Reports and Insights issued a report recently titled “Sustainable Bags Market”: Opportunity Analysis and Future Assessment 2023-2031” which examines and assesses the market’s status over the forecast period. It is a thorough investigation that focuses on elementary and secondary drivers, leading segments, market size and share, and geographical assessment. The study also provides a comprehensive evaluation at of the leading players, major partnerships and alliances, mergers, and acquisitions, along with the trending innovation and corporate strategies.
Sustainable Bags Market Overview:
By the end of 2030, it is anticipated that the global market for sustainable bags will be worth US$ 8.4 Bn, as per the latest industry analysis by Reports and Insights.
The Sustainable Bags Market has grown in recent years due to increased awareness of environmental issues and the need to reduce waste and pollution. Many consumers are willing to pay a premium for products that are environmentally friendly, and retailers are responding by offering a wider variety of sustainable bags. This market study on the global sustainable bags market aims to cover market dynamics such as market drivers, challenges/restraints, and opportunities for the market players. It will also cover market segmentation outlook, sustainable bags market trend, regional outlook, sustainable bags market size, and market share, as well as industry and product insights, SWOT analysis, Porter's five force analysis, PESTEL analysis, heat map analysis, market forecast, and the major players operating in the sustainable bags market.
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Sustainable Bags Market Drivers:
“Sustainable Bags Are Becoming More Fashion-Forward”
Sustainable bags are becoming more fashion-forward as consumers seek out products that are both stylish and sustainable. In the past, sustainable bags were often perceived as utilitarian or plain, with a limited range of designs and styles. However, in recent years, designers and manufacturers have started to incorporate eco-friendly materials into their collections, resulting in bags that are not only environmentally friendly but also stylish and on-trend.
For instance, Bolt Threads, a California-based company creates sustainable textiles, including mushroom leather. Their Mylo leather is made from mycelium grown in a lab, and they have partnered with designer Stella McCartney to create a range of handbags made from this innovative material.
KOMODO is yet another British fashion brand that has recently launched a range of handbags made from mushroom leather. Their bags are designed to be both stylish and sustainable, with features like detachable straps and multiple compartments.
Sustainable Bags Market Restraints:
“High Material Cost”
Eco-friendly materials can be more expensive than traditional materials, which can make sustainable bags more expensive as well. Further, many consumers are not yet aware of the environmental impact of traditional materials and the benefits of eco-friendly materials and perceive sustainable travel bags as less stylish or less fashionable than traditional travel bags, which can be a barrier for those who value fashion and style in their accessories. These factors are expected to hamper the sustainable bags market during the forecast period.
Sustainable Bags Market Opportunities:
“Growing Demand for Durable and Sustainable Travel Bags in Outdoor Activities and Traveling”
With more people engaging in outdoor activities and traveling, there is a growing demand for durable and sustainable travel bags. Traditional travel bags made from non-biodegradable materials, such as plastics, contributes to plastic waste and harm the environment. In response, consumers are seeking out eco-friendly alternatives that are made from sustainable materials and are designed to withstand the rigors of travel and outdoor activities.
Further, the growing demand for sustainable travel bags is a reflection of a broader trend towards sustainability in the travel industry, as consumers and businesses recognize the importance of reducing their environmental footprint and promoting responsible travel practices.
Some of the key questions answered in this report:
Which are the five top players of the Sustainable Bags Market?
How will the Sustainable Bags Market change in the upcoming years?
Which product and application will take a share of the Sustainable Bags Market?
What are the drivers and restraints of the Sustainable Bags Market?
Which regional market will show the highest growth?
What will be the CAGR and size of the Sustainable Bags Market throughout the forecast period?
What is the current market size, what will the market size be in 2031 and what will the growth rate be?
What are the challenges to grow in the market?
What are the market opportunities and challenges faced by the key vendors?
Who are the major competitors and what is their strategy?
What are the barriers to entry for new players in the market?
What is Sustainable Bags Market?
Sustainable Bags Market size in USA
Sustainable Bags Market Segmentation Outlook:
Sustainable Bags Market, by Product Type:
Based on the Product Type, the global Sustainable Bags market is segmented into; Travel Bags (Duffels, Luggage & Suitcases, Backpacks, Totes & Shoulder Bags, Messenger Bags, and Others), Handbags & Wallets, Shopping Bags, and Others
Sustainable Bags Market, by Raw Material Type:
Based on the Raw Material Type, the global Sustainable Bags market is segmented into; Organic Cotton, Hemp, Jute, Recycled Plastics, Cork, Bamboo, Mushroom Leather, and Others
Sustainable Bags Market, by Application:
Based on the Application, the global Sustainable Bags market is segmented into; Everyday, Gym, Travel, Outdoors, Work and Others
Sustainable Bags Market, by Sales Channel:
Based on the Sales Channel, the global Sustainable Bags market is segmented into Hypermarket and Supermarket, Multi-brand Stores, Specialty Stores, Convenience Stores, Wholesalers/Distributors, Online Retailers and Other Sales Channel
Sustainable Bags Market, by Region:
During the projected period, North America, led by the U.S., will continue to be the most lucrative market for sustainable bags. Consumers in the U.S are becoming increasingly environmentally conscious and are seeking out sustainable and eco-friendly products, including travel bags. This is driving demand for sustainable bags made from sustainable materials like organic cotton, recycled plastic, and other eco-friendly materials.
Further, the U.S government has introduced regulations to promote sustainable practices, including the use of eco-friendly materials in manufacturing. This has encouraged many manufacturers to produce eco-friendly travel bags that comply with these regulations.
The sustainable bags market in Asia Pacific is expected to continue growing in the coming years. Some of the key countries driving the sustainable bags market in Asia Pacific include China, India, Japan, and South Korea. These countries have large populations and growing economies, which is driving the demand for sustainable bags.
Sustainable Bags Market: Key Players
PARAVEL, Eagle Creek, Samsonite, Lo & Sons., Solgaard, HORIZN STUDIOS, Parker Clay, Patagonia, Anchal, Cotopaxi, Roam, Terra Thread, and Monos, many others are the top leading players in the sustainable bags market.
Recent Developments by Key Players:
In October 2021, Samsonite, one of the world's largest luggage companies, announced that it had acquired Thule Group's travel business, which includes the sustainable travel bag brand Thule Revolve. Thule Revolve uses recycled materials and eco-friendly production methods to create its products, making it a strong addition to Samsonite's sustainable product offerings.
In August 2021, sustainable travel bag brand Paravel was acquired by Aramis Group, a luxury fashion company. Paravel is known for its eco-friendly materials, such as recycled plastic and organic cotton, and its focus on sustainable manufacturing practices. The acquisition by Aramis Group is expected to help Paravel expand its product offerings and reach new customers.
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