The global bags and containers market size was valued at USD 37.73 billion in 2021 and is expected to reach USD 61.61 billion by 2030 expanding at a CAGR of 5.6% from 2022 to 2030.
Whether one is going on a trip, going on a hike, or moving from one location to another, having some sort of bag or container to transport one's clothing and other items is quite necessary. The sorts of bags and containers that are utilised the most frequently are duffel bags, backpacks, tote bags, and jewellery boxes. Large populations are drawn in by the timely introduction of cutting-edge products that include advanced innovation from leading businesses. The readily available eco-friendly and sustainable products on the market are expected to be a further driving force behind the expansion of the bags and containers industry.
|Market Size||USD 61.61 billion by 2030|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
New chances to sell bags and containers have emerged across global markets as a result of the constantly expanding travel sector. In addition, the development of cutting-edge and new products by manufacturing businesses that incorporate GPS safety components also contributes to the expansion of the market. One of the primary reasons for the expansion of the market for backpacks is the rising prevalence of the usage of backpacks in day-to-day life to fulfil a variety of functions.
The primary drivers that are driving the expansion of the bags and containers market include variables such as rapidly expanding urbanisation, rising levels of discretionary money, and rising levels of domestic and international travel and tourism. The big customer base is interested in newly developed products that have sophisticated features that have been included. One of the primary reasons for the expansion of the market is that items can now be found in a wide range of configurations with regard to their dimensions, colour palettes, and decorative motifs.
The market for bags and containers throughout the world has been significantly impacted as a result of COVID-19. The most important factor contributing to lower sales is the significant decline that occurred in the travel and tourist business during the epidemic. The expansion of the bags and containers market share was stunted as a result of a lockdown on a country-by-country basis, an absolute restriction on travelling internationally, as well as closed shopping malls and retail outlets.
On the other hand, once things return to normal, it is anticipated that the market will gain pace similar to that seen in the years before the pandemic and will seize a sizeable market share in the years to come.
Based on region the market is segmented into North America, Asia Pacific, Europe, Latin America and the Middle East.
The North American market to expand at a significant rate throughout the course of the projection period. Alterations in people's ways of life led to an increase in the number of passengers going in and out of the region. Additionally, the growing pattern of people spending the weekend and holidays with their relatives and friends contributes to the expansion of the territory.
Throughout the year 2021, Asia Pacific held the greatest share of the worldwide market for bags and containers, and it is projected to be the region with the quickest growth, with a CAGR of 5.9%, during the time period covered by the projection. The expansion of the market will be fueled by factors like an increase in the number of people working, an increase in the number of top brands that are easily accessible, local and international travel as well as an increase in discretionary money. In addition, the increased desire for items that are fashionable and stylish is another factor that drives growth in the region.
The market for bags and containers is segmented into the following categories: Type, Distribution Channel and Region.
It is anticipated that the market for backpacks will account for the greatest proportion of the bags and containers global market by the year 2021 and will also be one of the categories with the highest rate of growth throughout the forecast period. This might be attributed to the increased demand for backpacks due to the fact that they can be used for a variety of purposes in day-to-day living.
The market for sports bags and tote bags is expected to increase at the quickest rate, reaching a CAGR of 6.0% between the years 2022 and 2028. Demand for sports bags in the global market is growing as a result of an increase in the number of people participating in sports and becoming more health aware. In addition, tote bags are becoming increasingly popular as a means of transporting many items due to its adaptability and capacity to hold several different objects. The increased demand for premium and branded tote bags will be the primary driver of market expansion within this submarket.
Based on the Distribution channels the market is divided into Online and Offline. The offline channel held more than 70% of the market share in the global market for bags and containers in 2021, and it is anticipated to expand considerably over the course of the forecast period. The rise of the offline channel market is being driven by a number of factors, including the increased urbanisation of the world's population, the proliferation of supermarkets and hypermarkets, and the opening of specialised retail outlets run by major brands. As a result of the fact that a significant proportion of the population continues to choose more conventional methods of purchasing goods, the market for bags and containers sold at conventional stores is expanding.
It is anticipated that the online category would be the distribution channel with the highest compound annual growth rate between the years 2022 and 2028, with a CAGR of 6%. The expansion of the market category may be attributed, in large part, to the growing interest in purchasing premium goods through online retailers.