Top Emerging Trends Of Chest Bags Market Progress Forecast 2030 |Grand View Research, Inc.

Posted by Mrudula Karmarkar on July 18th, 2022

The global chest bags market size is anticipated to reach USD 7.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.3% from 2022 to 2030. Chest bags have recently emerged as a perfect choice and recent trend in the daily life of the users. They come in a size that helps fit everything that one may need throughout the day when outside the home. Some of the essentials, like for example gadgets, sunglasses, keys, and credit cards are safe in this kind of bag.

The market is mainly driven by the comfort, style, and functional aspect of such bags as they are strong, durable, and offer a hands-free experience. Further, they come in multiple colors, compartments, and materials, thereby offering comfort, convenience, and multi-purpose functions. Increased usage of chest bags among working professionals is expected to remain a key trend in the market. The rapid growth of the organized sectors and corporates is further boosting the demand for the product. Rising income levels coupled with growing brand awareness in the emerging economies have been strengthening the industry growth significantly.

In terms of product, the strap segment dominated the market and accounted for the highest revenue share in 2021. However, the sling segment is gaining traction in the market as the weight is distributed more evenly, making them outperform messenger or tote bags. These bags don’t just come in standard colors like black and brown but they come in endless colors, prints, and materials. The rising prominence of sports activities on account of health and wellness trends, the growing influence of social media platforms and celebrity endorsements, and the rise in international sports events encourage consumers to purchase the trendiest sports bags supporting segmental growth. Meanwhile, the substantial boom in the travel and tourism sector fosters the demand for travel bags.               

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With the increasing adoption of mobile lifestyles by more customers, the importance of technical features increases. A large number of individuals spend a lot of time outside the home carrying all their day-trip essentials. The outbreak of COVID-19 (coronavirus) has had a negative impact on the overall bags industry. It caused a decline in the growth of the market creating a mass disruption for buyers as well as sellers. Markets and production units had been shut down globally which stopped the production, sale, and marketing of the product.

Chest Bags Market Report Highlights

• The sling chest bags segment is projected to be the fastest-growing segment over the forecast period. The luxury sling bag has become a fashion icon and is used as a status identity in society. They are designed to eliminate neck ache, backache, and shoulder ache, unlike other heavy backpacks. Their usage has been increasing tremendously among working women and is expected to poise positive growth
• An increasing number of sports and fitness activities, such as football and basketball, and an increase in the number of women participating are factors likely to supplement the growth of the sports bags segment during the forecast years
• The number of online shoppers is increasing remarkably owing to the increasing number of smartphone users and rapid penetration of the internet across the globe. This, in turn, is projected to bolster the growth of the online distribution channel
• Increasing employment, a flourishing manufacturing industry, the rapid expansion of the consumer goods industry, and a growing young population in Asia Pacific are anticipated to prosper the growth of the market in the region. The market is expected to witness the highest CAGR over the coming years

The market for chest bags is fragmented with many large and well-established players occupying a strong position. Also, many new players are trying to enter the market owing to the growth prospects. The impact of established players on the market is quite high as a majority of them have vast distribution networks across the globe to reach out to their large customer bases. The key players operating in the market are focusing on strategic initiatives such as new product development and product launches, acquisitions, and expansions in order to drive revenue growth and reinforce their position in the market for chest bags.

• In October 20219, H & M Hennes & Mauritz AB acquired majority stakes in online second-hand retailer Sellpy after a series of investments to establish itself as a sustainable fashion brand.

Some of the prominent players in the chest bags market include:

• H&M Group
• Asos
• Christian Dior
• Louis Vuitton
• Cut & Stitch
• Western Textile & Manufacturing, Inc.
• Baikal Inc.
• Waterfly Chest
• Clutch Made Factory
• Continental Bag Company