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Bags Market Overview:
According to MRFR analysis, the global bags market is expected to register a CAGR of ~4.9% from 2022 to 2030 and hold a value of over USD 94.63 Billion by 2030.
The Bags Market refers to the global market for various types of bags, including backpacks, handbags, luggage, and other travel bags. The market is driven by factors such as changing fashion trends, increasing demand for durable and lightweight bags, and growing awareness about eco-friendly products. However, the bags market has also been impacted by the COVID-19 pandemic. The pandemic has caused disruptions in global supply chains, which has led to a shortage of raw materials and increased production costs for bag manufacturers. Additionally, the closure of retail stores and travel restrictions has resulted in a decline in consumer demand for bags, particularly in the travel and luxury segments.
Key Players:
Some of the market key players are 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), Belmil (Serbia)
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Market Segmentation:
The Global bags market has been segmented into product type, material type, end-user and Distribution Channel.
Based on Product Type: Backpacks, School Bags, Drawstring Bags, Others, Handbags, Wallets & Purses, Duffle & Gym Bags, Sling & Crossbody Bags and Others
Based on Material Type: Polyesters: Nylon, Leather, Cotton Canvas and Others
Based on End User: 5 to 12 Years, 13 to 19 Years, 20 Years & Above
Based on Distribution Channel: Store-Based, Supermarkets & Hypermarkets, Convenience Stores, Specialty Stores, Others and Non-Store-Based
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Regional Analysis:
The bags market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Asia-Pacific is the largest market for bags, driven by increasing consumer spending and growing urbanization in countries such as China and India. Europe and North America are also significant markets for bags, with a focus on premium and luxury bags. Latin America and the Middle East and Africa are relatively smaller markets but are expected to grow in the coming years due to increasing disposable income and changing consumer preferences.
Discover More Research Reports on Consumer and Retail Industry, by Market Research Future:
Sewing Bags Market Research Report Information by Product Type (Travel Bags, Cosmetic Bags, Backpacks, Lunch Bags and others), Distribution Channel (Store-Based and Non-Store-Based) and Region (North America, Europe, Asia-Pacific and Rest of the World) – Forecast till 2027
Luxury Handbags Market Research Report Information By Type (Clutches, Crossbody Bags, Shoulder Bags, Satchels, Hobo Bags, Tote Bags, Briefcases, and Others), By Material Type (Leather, Cotton, Synthetic, and Others), By Consumer Group (Men, Women, and Unisex), By Distribution Channel (Store-Based and Non-Store-Based), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030
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