The global Bags And Containers Market size is expected to
reach USD 56.86 billion by 2028, registering a CAGR of 5.6% during the forecast
period, according to a new report by Grand View Research, Inc. Consumer’s
increased inclination for the fashionable, trendy and lightweight bags designed
for travel and tourism propels the bags & containers market growth.
The rapidly growing travel industry has opened up new
global market opportunities for bags and containers. Furthermore, innovative
and advanced product launches from manufacturing companies with GPS security
features also propel the market growth. The growing use of backpacks in
day-to-day life for various requirements is one of the major reasons for the
backpacks market growth.
Rapidly growing urbanization, increase in disposable
income, domestic and international travel and tourism are the major driving
factors of bags and containers market growth. New product developments with
added advanced features appeal to the large consumer base. Availability of the
products in a variety of shapes and sizes, colors, and design patterns is one
of the major factors, responsible for the market growth.
Bags & containers play a very important role in
carrying clothes and other belongings while traveling, trekking, or shifting
from one place to another. Duffel bags, backpacks, tote bags, and jewelry
boxes; are the most commonly used types of bags and containers. Advanced and
innovative product launches from top brands on a timely basis attract large
populations. The easy availability of eco-friendly and sustainable products in
the market will further propel the bags & containers market growth.
COVID-19 has negatively affected the bags &
containers market, globally. The major fall in the travel and tourism industry
throughout the pandemic period is the major reason for reduced sales.
Country-wise lockdown, a complete ban on international traveling, in addition
to closed shopping malls and retail stores hampered the bags & containers
market growth.
However, as things get normal it is expected that the
market gets momentum like in pre-pandemic times and will capture a significant
market share in the coming years. In addition, consumers buying behavior
majorly shifted from offline channels to online portals during the pandemic
times, which influenced positively on the luggage market.
The sports bags and tote bags market expanding at the
fastest speed by a CAGR of 6.0% from 2022 to 2028. Growing sports activities
and health-conscious individuals lead to rising demand for sports bags in the
international market. Furthermore, tote bags are getting popular to carry
multiple belongings, as they are flexible and capable of accommodating multiple
things. Premium and branded tote bags’ elevated demand will drive the segment’s
market growth.
The offline channel accounted for the highest market
share of more than 70.0% in the global market for bags & containers in 2021
and is expected to grow significantly during the forecast period. The growing
chain of supermarkets and hypermarkets, the establishment of dedicated retail stores
from top brands, and rapid urbanization propel the offline channels market
growth. A large portion of the population still prefers to buy products by
means of traditional manner, which leads to the growing market for bags &
containers at offline stores.
Asia Pacific held the largest share in the global bags
and containers market during 2021 and is estimated to be the fastest growing
with a CAGR of 5.9%, during the forecast timeline. Rising domestic and
international travelers, a number of the working population, easy availability
of the top brands, and a rise in disposable income will boost the market
growth. In addition, elevated demand for fashion trendy products further
propels regional growth.
Related Press Release@ Bags And Containers Market Report
Bags And Containers Market Report
Highlights
- Asia Pacific accounted for the largest share of the global bags
& containers market in 2021. Rising domestic and international
travelers, number of the working population, easy availability of
products, and rise in disposable income will boost the regional growth
- Backpacks are accountable for the largest share in the bags &
containers global market during 2021 and are estimated to be one of the
fastest-growing segments during the forecast period. This can be credited
to the rising demand for the backpacks due to their multipurpose uses in
everyday life
- North America market is estimated to grow with substantial speed
during the forecast period. Changing lifestyles increased inbound and
outbound travelers, and the grown trend of spending weekend holidays with
friends and families propels the regional growth
- Online segment is estimated to be the fastest-growing distribution
channel at a CAGR of 6.0% from 2022 to 2028. Rising demand for the premium
products through the e-commerce domain owes the segment’s growth
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
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