Asia Pacific Handbag Market: Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation by Product, Raw Material, End User, Distribution Channel, and Region

  • Asia Pacific Handbag Market was valued at USD 12.14 billion in 2023. The Asia Pacific Handbag Market size is estimated to grow at a CAGR of 8.11 % over the forecast period.

  • Format : PDF | Report ID : SMR_538

Asia Pacific Handbag Market Definition:

A handbag is a form of fashion accessory that is mostly used by women to hold personal items. Handbags are often manufactured by stitching together various pieces of cloth or leather in a variety of sizes, designs, and colours. Shoulder, satchel, handled, and sling bags are the most common varieties of handbags on the market. Gender-neutral bags are becoming increasingly popular among consumers of all ages.

 

Further, the Asia Pacific Handbag market is segmented by Product, Raw Material, End User, Distribution Channel, and geography. On the basis of product, the Asia Pacific Handbag market is segmented under Tote, Clutch, Satchel and Others. Based on the Raw Material, the market is segmented under the Leather, Fabric and Others. Based on the End User, the market is segmented under the Men and Women. Based on the distribution channel, the market is segmented under the channels of Online and Offline. By geography, the market covers the following Countries: India, China, Japan, Australia and Rest of Asia Pacific. For each segment, the market sizing and forecasts have been done on the basis of value (in USD Billion).

 

Asia Pacific Handbag Market

 

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Asia Pacific Handbag COVID 19 Insights:

The coronavirus, which rapidly spread over the world, has had a devastating impact on all enterprises and manufacturing industries. Because of the protracted lockdowns, lack of raw material availability, and interrupted supply lines, it has had a significant influence on the handbag market. Manufacturers have faced challenges as a result of the drop in handbag production during the COVID-19 outbreak. Key industry participants are looking for ways to overcome the market's obstacles. Market participants are working hard to set up their operations in order to keep the economies functioning in the face of the continuous pandemic. Following the COVID-19 breakup, market participants are expanding their production capabilities in order to obtain a competitive advantage. 

 

Asia Pacific Handbag Market Dynamics:

 The burgeoning fashion accessory sector, as well as an increasing working population and fast urbanisation in this region, are the primary drivers of Asia Pacific Handbag market expansion. Moreover, in both established and emerging nations, a large increase in female workforce participation has contributed to product demand. In addition, the majority of working professionals prefer to carry many necessary goods in their handbags, such as laptops, tablets, wallets, and food. As a result, manufacturers have created purses that are highly useful and include laptop sleeves, key holders, and mobile phone holders.

 

Moreover, the development of online retailing portals that offer a hassle-free purchasing experience while also offering a large choice of products is fueling handbag market growth in the Asia Pacific region. Visually appealing and imaginatively developed items, as well as their environmentally friendly variations, are adding to the market's upbeat outlook. In the future years, the market is expected to be driven by product premiumization and aggressive promotional activities by manufacturers and brands, as well as increased consumer expenditure on sustaining an aesthetic and materialistically advanced lifestyle.

 

Leather is one of the world's most commonly traded commodities. The fashion industry has a steady demand for leather, which is fueled by footwear, baggage bags, and accessories like purses. This is owing to an increase in the manufacture of light leather for handbags and the importation of the material from Asian countries such as China, India, and Vietnam. The United States and Japan are the two largest importers of leather for handbags. However, after being hammered by high import tariff rates on leather from China in 2019, India has become one of those opportune places for major corporations from the United States and Europe to import leather handbags.

 

Bag-packs, briefcases, drawstring bags, and other alternatives to handbags are gaining traction in the Asia Pacific market, and are expected to have a negative impact on the Asia pacific handbag market's growth. Similarly, the market has suffered as a result of a big number of males preferring these substitute products over handbags. Also, leather items, including these types of bags, are seeing a drop in export in several nations throughout the world, which is having an unfavourable impact on rising consumption. India's export of leather and leather products has decreased from USD 2398.44 million in 2018 to USD 2276.39 million in 2019.

 

Because of the increased employment rate, which leads to increased consumer spending, Asia Pacific is expected to make continuous advances in the handbag market. For example, according to the International Labour Organization, Asia Pacific's employment-population ratio was 35 % in 2020, down from 33.4 % the previous year. Also, a huge number of young people's preference for fashion products is expected to contribute significantly to the market's growth.

 

Asia Pacific Handbag Market Segment Analysis:

By Product, The tote segment dominated the market with 39.3 % in 2023. Because of the bigger size of bags, women have been able to keep shopped items like as lipsticks, cosmetics, documents and notes, sanitizers, and other items. Also, the segment's sustained growth is encouraged by the handbags' ease of disposal and reusability.

 

Women nowadays like to take compact, fashionable handbags to public events and parties. As a result, due to clutches' compact size and luxury outlook, the clutch segment of the Asia Pacific handbags market is expected to grow at a faster rate than other types.

