Pune, India, Nov. 07, 2022 (GLOBE NEWSWIRE) — According to Fortune Business Insights, the global backpack market size was valued at $11.07 billion in 2021. The market is expected to grow from $15.90 billion in 2022 at $30.85 billion by 2029, presenting a 9.9% CAGR from 2022 to 2029. This surge can be attributed to increasing urbanization and the increase in multi-compartment bag designs.
This information is provided by Fortune Business Insight™ in his research report entitled “Backpack Market, 2022-2029”.
Impact of COVID-19:
Market value has declined due to lower demand for products amid the coronavirus crisis
The COVID-19 pandemic has led to various measures being put in place to contain the spread of the virus. This has further affected the growth of the industry as the shutdown of travel and tourism has affected consumer demand for the bags. Market revenue was further impacted by the closure of offline distribution channels such as specialty stores, hypermarkets/supermarkets and others.
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backpack market Report Scope and Segmentation:
|2029 value projection||$30.85 billion|
|Year of reference||2021|
|Backpack market size in 2021||$11.07 billion|
|Number of pages||222|
|Segments Covered||By product type, by material, by distribution channel, by region|
|Backpack Market Growth Factors||Market value will increase due to the increasing prevalence of camping and other recreational activities|
|Industry expansion is fueled by growing adoption of mobile lifestyle|
Fortune Business Insights™ lists all companies in the backpack market currently working to reduce the impact of the Covid-19 pandemic on the market:
- Adidas AG (Germany)
- Under Armor Inc. (USA)
- Patagonia Inc. (USA)
- Puma SE (Germany)
- Wild Craft (India)
- Samsonite IP Holdings S.AR.L (Hong Kong)
- Dakine Inc. (USA)
- Deuter Sport GmbH (Germany)
- Moet Hennessy Louis Vuitton (LVMH) (France)
- Safari (India)
The report provides an overview of key trends driving the industry expansion over the coming years. It further provides an in-depth analysis of key factors propelling the business landscape in various regions. Additional information includes key steps taken by leading industry players to strengthen their presence in the market.
Browse Detailed Abstract of Research Report with TOC:
Drivers and Restrictions:
Increase in industry value due to increasing adoption of mobile lifestyle
The growth of the backpack market can be attributed to the growing adoption of mobile lifestyle and the rapid increase in urbanization. The escalation of the mobile lifestyle is attributed to the increasing advances in infrastructure and the growth in disposable income of individuals in urban areas.
However, the expansion of the industry is likely to be hampered due to the increasing production of counterfeit products and their illegal sale.
The travel segment will register appreciable expansion due to the growing number of consumer-centric designs
Based on product type, the market is segmented into hiking/camping, travel and others. Among these, the travel segment is expected to record a commendable expansion over the forecast period given the availability of smart backpacks.
Nylon Segment Will Record Commendable Growth Thanks to Its Highly Adaptive Nature
Based on material, the market can be fragmented into polyester, nylon, and others. The nylon segment is estimated to grow at a considerable CAGR during the study period. The material is adaptive and can be processed into films and fibers. This explains its wide use among manufacturers.
The offline channel segment will gain importance due to the availability of various products
Based on distribution channel, the market is sub-divided into offline channel and online channel. Among these, the offline channel segment is estimated to register a lucrative expansion during the analysis period. The increase can be attributed to ease of access and convenience of location near residential areas. The different products available include sports, hiking/trekking, travel and casual backpacks.
Based on region, the market is studied North America, South America, Asia-Pacific, Europe, Middle East & Africa.
North America leads due to higher disposable income and availability of various facilities
The North America backpack market share is estimated to register a commendable growth during the forecast period. The increase can be attributed to higher personal disposable income and the presence of various infrastructures in Canada and the United States.
The Asia-Pacific Market is anticipated to expand at a remarkable CAGR throughout the estimated time period. This increase can be attributed to the growing popularity of road trips and solo travel in developing countries.
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Detailed Table of Contents:
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- Market trends
- key ideas
- Overview of parent/related markets
- Regulatory analysis
- Industry SWOT Analysis
- Recent Industry Developments – Policies, Partnerships, New Product Launches and Mergers & Acquisitions
- Impact of COVID on Backpack Market Supply Chain
- Impact of COVID-19
- Supply chain challenges
- Potential opportunities due to COVID-19
- Global Backpack Market Analysis, Outlook and Forecast, 2018 – 2029
- Main results/summary
- Market size estimates and forecasts
- By product type (value)
- travel backpack
- Hiking/camping backpack
- By material (value)
- By distribution channel
- By region (value)
- North America
- Asia Pacific
- South America
- Middle East and Africa
- By product type (value)
Market Players Enter into Collaborations to Strengthen Industry Presence
Leading companies focus on implementing various strategies to boost their presence in the market. These include mergers, acquisitions, increased research activity and the formation of alliances. Also, many companies enter into partnership agreements and collaborations to expand product reach.
Industry key development:
- May 2020 – Sprayground has launched a new collection of backpacks, dubbed Miami 305. The collection includes two sports bags and two backpacks.
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Frequently Asked Questions (FAQ):
1. Is the backpack industry growing?
Answer: According to Fortune Business Insights, the global market size was USD 11.07 billion in 2021 and is expected to reach USD 30.85 billion by 2029.
2. Who are the major players in the Backpack market?
Answer: Adidas AG, Under Armor Inc., Puma SE, Wildcraft and Samsonite IP Holdings S.AR.L IP Holdings S.AR.L are the major companies operating in the market.
3. What are the key factors increasing the market?
Answer: The rising prevalence of camping and recreational activities is accelerating the growth of the market.
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