Handbag Market Top Manufacturers Analysis, Size Report and Growth Forecast to 2027
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 hand-bags. 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.
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. 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.
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.
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 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.
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.
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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