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Handbag Market Size, 2021 Industry Share and Global Demand | 2028 Forecast by Fortune Business Insights™

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The global ''handbag market size'' is projected to reach USD 78.46 billion by 2028, exhibiting a CAGR of 6.8% during the forecast period. Fortune Business Insights™ shares this information in its report, titled “Handbag Market Size, Share & COVID-19 Impact Analysis, By Product Type [Tote, Clutch, Satchel, and Others (Hobo, Body Cross, and Saddle)], Raw Material (Leather and Fabric), and End-User (Men and Women), and Regional Forecast, 2021-2028”. As per the report, the value of the market stood at USD 47.57 billion in 2028.



Increasing Availability of Eco-friendly Bags to Boost the Market

Handbags have always been a fashion statement among consumers, and with improved fashion sense in the time of social media influencers, pop culture, and globalization, the demand for luxury consumer products has only heightened in recent years. However, as awareness about the environment and rampant animal cruelty spreads, several bag brands have been utilizing novel eco-friendly materials to create sustainable hand-bags. For example, New York-based Angela Roi has been committedly developing vegan, leather-free totes and bucket bags. Cuyana, another US-based bag company, offers bags manufactured from recycled and up-cycled materials. The spreading presence of such products is expected to fuel the growth of the market in the forthcoming years.



The market has been segmented in the following manner:

Based on product type, the market segments include tote, clutch, satchel, and others. In terms of raw material, the market has been divided into leather and fabric. On the basis of end-user, the market has been bifurcated into men and women. By region, the market has been clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.



List of Key Companies Covered in the Handbag Market Report:

Calvin Klein Inc. (New York, USA)
Hermès International S.A. (Paris, France)
Fendi (Rome, Italy)
Guccio Gucci S.p.A. (Florence, Italy)
Louis Vuitton Malletier (Paris, France)
Kate Spade (New York, USA)
Burberry (London, UK)
Prada S.p.A. (Milan, Italy)
Chanel Ltd (Paris, France)
Coach IP Holdings LLC (New York, USA)


What Does the Report Offer?

The report provides a detailed analysis of the key market aspects, namely, the dominant companies, end-users, and leading product types. Apart from this, the report contains tangible insights into the current & upcoming market trends and highlights prominent industry developments. In addition to these factors, the report supplies a holistic understanding of the main drivers, restraints, and segments that are contributing to the growth of the market.



Competitive Landscape

Acquisitions & New Product Launches to be the Dominant Growth Strategies for Key Players

Prominent players in the handbag industry are making strategic acquisitions to cement their leading position in this industry. This strategy has emerged as the key growth accelerator for several fashion brands and has turned to be financially beneficial for startups and smaller entities. Besides this, large bag manufacturers are increasingly focusing on developing products using recyclable and sustainable materials to future-proof their brands, thus aiding the handbag market growth.



Restraining Factor

Falling Household Incomes amid COVID-19 to Disrupt Market Growth Prospects

The COVID-19 pandemic, while causing an unprecedented downturn in national economies, has delivered even more severe setbacks to individual household incomes. According to the World Bank’s high-frequency monitoring phone surveys, on average, 36% of those working prior to the pandemic outbreak were without a job in the April-July period, while 62% of households reported a reduction in total income. In India, to take a country-specific example, a decline of 5.4% in per capita income is envisaged, according to a report released by the State Bank of India, the country’s top lender. In such dire circumstances, the demand for dispensable consumer goods, such as handbags, is likely to diminish substantially. This is reflected in the 2020 values of the global market, with its CAGR dropping by 25.6% and its size expected to reach USD 49.63 billion in 2021.



Regional Insights

Fortune Business Insights™ Predicts Europe will Lead the Market Backed by High Personal Incomes

Europe is anticipated to lead the handbag market share during the forecast period owing to the high disposable incomes of consumers in the region. In 2020, the Europe market size stood at USD 16.14 billion. The market in Asia Pacific is forecasted to make prolific progress due to increasing employment and rapid expansion of the consumer goods industry. In addition, a growing young population in the region has also propelled the demand for fashion items, such as handbags. In North America, the market will be driven by the rising popularity of unisex handbags designed specifically for business activities.



Browse Detailed Summary of Research Report with TOC:

https://www.fortunebusinessinsights.com/handbag-market-103860



Key Industry Developments:

January 2021: LVMH Moët Hennessy Louis Vuitton SE announced the successful acquisition of Tiffany & Co., the US-based jewelry brand. The takeover was important for LVMH as Tiffany’s jewelry and watch offerings perfectly complement LVMH’s 75 Maisons.
November 2019: Prada announces the launch of Re-Nylon, a novel project under which the company will introduce its iconic bags using regenerated nylon called Econyl. Produced by the textile yarn maker, Aquafil, Econyl is obtained through the recycling and purification of plastic waste extracted from fishing nets, fiber waste, and oceans.


