In 2021, the global bags market was valued at USD 51.15 Billion, and it is projected to experience a compound annual growth rate (CAGR) of 6.9% throughout the forecast period. The increasing desire among consumers to possess various types of bags for different purposes, as well as to enhance their appearance on different occasions, has led to a substantial demand for bags, consequently driving the growth of the market. For example, tote bags are highly favored by office workers and college girls due to their spaciousness in the form of oversized totes, and they also complement both casual and formal attire. On the other hand, a potli or a decorative clutch is considered an ideal choice for weddings or ethnic occasions.

Furthermore, there is a growing environmental consciousness among consumers, which has resulted in a shift in preferences towards eco-friendly bags. Key players in the market, along with innovative start-ups, are placing greater emphasis on the concept of sustainability. As an illustration, on June 17, 2020, Gucci launched a sustainable collection called "Off the Grid." This collection comprises various products such as ready-to-wear jeans, totes, backpacks, micro bags, shoes, and accessories. All the items in this collection are made using recyclable, organic, and renewable materials. Additionally, a significant portion of the collection incorporates Econyl, a recycled nylon derived from fishing nets and other gear recovered from the oceans. The company has also adopted environmentally friendly practices in sourcing, production, and distribution as part of its ongoing commitment to sustainability.

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Top Profiled Companies in the Global Bags Market Report:

Louis Vuitton, Michael Kors, Guccio Gucci S.p.A., Prada, Chanel, Diana Korr, Hermès, Fendi, Calvin Klein, and Kate spade.

Some Key Highlights From the Report

• The backpack segment is expected to register a significant revenue growth rate over the forecast period. Backpacks are preferred the most as it can carry everything in the most accurate and orderly way, from textbooks to clothing. Most backpacks are pliable, light, and waterproof, providing the best protection for the items. Customers also favor them since they need less upkeep and have a range of uses, including daily use in offices, institutions, and schools.
• The polyester segment is expected to register a significant revenue growth rate over the forecast period. As polyester is a naturally heat-sensitive material, it can be permanently laser-cut with decorative shapes, patterns, and pleats for aesthetic purposes. Polyester is a very robust textile that can last for 5 to 15 years with adequate care. Polyester can be used in any environment, is exceptionally heat resistant, and is stain-resistant as well.
• The online stores segment is expected to register fast revenue CAGR over the forecast period. Online stores are expected to experience the fastest revenue growth. It is attributed to factors such as the fact that direct shipping from vendors eliminates the need for additional warehousing expenses. Customers can choose the shipping, delivery, and payment methods they choose. Low product prices, promotions, convenience, doorstep delivery, and the availability of a wide range of goods all contributed to the segment's growth.
• The market in Asia Pacific is expected to account for the largest revenue share in the global bags market over the forecast period. Increased disposable income, higher living standards, and rising fashion accessory awareness have all expanded the market for bags in this area's revenue growth. Growing consumer environmental awareness has also been a significant driver of increased demand for eco-friendly bags in the Asia Pacific region.

Key Regional Markets Covered in the Report:

• North America (U.S.A., Canada, Mexico)
• Europe (Italy, U.K., Germany, France, Rest of Europe)
• Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
• Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

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Further market segmentation

Type Outlook (Revenue, USD Billion; 2019-2030)

• Backpacks
• Tote Bags
• Duffle and Gym Bags
• School Bags
• Wallets
• Others

Material Outlook (Revenue, USD Billion; 2019-2030)

• Polyester
• Leather
• Cotton Canvas
• Others

Distribution Channel Outlook (Revenue, USD Billion; 2019-2030)

• Online stores
• Offline stores

Key Takeaways of the Global Bags Market Report:

• A comprehensive overview of the global Bags industry.
• Accurate market projections in terms of market size, share, and volume.
• Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
• Deep-dive analysis of the upcoming market trends.
• Qualitative and quantitative analyses of the global Bags market.
• Elaborate study of the leading regional markets in the global Bags market.
• Complete overview of the market’s competitive landscape.
• Brief look at the company profiles and portfolios.

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