The Backpack Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Backpack Global Market Report 2024, The backpack market size has grown strongly in recent years. It will grow from $19.57 billion in 2023 to $20.69 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to outdoor recreation trends, fashion and style preferences, back-to-school shopping, workplace and commuting needs, innovations in materials and design.
The backpack market size is expected to see strong growth in the next few years. It will grow to $25.87 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to a rise in remote work culture, growth in adventure tourism, sustainable and eco-friendly preferences, digital nomad lifestyle, and e-commerce expansion. Major trends in the forecast period include ergonomic and comfort-driven designs, digital nomad and work-friendly features, hybrid backpacks for multifunctionality, innovations in anti-theft and security features, collaborations and limited edition releases.
Increasing travel and recreational activities are expected to propel the growth of the backpack market going forward. Recreation encompasses all the activities that people engage in to refresh their bodies and minds and make their leisure time more interesting and enjoyable. Tourists frequently use backpacks to transport their belongings when visiting other countries, not only for pleasure but also for business which increases the demand for backpacks of different shapes and volumes. For instance, according to the World Tourism Organization, a Spain-based international tourism promotion organization, Global tourism increased by 4% in 2021 compared to 2020. (415 million versus 400 million). Europe and the Americas outperformed the rest of the world in 2021 (+19% and +17%, respectively). The economic contribution of tourism in 2021 (measured in tourism direct gross domestic product) is estimated at US$1.9 trillion, above US$1.6 trillion in 2020, but still well below the pre-pandemic value of US$ 3.5 trillion. Therefore, increasing travel and recreational activities are driving the growth of the backpack market.
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The backpack market covered in this report is segmented –
1) By Type: Work Bags, Sports and Recreation Bags, Travel Bags, Other Types
2) By Material: Cotton, Leather, Nylon, Other Materials
3) By Distribution Channel: Supermarket or Hypermarket, Convenience Stores, Online Stores, Other Distribution Channels
4) By End-Use: Commercial, Individual, Other End-Uses
Major companies operating in the backpack market are increasing their focus on introducing sustainable products, such as the eco-friendly backpacks , to gain a competitive edge in the market. Eco-friendly backpacks refer to backpacks that are designed and manufactured with a focus on environmental sustainability. For instance, in June 2023, Targus, a US-based accessories company, launched an eco-friendly backpack called the Cypress Hero Backpack with Find My Locator, designed for Apple devices and compatible with the Apple Find My app. The backpack is made from GRS-certified recycled materials and constructed from 26 recycled water bottles. The backpack is equipped with a location module that uses Low Energy Bluetooth to pair with the Apple Find My app seamlessly and securely, allowing users to track their devices and personal items from their iPhone, iPad, or Mac.
The backpack market report table of contents includes:
1. Executive Summary
2.Backpack Market Characteristics
3.Backpack Market Trends And Strategies
4. Backpack market analysis
5. Backpack Market Size And Growth
6.Backpack Segmentation
7.Backpack Regional And Country Analysis
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27. Backpack Competitive Landscape And Company Profiles
28.Backpack Key Mergers And Acquisitions
29.Backpack Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Nike Inc.
- Adidas AG
- Everest Trading Corp.
- VF Outdoor LLC
- Under Armour Inc.
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