Global Bag Market Report and Forecast 2024-2032

Global Bag Market Size

The global bag market is projected to grow at a CAGR of 4.1% between 2024 and 2032 due to rapid population growth and the shift towards sustainability.

Global Bag Market Outlook

• In 2020, the global demand for fashion accessories attained a value of USD 56.7 billion.

• The fashion industry for women is expected to grow at a CAGR of over 4% up till 2025 and beyond.

• Gen Z, with a purchasing power of nearly USD 143.5 billion, is prioritising sustainable bag purchases, thereby driving the market growth.

Global Bag Market Growth

As per the United Nations, the global population size has surged dramatically to 8 billion in November 2022 and is continuing to grow at an annual rate of 2.5%. The population size of countries like Nigeria, the Central African Republic, Congo, and Somalia is expected to double by 2054.

The population size of the United States, Indonesia, India, and Pakistan, among other nations, is expected to grow throughout 2054, making them an attractive destination for customised and personalised bag manufacturers. With declining interest rates and rising disposable incomes, these countries present a lucrative marketing opportunity for bag producers.

By 2027, the e-commerce market is expected to reach a size of over $7.9 trillion. Amazon accounts for nearly 40% of all e-commerce sales globally, while Walmart and eBay constitute a 9.4% share collectively. 952 million people browse the AliExpress e-commerce website annually.

In 2022, consumers spent USD 992 billion on purchasing goods through social media channels. This trend was especially noticeable in Thailand and India, where nearly 90% of all internet users purchased various goods via social media. By 2030 social media commerce industry is expected to attain a size of over USD 8 trillion by relying on various tools for social media management. This is expected to propel the demand for bags from online channels over the forecast period.

Global Bag Industry Segmentation

Global Bag Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Product Type

• Satchel

• Bucket Bag

• Clutch

• Tote Bag

• Others

Market Breakup by Distribution Channel

• Offline

• Online

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa 

Global Bag Market Share

Based on region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. Over the forecast period, the Asia Pacific is expected to grow at a CAGR of 4.7% due to the rising demand for sustainable bags for men and women.

Leading Companies in the Global Bag Market

Sustainably produced bags are expected to enjoy high consumer appeal, as they minimise the environmental footprint of material wastage and consume relatively less energy, thereby promoting environment conservation.

• Burberry Group Plc

• LVMH Moet Hennessy Louis Vuitton SE

• Prada Holding S.p.A.

• Kering S.A.

• Hermes International S.A.

• Chanel S.A.

• Tapestry Inc. (Kate Spade & Company)

• Capri Holdings Limited

• Cambridge Satchel Company Limited

• Sandqvist Bags and Items AB

• Others

Key Highlights of the Report