GVR Report cover Chest Bags Market Size, Share & Trends Report

Chest Bags Market Size, Share & Trends Analysis Report By Product (Sling, Strap), By Application (Tactical, Sports, Travel), By End User (Men, Women), By Distribution Channel (Online, Offline), By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-4-68039-918-0
  • Number of Pages: 80
  • Format: Electronic (PDF)

Report Overview

The global chest bags market size was valued at USD 3.2 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 9.3% from 2022 to 2030. 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.

U.S. chest bags market size, by product, 2020 - 2030 (USD Million)

However, it offered an opportunity for the companies to look after their supply chain relationship and business models for the future. It is observed that online retailing has recorded a significant rise amid the COVID-19 outbreak. Chest bags are the perfect choice for an everyday active lifestyle. They are usually just the right size and can fit everything one might need in a day. Some of the essentials, like for example gadgets, sunglasses, keys, and credit cards are safe in this kind of bag. With the evolving lifestyle of a greater number of professionals working for both men and women, the necessity of carrying basic essentials and accessories increases thereby propelling the growth of the market in focus.

The market for chest bags is mainly driven by the functional aspect of such bags as it offers a hands-free experience. In addition to that, all the essentials are close to the user which offers them to grab the same quickly. Further, it comprises a number of compartments that can be used to carry things around. Additionally, increasing activities such as camping and hiking are the major factors contributing to the growth of the market. Also, growth in recreational activities is expected to positively influence market growth.

Product Insights

The strap product segment dominated the market for chest bags and accounted for the largest revenue share of 83.4% in 2021. These products do not only help tighten the bag depending on the size of the body but also provide comfortable, convenient, and multi-purposeful functions. Also, the availability of different styles such as crossbody, and foam padding is propelling the growth of the strap product segment. However, the sling product segment is gaining traction in the market for chest bags as it provides more style statement offering to slung over one shoulder rather than two, they can be a handy, functional, and not to mention stylish, way of carrying all the day-trip essentials. Also, worn diagonally across the body, 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.

Application Insights

The other segment accounted for a revenue share of 39.3% in 2021, which is higher compared to the tactical, sports, and travel segment, as a majority of the chest bags are small in size and serve the purpose of short-term recreational activities. It helps store small essentials necessary for day-to-day activities. The sports segment is gaining traction in the market for chest bags and growing rapidly with the highest compound annual growth rate (CAGR) as camping and hiking are major factors contributing to the growth of the segment. Further, the growing tourism industry is expected to drive the growth of the travel segment during the forecast period.

End-user Insights

The men's segment dominated the market for chest bags and accounted for the largest revenue share of 62.3% in 2021 as the majority of the chest bags are being designed targeting male customers. Chest bags for men are designed keeping in mind the essentials that they would carry with specific compartments. Also, it comes in attractive designs, patterns, and colors that altogether cater to the requirements of target customers. The women segment is gaining considerable traction in the market due to the rise in the adoption of physical exercise as a part of daily routine. Moreover, the rise in the number of budget gyms offering convenience and flexibility had led to an increase in the adoption of the product among women.

Distribution Channel Insights

The offline segment dominated the market and accounted for the largest revenue share of 78.3% in 2020. Some of the key brick-and-mortar stores such as hypermarkets/supermarkets, specialty stores, and franchisee stores are being considered in the offline store segment. The major factor contributing to the growth of this segment is that it offers consumers an understanding of the exact size and fabric of the product. Moreover, this kind of store initiates several key promotional and marketing events such as customer loyalty programs, discounts, and seasonal offers in the view of generating higher revenue sales.

Global chest bags market share, by distribution channel, 2021 (%)

Additionally, the sudden outbreak of COVID-19 has affected the buying behavior of consumers worldwide. The lockdown imposed across several countries has resulted in store closures which encouraged the consumers to shift towards online retailing from store-based retailing. The emergence of e-commerce portals is likely to result in considerable growth prospects for the market, owing to a broader distribution network and higher product availability. Such factors will encourage manufacturers to sell their products through online channels.

Regional Insights

North America dominated the chest bags market and accounted for the largest revenue share of 38.5% in 2021. This is due to factors such as strong support from the government for outdoor activities, an increase in affordability of trips, and a growing number of trekking and camping sites. Promising facilities related to adventure activities are influencing the growth of the market for chest bags during the forecast period. Further, in Asia Pacific, the market for chest bags is anticipated to witness the highest CAGR during the forecast period. The market is driven by the rising disposable income among the middle-class population coupled with growing professionals in the region. Further, the rise in the trend for online shopping is also adding to the growth of the market in the region. Japan and Australia are the major contributors to market growth in the region.

Key Companies & Market Share Insights

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

Chest Bags Market Report Scope

Report Attribute

Details

Market size value in 2022

USD 3.5 billion

Revenue forecast in 2030

USD 7.2 billion

Growth Rate

CAGR of 9.3% from 2022 to 2030

Base year for estimation

2021

Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million and CAGR from 2022 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Type, application, end user, distribution channel, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Germany; U.K.; Japan; Australia; Brazil; Saudi Arabia

Key companies profiled

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

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional, and segment scope.

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global chest bags market report based on product, application, end user, distribution channel, and region:

  • Product Outlook (Revenue, USD Million, 2017 - 2030)

    • Sling

    • Strap

  •  Application Outlook (Revenue, USD Million, 2017 - 2030)

    • Tactical

    • Sports

    • Travel

    • Others

  • End-user Outlook (Revenue, USD Million, 2017 - 2030)

    • Men

    • Women

  • Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

    • Online

    • Offline

  • Regional Outlook (Revenue, USD Million, 2017 - 2030)

    • North America

      • U.S.

    • Europe

      • U.K.

      • Germany

    • Asia Pacific

      • Japan

      • Australia

    • Central & South America

      • Brazil

    • Middle East & Africa (MEA)

      • Saudi Arabia

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