NEWARK, DE / ACCESSWIRE / December 6, 2022 / The global gym bags market is worth US$ 1.9 Bn as of now and expected to reach US$ 2.57 Bn by the year 2032 at a CAGR of 3.1% between 2022 and 2032. With developing economies witnessing a higher purchasing power since the last few years, the global gym bags market is slated to grow inadvertently in the forecast period.
More number of people are on the lookout of healthier lifestyles, which has, in turn, inspired the multinational companies to ask their employees for taking up health/fitness club memberships. This trend is actually likely to give an impetus to the gym bags market in the near future. The tourism and wellness industry is also growing to the extent of countries like India and China accounting for a significant share as far as the Asia-Pacific is concerned.
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The above-mentioned Asian economies are also aiming toward competing with the leading players by emphasizing on fascinating and innovative products. For example - anti-theft bags abreast with smart in-built charging ports are being tabled. The other features include RFID tracking and blocking options, anti-slashing fabric, and locking pockets. Promotional activities are pushing the educated customers toward gym bags.
Drawstring bags are also being increasingly asked for as they are simpler to carry and ascertain durability. The closing and opening is also easy. Coming to the distribution channels, the offline sector has been ruling the roost since the last many years. However, the online sector is expected to take over in the near future with the convenience factor involved. Future Market Insights has etched the findings with future perspectives in its latest market study entitled ‘Gym Bags Market'. It has team of analysts and consultant to execute.
Key Takeaways from Gym Bags Market
- North America holds more than 35% of the market share. This could be credited to rising awareness amongst the end-users with regards to fitness.
- LATAM and Central America are expected to grow on a stupendous count due to Argentina and Brazil leading on the count of health consciousness of amongst the populace.
- Europe holds more than 20% of the market share. This could be attributed to expansion in fitness vertical.
- The Asia-Pacific is expected to grow at the fastest pace in the gym bags market due to excessive spending by the end-users on various lifestyle products.
Competitive Landscape
- Adidas, in August 2021, did announce that it had inked a definitive agreement for selling Reebok to ABG (Authentic Brands Group) for close to US$ 2.13 Tn.
- Dream Sports (operating gaming platform Dream 11), in November 2021, did secure US$ 840 Mn in funding round that was supported by D1 Capital, Tiger Global Management, Redbird Capital, Falcon Edge, and DST Global.
- Nike Brasilia Duffle bag is increasingly preferred due to comfort involved in carrying along with longer life-span.
- Puma's Men's Contender bag is known as one of the best ones in class. It's rugged and could be used for team as well as solo events. The bottom panel is padded, which renders resistance against abrasion. Sweaty footwear could be stored in an exclusive compartment. Shower accessories could be stored in multiple zip pockets.
- Kellogg's Vector, in March 2022, introduced new sports bags (limited edition) termed as ‘Off The Couch Sports Bags', which are designated by ‘YNOT'.
"With growing usage of fitness accessories such as sports shoes, protein shakers, water bottle, post-workout meals, headphones, and supplements, the global gym bags market is bound to witness splendor in the upcoming period", says an analyst from Future Market Insights.
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What does the Report revolve around?
- The research study is based on bag type (duffle gym bag, drawstring gym bag, gym backpacks, and tote gym bag), and by material type (leather gym bag, canvas gym bag, nylon gym bag, and polyester gym bag).
- The gym bags market is expected to be driven by growing emphasis on fitness and health by the millennials.
Key Segments:
By Bag Type:
- Duffle Gym Bag
- Drawstring Gym Bag
- Gym Backpacks
- Tote Gym Bag
By Material Type:
- Leather Gym Bag
- Canvas Gym Bag
- Nylon Gym Bag
- Polyester Gym Bag
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer's
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter's Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
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