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Backpack Industry Analysis 2019

Views:  Update Date: Nov 21,2019

With the continuous improvement of people's living and consumption level, a variety of bags have become indispensable accessories around people. People demand that luggage products not only be more practical, but also more decorative.Today, let us get the report about the backpack industry analysis.

The global backpack industry analysis

With the continuous improvement of global living and consumption standards and the increasing popularity of outdoor activities, all kinds of backpacks have become indispensable accessories around people. Driven by market demand, retail sales of the global backpack industry have been rising steadily. According to CIC data, from 2013 to 2018, the compound annual growth rate of retail sales in the global backpack industry reached 8.1%, and by 2018, the retail sales of the global backpack market had exceeded $26 billion.

global backpack industry analysis

2013-2018 global backpack industry market retail sales growth(Unit: $100 million,100%)

"Global backpack market professional survey report 2018" is a professional in-depth study on the current situation of the backpack market. Provide annual estimates and projections for 2017 to 2022. A six-year historical analysis of these markets is also provided. The global backpack market is expected to grow from $23,393 million to approximately $90,96.36 million by 2022, with a compound annual growth rate (CAGR) of 2.53% during the 2016-2022 analysis period.

In the past few years, global consumption of backpacks increased from 220150 thousand in 2012 to 304,700 thousand in 2017, with an average growth rate of more than 6.99%. The total market value in 2017 was approximately $20,793 million.

From a regional perspective, North America is the world's largest backpacking consumption region, and China is the most promising market, with the fastest growth rate of 7.53%

Over the next few years, global backpack revenues will level off, with global consumption of backpacks reaching 429,560 by 2022.

The backpack market in North America is characterized by a wide variety of products, a wide range of consumer choices and sufficient market competition. However, consumers are fond of the new and tired of the old, and goods are replaced quickly, so the retail sales in the market can continue to grow. In 2018, the retail sales of the backpack market in North America were about $3.5 billion, up 2.9 percent year on year.

The backpack market in Europe is characterized by high requirements for environmental protection, complex product quality certification procedures, and slow growth of retail sales.

The Japanese backpack market is characterized by high demand for luxury brands, but strict requirements on product quality and strict channel control.

Chinese backpack industry market guideline

Chinese luggage market has always been export-oriented, with a relatively small proportion of domestic market demand. However, in the face of the new economic environment, this situation may be adjusted in the future. China is also a big luggage production country, the country has formed Guangdong Huadu, Fujian Quanzhou, Zhejiang Pinghu and Hebei Baigou four big bag production and manufacturing bases.

From 2018 to 2019, the output value of China's luggage industry reached 90 billion yuan, and the industry maintained a high growth rate, with an annual compound growth rate of 27.1%. There is a huge demand space in the international luggage market, which directly promotes the export growth of Chinese luggage products and makes the export of luggage achieve a stable growth and good situation. China bags enterprises should constantly improve the level of independent research and development capabilities and technical equipment, enhance the enterprise's marketing ability, expand the export channels, to further accelerate the pace of the world, and gradually achieve the product output to the change of capital output, the output brand, build a batch of both at home and abroad well-known brands, that makes products international competitiveness.

Royal AK is a backpack manufacturer. We also offer custom backpack service. We have our own factory in China, Guangdong Province, Guangzhou Huadu. We own the production workshop with over 3000and more than 100 workers. The factory mainly produces various backpack, such as smart backpack,business backpack, sling bag, women fanny pack, cosmetic bag and the other bags. Backpack factory owns the production workshop with over 5000and more than 180 workers. The factory mainly produces various travel bags, cosmetic pouchetc. It is a professional backpack manufacturer with professional design, development, production and sale.

Chinese backpack trend

It is estimated that the domestic luggage market will reach 6.38 billion us dollars in 2020

The backpack market trend 2020

1. The added value of luggage products with special functions such as leisure backpack and professional outdoor sports backpack is much higher than that of ordinary luggage, which will become the hot market of luggage products in the future.

2. The practical functions such as carrying and storing things in the traditional sense of backpack are gradually weakened, while the decorative functions are constantly strengthened. As a kind of fashionable and personalized commodity, backpack has more significance in expressing and making public consumers' personalized life attitude.

3. Some enterprises with brand advantages will continuously enhance the commercial value of their brands through celebrity endorsement, advertising, media public relations and other means, while the survival environment of enterprises with backward technology brands will be more hostile and the phenomenon of brand differentiation will be more obvious.

4. Chinese backpack companies will compete more in the international market.

Market is changing rapidly with the ongoing expansion of the industry. Advancement in the technology has provided todays businesses with multifaceted advantages resulting in daily economic shifts. Thus, it is very important for a company to comprehend the patterns of the market movements in order to strategize better.

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