The Bag Market is projected to be valued at USD 34.1 billion in 2023. The market research report anticipates a growth of USD 50.3 billion by 2033. The bag sales are expected to record a CAGR of 3.90% during the forecast period.
| Attributes | Key Insights |
|---|---|
| Bag Market Estimated Size in 2023 | USD 34.1 billion |
| Projected Market Value in 2033 | USD 50.3 billion |
| Value-based CAGR from 2023 to 2033 | 3.90% |
Bag Market Trends and Highlights
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Specialized bags are designed to be reusable and are intended for packaging applications of specifically related products. Numerous competing products entered the market during this period, supporting its worldwide industry's rise.
Through a macroeconomic lens, there is little if any, market restriction. Consumers are buying fewer items packaged in boxes and packaging and instead are going for packaging made with discreet bags. While this change is leading to less demand for sturdy boxes, there is anticipated growth in consumable product manufacturers' interest in creating new product lineups, particularly for end consumers.
The increasing number of women participating in the global workforce has played a crucial role in intensifying the demand for the product as it helps to escalate their purchasing power.
The high consumer spending contributed by the female population is likely to raise the consumption rate. The increasing female literacy rate worldwide has led to a heightened awareness of the availability of luxury goods/products, such as handbags, aiding market progress.
| Market Value in 2022 | USD 34.1 billion |
|---|---|
| Market Value in 2033 | USD 50.3 billion |
| Countries | Forecast CAGRs from 2023 to 2033 |
|---|---|
| The United States | 2.5% |
| Italy | 2.6% |
| India | 6.4% |
| China | 5.7% |
The market in the United States is expected to grow considerably during the forecast period. The surging adoption of advanced technology and the presence of large players in this region are likely to create ample growth opportunities for the market.
Luxury brands like Louis Vuitton, Gucci, and Chanel dominate the high-end handbag segment, with a strong focus on fashion trends and exclusivity. United States is expected to expand at a CAGR of 2.50% through 2033.
The United States boasts one of the largest bag markets globally, driven by a diverse range of bag types, including handbags, backpacks, luggage, and specialty bags. Sustainability is an increasingly important factor, with consumers seeking eco-friendly options. E-commerce has gained a significant share, but brick-and-mortar retail stores remain crucial for consumers to explore and purchase bags.
Various industries, including food and beverage, e-commerce, and retail, have been registering high growth in India on account of the increasing international commerce and the implementation of favorable measures by the Indian government. The expansion of these industries is driving the demand for plastic bags for effective storage and transportation of goods.
Launch of initiatives such as Make in India and industry-specific incentives are operations within manufacturing enterprises in India. India is predicted to account for a CAGR of 6.4% from 2023 to 2033.
The bag market in China is experiencing remarkable growth, influenced by rising disposable incomes, urbanization, and a growing middle class. The growing fashion consciousness and spending on personal items and accessories have also been observed to be major factors driving the market growth. Due to the developing packaging industry, China also accounts for a significant share of the global bag market.
Luxury brands have made significant investments to cater to the increasing demand for high-end handbags. E-commerce platforms have gained prominence, with Alibaba's Tmall and JD.com leading the way. China is expected to expand at a CAGR of 5.7% through 2033.
Italy is expected to expand at a CAGR of 2.6% through 2033. Italy is renowned for its leather craftsmanship and luxury bags. Cities like Florence and Milan are hubs for high-end bag production and fashion. Italian brands like Prada, Gucci, and Fendi are global leaders in the luxury handbag market.
The bag market in Italy reflects its diverse culture and fashion trends. Local materials like leather and canvas are commonly used in bag production in the country.
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Plastic bags account for 71.8% of the bag market. These bags offer various advantages over paper ones, such as better convenience, sturdiness, high spill proof, and less prone to tearing qualities. Plastic bags can be reused several times as compared to paper bags.
The manufacturing cost of paper bags is way higher than plastic bags. With an increasing literacy rate and awareness regarding environmental degradation due to plastics, consumer preference is moving towards adopting eco-friendly and safe packaging solutions such as paper bags.
Many countries across the globe have imposed stringent restrictions/bans on the use of Single-use plastic bags (SUPs) and have pledged to reduce the use of plastics by 2030 significantly. For instance, China has announced a plan to ban non-degradable bags by 2022.
| Segment | Plastic by Material Type |
|---|---|
| Value Share in 2023 | 71.8% |
In terms of end-users, the retail and consumer segment is expected to account for the largest share in 2023 and is poised to maintain its dominance during the forecast period. The retail and consumer segment is expected to accelerate and is expected to attract investors for bags.
| Segment | Consumer and Retail by End-user |
|---|---|
| Value Share in 2023 | 56.4% |
Market actors have reshaped the product in such a way that consumers are drawn to acquire bags. The key players in the plastic bags industry are concentrating on providing lighter-weight and more environmentally friendly bags.
Some of the market's major companies are Berry Global, Mondi Group, Ampac Holdings, LLC, International Plastics Inc., BioBag International AS, Smurfit Kappa, WestRock Company, Billerudkorsnas, Huhtamaki Oyj., Fischer Bag Company.
Some of the key developments
| Attributes | Details |
|---|---|
| Estimated Market Size in 2023 | USD 34.1 billion |
| Projected Market Valuation in 2033 | USD 50.3 billion |
| Value-based CAGR 2023 to 2033 | 3.90% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | Value in USD billion |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East and Africa |
| Key Market Segments Covered | Material Type, Product Type, End User, Region |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa,Israel |
| Key Companies Profiled | Berry Global; Mondi Group; Ampac Holdings, LLC; International Plastics Inc.; BioBag International AS; Smurfit Kappa; WestRock Company; Billerudkorsnas; Huhtamaki Oyj.; Fischer Bag Company |
The bag market is expected to reach USD 34.1 billion in 2023.
The bag market is set to expand by a CAGR of 3.90% by 2033.
The bag market is forecast to reach USD 50.3 billion by 2033.
A significant share of profits will likely come from the Industry in North America.
The plastic bags are expected to generate high revenue through 2033.
| Expected Market Value (2023) | USD 1,162.0 million |
|---|---|
| Anticipated Forecast Value (2033) | USD 1,753.41 million |
| Projected CAGR (2023 to 2033) | 4.2% |
| Expected Market Value in 2023 | USD 2.4 billion |
|---|---|
| Projected Market Value in 2033 | USD 4.2 billion |
| Growth Rate (2023 to 2033) | 5.7% CAGR |
| Market Estimated Size (2022) | ~USD 16.9 Billion |
|---|---|
| Market Projected Size (2032) | ~USD 37.5 Billion |
| Market CAGR (2022 to 2032) | ~8.3% |
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