’s Day. An important element in favour of an increase in gift exchange globally is rising per capita disposable income. With more corporate offices, the practise of corporate gifting is becoming more popular alongside personal gifting and festival gifting.Businesses give gifts to their clients and workers to foster closer, more fruitful ties. Additionally, this aids in the companies’ branding efforts. Bags have long been regarded as one of the most popular gifts among both individuals and businesses. An extra benefit of the many different bags on the market is the greater options they provide. As a result, the practise of exchanging bags for gifts is predicted to exponentially increase bag sales, driving the market’s expansion.
The bags market is oversaturated and fiercely competitive. Manufacturers find it harder and harder to stand out in such a crowded market. As a result, companies compete on all fronts to successfully reach their target market. As a result, businesses are looking for a method to differentiate themselves. Customizing and personalising products is one of these strategies. Consumers now favour personalised products over widely available ones on the market.
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Regional Analysis:
The global bags market has been divided into four geographic segments: North America, Europe, Asia-Pacific, and the rest of the world. According to MRFR analysis, Asia-Pacific dominated the market in 2019 and held the highest share. In 2019, the European bags market held the second-largest market share.
Market Segmentation:
Based on product type, material type, end user, distribution channel, and geography, the market for bags has been divided globally.
The world market has been segmented into backpacks, handbags, wallets and purses, duffle & gym bags, sling & crossbody, and others based on product type.
Backpacks are bags that are typically worn on the back or around the waist.Nowadays, students use a bag known as a backpack, knapsack, rucksack, book satchel, book bag, or book pack to transport their books and other school necessities to and from class. Over 43 million children in the US are thought to use backpacks to carry their school supplies, according to a recent MRFR research. Additionally, because they are portable and light, backpacks are perfect for going to work, school, or running errands on a daily basis. School bags, daypacks, bum bags or waist bags, drawstring bags, rucksacks, satchel backpacks, knapsacks, and randoserus are among the several varieties of backpacks.
The polyesters, nylon, leather, cotton canvas, and other materials have been segmented on the global market based on material type. The market for bags worldwide was dominated by the polyesters industry. Polyester bags are less durable than nylon but have a higher resistance to UV deterioration. This is especially true of backpacks. For kid-sized backpacks, polyester is a sturdy and long-lasting material. Polyester backpacks are reasonably priced and come in a variety of vivid hues. During the forecast period, the leather segment is expected to have the greatest CAGR. Due to its strength, durability, and widespread availability from animal resources, leather is one of the oldest materials utilised in bag manufacturing. Despite a movement in consumer preference toward non-animal products, leather still has a more upscale appearance than other materials.
The global market has been segmented by end user into three age groups: 5 to 12 Years, 13 to 19 Years, and 20 Years & Above. A sizeable portion of the worldwide bag market belonged to the 20 years and older sector. However, it is anticipated that during the forecast period, the 13 to 19 Years group will expand at a quicker rate.
The global bags market has been divided into store-based and non-store-based segments depending on distribution channel. Supermarkets & hypermarkets, convenience stores, specialty stores, and other stores make up the store-based segmentation. In 2019, the store-based segment accounted for a greater market share. Because they offer a convenient one-stop purchasing experience, consumers like store-based channels. However, it is anticipated that the non-store-based segment will grow at a faster CAGR during the forecast period.
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The Major Key Players in The Bags Market Are As Follows:
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