Fashion bag sales to reach US$287.5 million by 2033, driven by rising consumer demand for luxury personal accessories and new handbag styles.
Report also covers leading companies, their revenue and volume forecasts, company rankings, competitive landscape, growth factors, trends, and pricing analysis.
NEWARK, Del., Nov. 14, 2023 /PRNewswire/ — Fashion Bag Market Forecast by Leather, Fabric, and Other Material Types, Global Growth Opportunities and Revenue Forecast from 2024 to 2034
In 2023, the total revenue generated by fashion bag producers around the world was calculated to be roughly US$ 287.5 million. During the projection period, the global fashion bag market is anticipated to grow at a CAGR of 3.5%. The market is estimated to reach US$ 297.6 million in 2024 and US$ 419.7 million by 2034.
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Evolving consumer preferences in cloth, jewelry and other usable items have completely transformed the global fashion accessories industry. Moreover, a rise in the disposable income of people with improving economic conditions is encouraging more people to spend on high-quality and expensive accessories.
The promotion of products on social media channels by fashion influencers has boosted the market trends in luxury purses and designer handbags. In addition, the supply side for fashion bags has also strengthened in recent years after the introduction of robotics and automation in manufacturing facilities.
“Globalization of the designer handbag industry with enhanced accessibility of fashion accessories due to rising eCommerce platforms has intensified the competition in the fashion bag market. The introduction of novel materials and computer-aided designs have also helped in the production of distinctive, appealing items that stand out in the marketplace,” says Ismail Sutaria (Lead Consultant, Packaging and Materials).
Key Takeaways from the Global Fashion Bag Market Report
- North America is estimated to account for almost 19.2% of the global market for fashion bags in 2024.
- The United States is the dominant market in North America, and sales of fashion bags in the country are anticipated to follow a 3.2% CAGR through 2034.
- European countries together are expected to hold around 24.9% of the global demand for fashion bags in 2024.
- Germany is the leading manufacturer and supplier of luxury handbags in Europe and is expected to advance at a 3.6% CAGR until 2034.
- China is the most prominent market for all types of bags in Asia, and the fashion bag production in the country is expected to rise at a CAGR of 5.9% through 2034.
- A relatively new market for fashion bags in India is anticipated to rise at a CAGR of 7% over the forecast period.
Fashion Bags Market Overview:
CAGR (2024 to 2034)
Fashion Bags Market Growth Factor
A significant rise in women participants in the corporate workforce in recent years, followed by increased spending capacity.
Fashion Bags Market Opportunities
Rapidly evolving tastes and preferences of consumers in fashion due to the influence of social media channels and the entertainment industry.
Fashion Bags Market Challenges
Availability of cheaper alternatives of fashion bags supplied at mass by regional manufacturers and the illegal use of brand names.
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Competitive Landscape for Fashion Bag Market Players
The landscape for fashion bags is competitive, with many regional players vying for a higher market share. With a wide range and variety of fashion bags, the leading brands can reach a larger customer base to retain their market value.
Recent Developments by the Fashion Bag Market Players
- Rashki launched India’s first line of banana leather handbags in April 2023 in collaboration with Atma Leather. A wide variety of bags made by Banofi have been introduced by Rashki, which is a sustainable fashion company. These bags include the eye-catching Snow crossbody bag in black and white, the eco-friendly Unica Eco purse with gorgeous oak handles, and the functional Fede tote bag.
- The world of fashion was rocked in March 2023 when the French fashion brand Coperni unveiled a stunning handbag fashioned of meteorite rock. At a price point of €40,000, this distinctive item was offered in the top luxury bags market category.
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About the Packaging Division at Future Market Insights (FMI)
The packaging division at Future Market Insights (FMI) provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials and packaging machinery to packaging designs & formats, Future Market Insights (FMI) has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analyzed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services.
About the Author:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
Explore FMI’s Extensive Coverage in the Packaging Domain:
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About Future Market Insights (FMI)
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Originally published at https://www.prnewswire.com/news-releases/luxury-and-designer-accessories-drive-global-fashion-bag-market-to-us-419-7-million-by-2034–future-market-insights-inc-301987043.html
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