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Baby Apparel Market Size, Share & COVID-19 Impact Analysis, By Type (Top wear, Bottom wear, and Others), Material (Cotton, Wool, and Others), End-user (Girls and Boys), and Regional Forecast, 2020-2027

Sports Footwear Market Size, Share & COVID-19 Impact Analysis, By Gender (Men, Women, and Kids), End-User (Professional Users and Recreational Users), Distribution Channel (Online and Offline), and Regional Forecasts, 2020 - 2027



About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.



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Kitchen Appliances Market Global Industry Size, Revenue Growth Development, Business Opportunities, Future Trends, Top Key Players, Market Share and Global Analysis by Forecast to 2027

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The global kitchen appliances market size is expected to gain momentum by reaching USD 210.80 billion while exhibiting a CAGR of 3.7% between 2020 and 2027. This is attributable to the increasing adoption of smart and energy-efficient kitchen appliances across the globe. Fortune Business Insights, in its latest report, titled, “Kitchen Appliances Market Size, Share & COVID-19 Impact Analysis, By Product Type (Refrigerator, Cooking Appliances, Dishwashers, and others), Application (Residential and Commercial), Distribution Channel (Online and Offline), and Region Forecast, 2020-2027.”, mentions that the market stood at USD 159.29 billion in 2019 and is likely to showcase considerable growth during the forecast period.

Reduced Consumer Spending amid COVID-19 to Lead to Sluggish Growth

The novel coronavirus has led to the unprecedented economic loss suffered by several industries globally. In addition to this, several people have lost their jobs owing to suspended or completely stopped businesses. This has led to a significant reduction in consumer spending ahead of the uncertain times leading to the market going through a sluggish growth in the near future.



COMPETITIVE LANDSCAPE

Major Companies Focus on Acquiring Other Enterprises to Brighten Their Market Prospects

The global kitchen appliances market is fragmented by the presence of major companies that are focusing on acquiring other companies to expand their kitchen appliances product and further boost their sales revenue. Furthermore, the adoption of strategies such as the introduction of new products, partnership, and collaboration by other key players to gain a major chunk of the share is expected to bode well for the market growth in the forthcoming years.



List of the Companies Profiled in the Global Kitchen Appliances Market:

Electrolux AB (Stockholm, Sweden)
The Samsung Group (Seoul, South Korea)
LG Electronics Inc. (Seoul, South Korea)
BSH Hausgeräte GmbH (Munich, Germany)
The Whirlpool Corporation (Michigan, United States)
Robert Bosch GmbH (Gerlingen, Germany)
Koninklijke Philips N.V. (Amsterdam, Netherland)
Miele (Gutersloh, Germany)
General Electric Company (Massachusetts, United States)
Haier Group Corporation (Qingdao, China)
Beko (Istanbul, Turkey)


Key Industry Development:

March 2020 – iFresh, Inc., a leading supermarket chain, announced the acquisition of Xiamen DL Medical Technology Co. that is likely to aid in the expansion of their supermarket chain across the Asian countries.

Kitchen appliances are equipment extensively adopted in households for daily cooking needs. These appliances aid in effectively reducing time and efforts that are required during cooking activities. Owing to their compactness and functionality, these appliances are in great demand across the globe.



What does the Report Include?

The market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.



DRIVING FACTORS

Increasing Demand for Smart Kitchen Appliances to Augment Growth

The availability of high disposable income and the hectic lifestyle of working professionals is driving the sales of smart kitchen products that aid in effective reduction of time and efforts. In addition to this, the surging electricity bills and the growing demand for sustainable consumer products are propelling the manufacturers to develop energy-efficient kitchen appliances globally. These factors are likely to favor the global kitchen appliances market growth in the forthcoming years.



SEGMENTATION:

Refrigerator Segment Held 37.56% Market Share in 2019

The refrigerator segment, based on product type, held a market share of about 37.56% in 2019 and is projected to showcase exponential growth owing to the increasing demand for innovative refrigerators that aid in increasing the shelf life of food products.



REGIONAL INSIGHTS

Asia-Pacific to Remain at Forefront; Presence of Large Number of Middle-Class Families to Augment Growth

Among all the regions, Asia-Pacific is expected to remain dominant and hold the highest position in the global kitchen appliances market in the forthcoming years. This dominance is attributable to the large presence of middle-class families that propel the sales of kitchen appliances for household purposes in the region.

The market in Europe is anticipated to experience significant growth in the forthcoming years. This is ascribable to factors such as the growing demand for innovative dishwashers in countries such as the U.K., France, and Italy in the region between 2020 and 2027.



Browse Detailed Summary of Research Report:

https://www.fortunebusinessinsights.com/kitchen-appliances-market-104504





About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.



Contact Us:

Fortune Business Insights™ Pvt. Ltd.

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Pune - 411045, Maharashtra, India.



