According to Fortune Business Insights, the global backpack market size was valued at USD 11.07 billion in 2021. The market is expected to grow from USD 15.90 billion in 2022 to USD 30.85 billion by 2029, exhibiting a CAGR of 9.9% from 2022 to 2029. The surge can be credited to increasing urbanization and rising bag designs that have multiple compartments.
This information is provided by Fortune Business Insights™ in its research report, titled “Backpack Market, 2022-2029”.
Market Value Declined due to Reduced Product Demand Amid Coronavirus Crisis
The COVID-19 pandemic resulted in the enforcement of various measures for containing the spread of the virus. This further affected industry growth as the halt on travel and tourism affected the consumer demand for bags. The market revenue was further affected by the closure of offline distribution channels such as specialty stores, hypermarkets/supermarkets, and others.
Fortune Business Insights™ lists out all the backpack market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Adidas AG (Germany)
- Under Armor Inc. (U.S.)
- Patagonia Inc. (U.S.)
- Puma SE (Germany)
- Wildcraft (India)
- Samsonite IP Holdings S.AR.L (Hong Kong)
- Dakine Inc. (U.S.)
- Deuter Sport GmbH (Germany)
- Moët Hennessy Louis Vuitton (LVMH ) (France)
- Safari (India)
The report gives an insight into the major trends impelling industry expansion over the forthcoming years. It further provides an in-depth analysis of the key factors propelling the business landscape across various regions. Additional insights comprise the key steps taken by major industry participants for strengthening their market presence.
Drivers and Restraints:
Industry Value to Surge Due to Escalating Adoption of Mobile Lifestyle
The backpack market growth can be credited to the increasing adoption of mobile lifestyle and rapid increase in urbanization. The escalating mobile lifestyle is attributed to the rising advancements in infrastructure and growing disposable income of individuals in urban areas.
However, the industry expansion is likely to be hampered on account of rising production of counterfeit products and their illegal sale.
Travel Segment to Register Appreciable Expansion due to Growing Number of Consumer-centric Designs
Based on product type, the market is segmented into hiking/camping, travel, and others. Of these, the travel segment is expected to register commendable expansion over the forecast period considering the availability of smart backpacks.
Nylon Segment to Record Commendable Growth Owing to Highly Adaptive Nature
On the basis of material, the market can be fragmented into polyester, nylon, and others. The nylon segment is estimated to expand at a considerable CAGR over the study period. The material is adaptive and can be made into films and fibers. This explains its wide usage among manufacturers.
Offline Channel Segment to Gain Prominence due to Availability of Various Products
Based on distribution channel, the market is subdivided into offline channel and online channel. Of these, the offline channel segment is estimated to record lucrative expansion over the analysis period. The surge can be attributed to the easy accessibility and convenience of location near residential areas. The different products available include sports, hiking/trekking, travel, and casual backpacks.
On the basis of region, the market is studied across North America, South America, Asia Pacific, Europe, and the Middle East & Africa.
North America to Lead due to Higher Disposable Income and Availability of Various Facilities
The North America backpack market share is estimated to register commendable growth over the forecast period. The surge can be attributed to the higher disposable income of individuals and the presence of various infrastructure facilities in Canada and the U.S.
The Asia Pacific market is set to expand at a remarkable CAGR throughout the estimated period. The rise can be credited to the increasing popularity of road trips and solo trips in developing countries.
Market Players Strike Collaborations to Strengthen Industry Presence
Leading companies are centered on the implementation of various strategies for strengthening their market presence. These include mergers, acquisitions, increase in research activities, and the formation of alliances. Besides, numerous companies are entering into partnership deals and collaborations for expanding product reach.
Key Industry Development:
- May 2020 – Sprayground rolled out a new backpack collection, dubbed Miami 305. The collection comprises two duffle bags and two backpacks.
Frequently Asked Questions (FAQs):
- Is the Backpack Industry growing?
Answer: Fortune Business Insights says that the global market size was USD 11.07 billion in 2021 and is anticipated to reach USD 30.85 billion by 2029.
- Who are the key 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 leading companies operating in the market.
- What are Key Factors Raising the Market?
Answer: The growing prevalence of camping and recreational activities is accelerating market growth.
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