 

Asia Pacific Handbag Market

 

Asia Pacific Handbag Market Key Players Insights:

The market is characterized by the existence of a number of well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a global presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.

 

The market's major companies have a significant impact because most of them have extensive global networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the Asia Pacific market, key players in the market, particularly in  Asia Pacific are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.

 

The objective of the report is to present a comprehensive analysis of the Asia Pacific Handbag market to the stakeholders in the industry. The report provides trends that are most dominant in the Asia Pacific Handbag market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Asia Pacific Handbag Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Asia Pacific Handbag market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Asia Pacific Handbag market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Asia Pacific Handbag market.

Asia Pacific Handbag Market

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Asia Pacific Handbag market. The report also analyses if the Asia Pacific Handbag market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Asia Pacific Handbag market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Asia Pacific Handbag market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Asia Pacific Handbag market is aided by legal factors.

 

Asia Pacific Handbag Market Scope:

 

Asia Pacific Handbag Market

Market Size in 2024

USD 12.14 Bn

Market Size in 2030

USD 20.95 Bn

CAGR (2024-2030)

8.11 %

Historic Data

2018-2022

Base Year

2023

Forecast Period

2024-2030

Segment Scope

by Product

  • Tote
  • Clutch
  • Satchel
  • Others

by Raw Material

  • Leather
  • Fabrics
  • Others

by End User

  • Men
  • Women

by Distribution Channel

  • Online
  • Offline

Country Scope

China
India 
Japan 
South Korea
Australia 
ASEAN
Rest of APAC

 

 Asia Pacific Handbag Market Key Players: 

  • Coach IP Holdings LLC (U.S.)
  • Louis Vuitton Malletier (France)
  • Chanel Ltd(France)
  • Guccio Gucci S.p.A.( Italy)
  • Prada S.p.A. (Italy)
  • Fendi (Italy)
  • Hermès International S.A.( France)
  • Kate Spade (U.S.)
  • Calvin Klein Inc. (U.S.)
  • Burberry Group PLC. ( Italy)
  • Tapestry, Inc (New York)
  • Michael Kors (New York)
  • Ted Baker plc ( United Kingdom)


Frequently Asked Questions

The segments covered in the Asia Pacific Handbag Market report are based on Product, Raw Material Distribution Channel, and End User

  1. Scope of the Report
  2. Research Methodology
    1. Research Process
    2. Asia Pacific Handbag Market: Target Audience
    3. Asia Pacific Handbag Market: Primary Research (As per Client Requirement)
    4. Asia Pacific Handbag Market: Secondary Research
  3. Executive Summary
  4. Competitive Landscape
    1. Stellar Competition matrix
      1. Asia Pacific Stellar Competition Matrix
    2. Key Players Benchmarking: - by Product, Pricing, Investments, Expansion Plans, Physical Presence, and Presence in the Market.
    3. Mergers and Acquisitions in Industry: - M&A by Region, Value, and Strategic Intent
    4. Market Dynamics
    5. Market Drivers
    6. Market Restraints
    7. Market Opportunities
    8. Market Challenges
    9. PESTLE Analysis
    10. PORTERS Five Force Analysis
    11. Value Chain Analysis
  5. Asia Pacific Handbag Market Segmentation
    1. Asia Pacific Handbag Market, by Product (2023-2030)
      1. Tote
      2. Clutch
      3. Satchel
      4. Others
    2. Asia Pacific Handbag Market, by Raw Material (2023-2030)
      1. Leather
      2. Fabrics
      3. Others
    3. Asia Pacific Handbag Market, by End User (2023-2030)
      1. Men
      2. Women
    4. Asia Pacific Handbag Market, by Distribution Channel (2023-2030)
      1. Online
      2. Offline
    5. Asia Pacific Handbag Market, by Country (2023-2030)
      1. India
      2. China
      3. Japan
      4. Australia
      5. Rest of Asia Pacific
  6. Company Profiles
    1. Key Players
      1. Coach IP Holdings LLC (U.S.)
        1. Company Overview
        2. Product Portfolio
        3. Financial Overview
        4. Business Strategy
        5. Key Developments
      2. Louis Vuitton Malletier (France)
      3. Chanel Ltd(France)
      4. Guccio Gucci S.p.A.( Italy)
      5. Prada S.p.A. (Italy)
      6. Fendi (Italy)
      7. Hermès International S.A.( France)
      8. Kate Spade (U.S.)
      9. Calvin Klein Inc. (U.S.)
      10. Burberry Group PLC. ( Italy)
      11. Tapestry, Inc (New York)
      12. Michael Kors (New York)
      13. Ted Baker plc ( United Kingdom)
  7. Key Findings
  8. Recommendations

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