Handbag Market Demand Analysis in 2021, Global Revenue, Top Companies Growth Forecast to 2028
The global handbag
market size is projected to reach USD 78.46 billion by
2028, exhibiting a CAGR of 6.8% during the forecast period. Fortune
Business 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)], Raw
Material (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
47.57 billion in 2020.
Increasing Availability of Eco-friendly Bags to Boost the Market
Handbags have always been a fashion statement among consumers, and
with improved fashion sense in the time of social media influencers, pop
culture, and globalization, the demand for luxury consumer products has only
heightened in recent years. However, as awareness about the environment and
rampant animal cruelty spreads, several bag brands have been utilizing novel
eco-friendly materials to create sustainable luxury
handbag market. For example, New York-based Angela Roi has been committedly
developing vegan, leather-free totes and bucket bags. Cuyana, another US-based
bag company, offers bags manufactured from recycled and up-cycled materials.
The spreading presence of such products is 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 into
leather and fabric. On the basis of end-user, the market has been bifurcated
into men and women. By region, the market has been clubbed into North America,
Europe, Asia Pacific, South America, and the Middle East & Africa.
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. Apart
from this, the report contains tangible insights into the current &
upcoming market trends and highlights prominent industry developments. In
addition to these factors, the report supplies a holistic understanding of the
main drivers, restraints, and segments that are contributing to the growth of
the market.
Restraining Factor
Falling Household Incomes amid COVID-19 to Disrupt Market Growth
Prospects
The COVID-19 pandemic, while causing an unprecedented downturn in
national economies, has delivered even more severe setbacks to individual
household incomes. According to the World Bank’s high-frequency monitoring
phone surveys, on average, 36% of those working prior to the pandemic outbreak
were without a job in the April-July period, while 62% of households reported a
reduction in total income. In India, to take a country-specific example, a
decline of 5.4% in per capita income is envisaged, according to a report
released by the State Bank of India, the country’s top lender. In such dire
circumstances, the demand for dispensable consumer goods, such as handbags, is
likely to diminish substantially. This is reflected in the 2020 values of the
global market, with its CAGR dropping by 25.6% and its size
expected to reach USD 49.63 billion in 2021.
Competitive Landscape
Acquisitions & New Product Launches to be the Dominant Growth
Strategies for Key Players
Prominent players in the handbag industry are making strategic
acquisitions to cement their leading position in this industry. This strategy
has emerged as the key growth accelerator for several fashion brands and has
turned to be financially beneficial for startups and smaller entities. Besides
this, large bag manufacturers are increasingly focusing on developing products
using recyclable and sustainable materials to future-proof their brands, thus
aiding the handbag market growth.
Regional Insights
Fortune Business Insights™ Predicts Europe will Lead the Market
Backed by High Personal Incomes
Europe is anticipated to lead the handbag market share during the
forecast period owing to the high disposable incomes of consumers in the
region. In 2020, the Europe market size stood at USD 16.14
billion. The market in Asia Pacific is forecasted to make prolific
progress due to increasing employment and rapid expansion of the consumer goods
industry. In addition, a growing young population in the region has also
propelled the demand for fashion items, such as handbags. In North America, the
market will be driven by the rising popularity of unisex handbags designed
specifically for business activities.
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.
Browse Detailed Summary of
Research Report:
https://www.fortunebusinessinsights.com/handbag-market-103860
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