The market for gym bags is projected to generate US$ 1,897.9 million in revenue in 2022 and US$ 2,567.9 million in revenue by 2032. The market is anticipated to grow at a CAGR of 3.1% between 2022 and 2032, up from a CAGR of 2.8% between 2016 and 21.
The market has expanded as a result of millennials’ increased emphasis on fitness and health. Duffle bags are becoming more popular with consumers. This is explained by their bigger bulk and increased ability to carry numerous goods. During the forecast period, rising brand recognition and rising consumer sales of fitness and health items are anticipated to favourably impact market growth.
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Gym Bags in the World: Market Trends
An increasing tendency of a vast population base towards health and fitness is likely to boost the growth of the global gym bags market. The gym bag industry is predicted to grow in response to rising disposable income among the middle class in important economies. Gym aficionados all around the world spend a lot of money on their gym gear, which drives up demand for gym bags globally.
Due to the presence of a high number of local businesses, there is fierce competition among manufacturers to preserve their market presence. As a result, manufacturers are relying on technology developments to achieve market traction in order to stay competitive.
What are the Factors Driving the Global Gym Bags Market?
The growing inclination of people to healthier lifestyles is projected to play a vital role in driving the global gym bag market during the forecast period. Various companies have encouraged their employees to take up health and fitness club memberships, which is expected to augment the market size in the forecast period. Further, manufacturers are taking initiatives to integrate smart technologies in gym bags which will offer significant opportunities for market growth in the forthcoming period.
In February 2022, DressFresh ® launched NOVO™ Duffel, a smart bag that eliminates germs and odors. It is a waterless and eco-friendly cleaning system that uses ionization to help sanitize, eradicating viruses, bacteria, and odor from everyday apparel. Such initiatives are expected to augment the market size in the forthcoming period.
Global Gym Bags Market: Regional Outlook
On the basis of geography, the global gym bags market is segmented into North America, Asia Pacific, Middle East & Africa, Europe, and Latin America. North America gym bags market is expected to lead the global market due to a more health conscious population as compared to other regions.
Moreover, according to various independent studies, Americans are becoming more concerned towards health and wellness which is further expected to propel the demand of the gym bags market.
Asia Pacific is expected to expand with the highest CAGR due to increasing disposable income and an increased spending by consumers on their lifestyle. India and China are the major economies driving the growth of the Asia Pacific gym bags market.
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Competition Analysis
Key players in the global gym bag market include
- Nike, Inc.,
- JensenLee,
- Everlast Worldwide, Inc.,
- Chateau Manufacturing,
- Harrisons,
- ToteBagFactory,
- Herschel Supply Co. USA, and
- Adidas AG.
In August 2021, Adidas announced that it had entered into a definitive agreement to sell Reebok to Authentic Brands Group (ABG) for a total consideration of up to US$ 2.135 trillion, with a majority to be paid in cash at the closing of the transaction and the remainder comprised of deferred and contingent consideration.
Key Segments Profiled in the Global Gym Bag Market
Global Gym Bag Market by Bag Type:
- Duffle Gym Bag
- Drawstring Gym Bag
- Gym Backpacks
- Tote Gym Bag
Global Gym Bag Market by Material Type:
- Leather Gym Bag
- Canvas Gym Bag
- Nylon Gym Bag
- Polyester Gym Bag
Global Gym Bag Market by Region:
- North American Gym Bag Market
- Latin American Gym Bag Market
- Western European Gym Bag Market
- Eastern European Gym Bag Market
- APAC Gym Bag Market
- Japanese Gym Bag Market
- MEA Gym Bag Market
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