Handbag Market Size, 2020 Industry Share and Global Demand | 2028 Forecast by Fortune Business Insights™
The global ''handbagmarket size'' is projected to reach USD 78.46 billion by2028, exhibiting a CAGR of 6.8% during the forecast period. FortuneBusiness Insights™ shares this information in its report, titled“Handbag Market Size, Share & COVID-19 Impact Analysis, By Product Type[Tote, Clutch, Satchel, and Others (Hobo, Body Cross, and Saddle)], RawMaterial (Leather and Fabric), and End-User (Men and Women), and Regional Forecast,2021-2028”. As per the report, the value of the market stood at USD 47.57billion in 2028.
Increasing Availability of Eco-friendly Bags to Boost the Market
Handbags have always been a fashion statement among consumers, andwith improved fashion sense in the time of social media influencers, popculture, and globalization, the demand for luxury consumer products has onlyheightened in recent years. However, as awareness about the environment andrampant animal cruelty spreads, several bag brands have been utilizing noveleco-friendly materials to create sustainable hand-bags. For example, NewYork-based Angela Roi has been committedly developing vegan, leather-free totesand bucket bags. Cuyana, another US-based bag company, offers bags manufacturedfrom recycled and up-cycled materials. The spreading presence of such productsis expected to fuel the growth of the market in the forthcoming years.
The market has been segmented in the following manner:
Based on product type, the market segments include tote, clutch,satchel, and others. In terms of raw material, the market has been divided intoleather and fabric. On the basis of end-user, the market has been bifurcatedinto men and women. By region, the market has been clubbed into North America,Europe, Asia Pacific, South America, and the Middle East & Africa.
Study Period: 2016-2027
Base Year: 2019
Forecast Period: 2020-2027
Historical Period: 2016-2018
List of Key Companies Covered in the Handbag Market Report:
- Calvin Klein Inc. (New York, USA)
- Hermès International S.A. (Paris, France)
- Fendi (Rome, Italy)
- Guccio Gucci S.p.A. (Florence, Italy)
- Louis Vuitton Malletier (Paris, France)
- Kate Spade (New York, USA)
- Burberry (London, UK)
- Prada S.p.A. (Milan, Italy)
- Chanel Ltd (Paris, France)
- Coach IP Holdings LLC (New York, USA)
What Does the Report Offer?
The report provides a detailed analysis of the key market aspects,namely, the dominant companies, end-users, and leading product types. Apartfrom this, the report contains tangible insights into the current &upcoming market trends and highlights prominent industry developments. Inaddition to these factors, the report supplies a holistic understanding of themain drivers, restraints, and segments that are contributing to the growth ofthe market.
Competitive Landscape
Acquisitions & New Product Launches to be the Dominant GrowthStrategies for Key Players
Prominent players in the handbag industry are making strategicacquisitions to cement their leading position in this industry. This strategyhas emerged as the key growth accelerator for several fashion brands and hasturned to be financially beneficial for startups and smaller entities. Besidesthis, large bag manufacturers are increasingly focusing on developing productsusing recyclable and sustainable materials to future-proof their brands, thusaiding the handbag market growth.
Handbag Market report Focus on:
- Extensive product offerings
- Customer research services
- Robust research methodology
- Comprehensive reports
- Latest technological developments
- Value chain analysis
- Potential Market opportunities
- Growth dynamics
- Quality assurance
- Post-sales support
- Regular report updates
Reasons to Purchase this Report:
- Comprehensive analysis of the market growth drivers, obstacles, opportunities, and other related challenges.
- Tracks the developments, such as new product launches, agreements, mergers and acquisitions, geographical expansions, and joint ventures.
- Identifies market restraints and boosters.
- Identifies all the possible segments present in the market to aid organizations in strategic business planning.
Restraining Factor
Falling Household Incomes amid COVID-19 to Disrupt Market GrowthProspects
The COVID-19 pandemic, while causing an unprecedented downturn innational economies, has delivered even more severe setbacks to individualhousehold incomes. According to the World Bank’s high-frequency monitoringphone surveys, on average, 36% of those working prior to the pandemic outbreakwere without a job in the April-July period, while 62% of households reported areduction in total income. In India, to take a country-specific example, adecline of 5.4% in per capita income is envisaged, according to a reportreleased by the State Bank of India, the country’s top lender. In such direcircumstances, the demand for dispensable consumer goods, such as handbags, islikely to diminish substantially. This is reflected in the 2020 values of theglobal market, with its CAGR dropping by 25.6% and its sizeexpected to reach USD 49.63 billion in 2021.
Regional Insights
Fortune Business Insights™ Predicts Europe will Lead the MarketBacked by High Personal Incomes
Europe is anticipated to lead the handbag market share during theforecast period owing to the high disposable incomes of consumers in the region.In 2020, the Europe market size stood at USD 16.14 billion. Themarket in Asia Pacific is forecasted to make prolific progress due toincreasing employment and rapid expansion of the consumer goods industry. Inaddition, a growing young population in the region has also propelled thedemand for fashion items, such as handbags. In North America, the market willbe driven by the rising popularity of unisex handbags designed specifically forbusiness activities.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/handbag-market-103860
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Qualitative Analysis (In relation to COVID)
- Impact of COVID-19
- Supply Chain Challenges
- Potential Opportunities due to COVID-19
- Global Handbag Market Analysis, Insights, and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product Type (Value)
- Tote
- Clutch
- Satchel
- Others (Hobo, Body Cross, and Saddle)
- By Raw Material (Value)
- Leather
- Fabric (Cotton, Wool, Silk, Polyamide,and Polyester)
- By End-User(Value)
- Men
- Women
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
TOC Continued…!
Key Industry Developments:
- January 2021: LVMH Moët Hennessy Louis Vuitton SE announced the successful acquisition of Tiffany & Co., the US-based jewelry brand. The takeover was important for LVMH as Tiffany’s jewelry and watch offerings perfectly complement LVMH’s 75 Maisons.
- November 2019: Prada announces the launch of Re-Nylon, a novel project under which the company will introduce its iconic bags using regenerated nylon called Econyl. Produced by the textile yarn maker, Aquafil, Econyl is obtained through the recycling and purification of plastic waste extracted from fishing nets, fiber waste, and oceans.
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