Handbag Market Forecast: Valued at $68.24 Billion in 2023, Expected to Grow at a 6.82% CAGR

Anticipated Growth in Revenue:

Handbag Market was valued at USD 68.24 billion in 2023. The Global Handbag Market size is estimated to grow at a CAGR of 6.82 % over the forecast period.

Handbag Market Overview:

A handbag is a type of fashion accessory that is primarily used by women to carry essential personal utility items. Handbag, which comes in a wide range of sizes, patterns, and colors, are typically made by stitching together multiple pieces of cloth or leather. The most common types of handbags on the market are shoulder, satchel, handheld, and sling bags. Gender-neutral bags are also popular among consumers of all ages these days.



Further, the Handbag market is segmented by Product, Raw Material, End User, Distribution Channel, and geography. On the basis of product, the Handbag market is segmented under Tote, Clutch, Satchel, and Others. Based on the Raw Material, the market is segmented under the Leather, Fabric, and Others. Based on the End User, the market is segmented under Men and Women. Based on the distribution channel, the market is segmented under the channels Online and Offline. By geography, the market covers the following regions: North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD Billion).

𝐔𝐧𝐥𝐨𝐜𝐤 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬: 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐎𝐮𝐫 𝐋𝐚𝐭𝐞𝐬𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰:https://www.stellarmr.com/report/Handbag-Market/528

What are Handbag Market Dynamics?

People are becoming increasingly enticed by the product's stylish appeal, material quality, and elegant design, which is causing a gradual market expansion. It is commonly used to enhance the user's appearance while also serving as a useful storage unit. The thriving growth of the tourism and travel industry, which leads to an increase in demand for the product, is likely to fuel its demand.



As a result of a large number of brands shifting their focus to the production of handbags with innovative features such as removable flaps, power units, outer shells, and others, the industry is seeing growth. Evolution Smart Bag, for example, created the Autumn Blue Signature Handbag, which includes an evolution power unit,a charging base, an inner bag, an EVA outer shell, and a removable flap. Also, the increased production of these cruelty-free, vegan-specific bags has had a positive impact on purchasing patterns. In March 2021, Lug launched its first PETA-approved leather products, which included a handbag.



Alternative products to handbags, such as bag-packs, briefcases, drawstring bags, and others, are gaining market presence around the world and are expected to have a negative impact on handbag market growth. Similarly, the fact that a large number of men prefer these substitute products to handbags has had a negative impact on the market. Moreover, leather products, including these types of bags, are experiencing a decline in export in some countries around the world, which has an unfavorable impact on rising consumption.

𝐍𝐞𝐞𝐝 𝐌𝐨𝐫𝐞 𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐀𝐛𝐨𝐮𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 + 𝐆𝐫𝐚𝐩𝐡𝐬 𝐇𝐞𝐫𝐞:https://www.stellarmr.com/report/req_sample/Handbag-Market/528

What is Handbag Market Regional Insight?

Europe dominates the handbag market, with a market share of 38.7 % in 2023. The high per capita income of distinct countries in this region has resulted in an increase in the consumption of fashion items, including these types of bags. Moreover, domestic brands such as Louis Vuitton, Chanel, Gucci, and others, which have a strong presence and are constantly gaining traction among local consumers, have had a positive impact on regional market growth.

What is Handbag Market Segmentation?

by Product

Tote
Clutch
Satchel
Others
by Raw Material

Leather
Fabrics
Others
by End User

Men
Women
by Distribution Channel

Online
Offline

𝐅𝐑𝐄𝐄 𝐆𝐞𝐭 𝐚 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰!https://www.stellarmr.com/report/req_sample/Handbag-Market/528

Some of the current players in the Handbag Market are:
Coach IP Holdings LLC (U.S.)
Louis Vuitton Malletier (France)
Chanel Ltd(France)
Guccio Gucci S.p.A.( Italy)
Prada S.p.A. (Italy)
Fendi (Italy)
Burberry (U.K.)
Hermès International S.A.( France)
Kate Spade (U.S.)
Calvin Klein Inc. (U.S.)
Burberry Group PLC. ( Italy)
Kering SA (France)
Tapestry, Inc (New York)
Michael Kors (New York)

Key Offerings:

Past Market Size and Competitive Landscape
Handbag Market Size, Share, Size & Forecast by different segment
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Handbag Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations

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About Stellar Market Research
Established in 2018, Stellar Market Research is an India-based consulting and advisory firm focused on helping clients reach their business transformation objectives with advisory services and strategic business. The company's vision is to be an integral part of the client's business as a strategic knowledge partner. Stellar Market Research provides end-to-end solutions that go beyond key research technologies to help executives in any organization achieve their mission-critical goals. The company has clients from all across the globe, 23 % from India and others from Japan, Korea, Germany, United States, etc. The company uses its extensive industry knowledge, strong network, and know-how to provide complete insights that give clients a competitive advantage.

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