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Read Press Release:

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Seafood Packaging Market Global Industry Trends, Sales Revenue, Industry Growth, Development Status, Top Leaders, Future Plans and Opportunity Assessment 2027

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The global seafood packaging market size is projected to reach USD 13,503.4 million by the end of 2027. The rising demand for seafood across the world is consequential to changing dietary habits. The presence of several large scale companies will emerge in favor of market growth. According to a report published by Fortune Business Insights, titled “Seafood Packaging Market Size, Share & COVID-19 Impact Analysis, By Material (Plastic, Paper & Paperboard, Metal, Glass, and Others), By Product (Trays, Bags & Pouches, Food Can, Boxes, Shrink Films, and Others), By Packaging Product (Modified Atmosphere Packaging, Vacuum Skin Packaging, and Others), By Application (Fresh & Frozen, Processed, and Ready to Eat), By Seafood Type (Fish, Molluscs, Crustaceans, and Others), and Regional Forecast, 2020-2027” the market was worth USD 9,405.5 million in 2019 and will exhibit a CAGR of 4.9% during the forecast period, 2020-2027.

Seafood packaging involves everything that is associated with the selling and transporting of seafood across all sectors. The increasing consumption of seafood is consequential to the increasing awareness regarding the benefits of the same, coupled with the changing dietary habits. The rising investments in sustainable packaging have created several growth opportunities for the companies operating in the seafood packaging market. The increasing demand for culinary cuisines and the rising trends of seafood consumption as part of these cuisines will have a positive impact on the growth of the overall market in the coming years. The presence of several large scale companies across the world will provide impetus to the growth of the overall market in the foreseeable future. Additionally, the efforts taken to reduce the use of plastic in packaging will lead to the adoption of sustainable or cardboard-based products, thereby contributing to the growth of the market for seafood packaging.

Covid-19 Pandemic to Bring Mixed Fortunes for Companies in this Sector

The recent coronavirus outbreak has had a negative impact on the growth of several business sectors across the world. With the rapid spread of the disease, governments across several countries are looking to implement strict measures with the hope of minimizing the impact of the virus. The coronavirus outbreak has created a sense of hesitancy among people across the world. Reducing restaurant visits and the decrease in consumption of outdoor foods will affect the growth of the market. Having said that, the increasing consumption of frozen and packaged foods will emerge in favor of market growth.



Increasing Number of Company Mergers and Acquisitions will Aid Growth

The report encompasses several factors that have contributed to the growth of the overall market in recent years. The increasing consumption of frozen and packed foods has given the platform for companies operating in the seafood packaging market across the world. It is observed that company mergers and acquisitions are an increasing trend among major companies across the world. In June 2019, Amcor plc announced that it has completed the acquisition of Bemis. The company spent around $6.8 billion for this acquisition. Through this, the company will look to improve its business across the world and subsequently establish a strong brand presence. An increasing number of such company mergers and acquisitions will have a huge impact on the growth of the overall market in the forthcoming years.



Asia Pacific to Emerge Dominant; Presence of Several Large Scale Companies to Aid Growth

The report analyzes the ongoing market trends across North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America. Among all regions, the seafood packaging market in Asia Pacific is projected to emerge dominant in the coming years. The massive seafood consumption in countries such as Malaysia, India, China, and Sri Lanka will have a massive impact on the growth of the regional market. The availability of raw materials in abundance will also emerge in favor of growth of the market in this region. As of 2019, the market in Asia Pacific was worth USD 7157.6 million and this value is projected to rise at a considerable pace in the coming years. The presence of several large scale manufacturers will have a huge impact on the growth of the market.



List of Top Companies Profiled in the Report:

Amcor plc (Australia)
Crown (U.S.)
Smurfit Kappa (Ireland)
Sealed Air (U.S.)
WINPAK LTD. (Canada)
DS Smith (UK)
Silgan Holdings Inc. (U.S.)
SIRANE GROUP (UK)
Printpack (Georgia, U.S.)
FFP Packaging Ltd. (UK)
AEP Industries Inc. (U.S.)
ULMA Packaging (Spain)
Other Players


Key Industry Developments:

July 2020 – Smurfit Kappa announced that it has replaced EPS frozen food packaging with reusable substitute paper based packaging. Smurfit Kappa has unveiled a creative and durable new kit that holds frozen and chilled foods fresh across the supply chain.



Browse Detailed Summary of Research Report:

https://www.fortunebusinessinsights.com/seafood-packaging-market-103399





About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.



Contact Us:

Fortune Business Insights™ Pvt. Ltd.

308, Supreme Headquarters,

Survey No. 36, Baner,

Pune-Bangalore Highway,

Pune - 411045, Maharashtra, India.



Phone:

US :+1 424 253 0390

UK : +44 2071 939123

APAC : +91 744 740 1245

Email: sales@fortunebusinessinsights.com



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Read Press Release:

https://www.fortunebusinessinsights.com/press-release/global-seafood-packaging-market-10360





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