Demand for Gym Bag and Impact of COVID-19……..
The global gym bag
market size is expected to reach USD 1.8 billion by 2025, according to a
new report by Grand View Research, Inc., registering a 7.9% CAGR over the
forecast period. The growth in the market is driven by increasing consumer
consciousness regarding fitness and the availability of various products and
accessories to suit individual needs. Moreover, rapid growth of the fitness and
wellness sector in Asia and South America, along with rise in sales of health
and fitness equipment, accessories, and products used in the industry and
increasing presence of health clubs and fitness centers in these regions are
contributing to the growth of this market.
The clothing, footwear, & accessories industry is
anticipated to witness checkered growth throughout 2020, as a result of the
unprecedented supply chain disruptions caused by the COVID-19 outbreak
worldwide. The expected decline in the global sales of clothing, footwear,
& accessories is attributable to massive supply chain disruptions across
significant export markets, including China and India. However, the industry is
likely to recover over the forecast timeframe, given the rising popularity of
online/e-commerce sales. From a manufacturing standpoint, the sustainable or
ethical fashion trend is expected to favor market growth throughout the
forecast timeframe. Luxury apparel is another lucrative space for prospective
manufacturers to target, given the mushrooming number of affluent and
fashion-conscious consumers across the globe. Our team is diligently working
towards accounting these factors in our report with the aim of providing you
with the up-to-date, actionable market information and projections.
The market is also driven by
increasing purchasing power of consumers in developing countries in recent
years, which has propelled product demand. Growth of the middle-income population
group in these countries has resulted in higher disposable income in recent
years. This has enabled them to opt for on-trend, fashionable, and premium
products in the health and fitness sector. Surge in new product launches and
the impact of ecommerce are other key factors driving the global market.
Leading manufacturers are looking to cater to varying consumer requirements
when it comes to a gym bag. These are then being made available across a host
of online and offline distribution channels.
Increasing number of people turning to
healthier lifestyles has also inspired several multinational companies to
encourage their employees to take up health and fitness club memberships, a
trend that is likely to give the market a boost. Gym bags that are compatible
with various smart and connected devices is a lucrative opportunity for players
in the market.
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Further key findings from the report suggest:
·
In terms of revenue, duffle
bags are projected to register a CAGR of 7.5% over the forecast period
·
The offline channel led the
market with a share of 86.6% in 2018. Varied products sold at supermarkets,
hypermarkets, specialty stores, and others play a critical role in driving this
segment
·
North America dominated the
global gym bag market in 2018, accounting for 38.3% of the revenue that year.
This trend is projected to continue over the next few years
·
A growing health and fitness
industry, fueled by increasing awareness regarding fitness and well-being among
consumers, is expected to propel the market
·
With increasing disposable
income in India, South Korea, China, and Japan, these markets offer lucrative
opportunities for growth in Asia Pacific
·
The industry is highly
competitive in nature with the main players being JensenLee; Everlast
Worldwide, Inc.; Chateau Manufacturing; Harissons; Nike, Inc.; ToteBagFactory;
Herschel Supply Co. USA; and Adidas AG
·
Various manufacturers are
concentrating on new product launches, capacity expansion, and technological
innovations to estimate existing and future demand patterns from upcoming
product segments.
The
global gym bag market size was valued at USD 1.0 billion in 2018 and is
anticipated to register a CAGR of 7.9% over the forecast period. Increasing
focus on health and fitness among the global population is the key factor
driving demand. Moreover, rising usage of fitness products and accessories,
such as specialty shoes, headphones, water bottle, towels, and post workout
snacks, has driven the demand for special bags that are built to carry these
items with ease. This has benefited the market over the years.
The
market is also driven by increasing purchasing power of consumers in developing
countries in recent years, which has propelled product demand. Growth of the
middle-income population group in these countries has resulted in higher
disposable income in recent years. This has enabled them to opt for on-trend,
fashionable, and premium products in the health and fitness sector. Surge in
new product launches and the impact of ecommerce are other key factors driving
the global market. Leading manufacturers are looking to cater to varying
consumer requirements when it comes to a gym bag. These are then being made
available across a host of online and offline distribution channels.
Increasing number of people turning
to healthier lifestyles has also inspired several multinational companies to
encourage their employees to take up health and fitness club memberships, a
trend that is likely to give the market a boost. Gym bags that are compatible
with various smart and connected devices is a lucrative opportunity for players
in the market. The market is also anticipated to be driven by growth in the
wellness and tourism industry, especially in developing countries such as China
and India. These countries have been witnessing a surge in fitness clubs and
centers to attract tourists and this will have a positive influence on product
demand over the forecast period.
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Press Release of this report:
Grand View Research has segmented the
global gym bag market on the basis of product, distribution channel:
Gym Bag Product Outlook (Revenue, USD Billion, 2015 -
2025)
·
Duffle
·
Drawstring
·
Others
Gym Bag Distribution Channel Outlook (Revenue, USD
Billion, 2015 - 2025)
·
Online
·
Offline
Local manufacturers have been
aiming to compete with leading players by focusing on innovative and attractive
products. For instance, the launch of anti-theft bags with smart in-built
charging ports, RFID tracking and blocking options, locking pockets, and
anti-slashing fabric is a new trend in the industry and takes into account
various consumer requirements. Increasing advertising and promotional
activities have also educated consumers on the various features and benefits of
such gym bag.
The duffle bag segment accounted
for a leading share of 72.7% in the global market in 2018. Being larger, these
bags have more space to carry multiple items. Duffels with several pockets and
zippers and separate compartments are more appealing to consumers as they are
more convenient and useful. Growing brand awareness and increase in sales of
fitness and health products among millennials is also influencing segment
growth. The drawstring bags segment is expected to exhibit the highest CAGR of
9.5% from 2019 to 2025. Drawstring bags are easier to carry and are more
durable, resulting in rising demand for the same. Their easy opening and
closing also makes them a hit among users.
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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