The global gym bags market is expected to secure US$ 1,897.9 million in 2022 and is likely to be valued at US$ 2,567.9 million by 2032. The market is projected to exhibit a CAGR of 3.1% during the forecast period.
Increasing focus on health and fitness among millennials is accelerating the gym bags market share in recent years. Moreover, the demand for duffle bags is gaining significant traction among consumers due to their larger size and capacity to carry multiple items.
In addition, increasing brand awareness and growing fitness and health products among consumers are projected to positively influence the market growth during the forecast period.
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Key players in the global gym bags market include
- Nike, Inc.
- JensenLee
- Everlast Worldwide, Inc.
- Chateau Manufacturing
- Harrisons
- ToteBagFactory
- Herschel Supply Co. USA
- Adidas AG
It has also emerged as the fashion accessory for most of the youngsters in the fitness industry. Gym bags are generally made up of the polyester material and possesses good strength to sustain for a long period of time. The global gym bags market is expected to witness a healthy CAGR during the forecast period.
Global Gym Bags: Market Dynamics
The growth of the global gym bags market is expected to be driven by an increasing inclination of a large population base towards health and fitness. Increasing disposable income of middle class population in key economies is further expected to spur the demand of the gym bags market. Gym enthusiasts all over the globe spend a good amount on their gym accessories which further propels the demand of the global gym bags market.
There is strong competition among the manufacturers for maintaining their presence in the market due to the presence of a large number of local players. So, in order to stay competitive, the manufacturers are also focusing on technological advancements to gain consumer traction.
One such example of technological advancement is the advent of an anti-theft bag which is gaining enormous popularity among the younger generation all over the globe.
Personalization of gym bags according to the needs of the consumers is a key trend prevailing in the global gym bags market. Incorporation of various features such as a different ventilated section for used garments and products is also expected to bring in new market avenues of growth for the global gym bags market.
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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.
Middle East & Africa along with Latin America are expected to hold a small market share in the global gym bags market due to a comparatively small population base as well as low penetration of the health and wellness related products in the regions.
Competitive Landscape:
How Key are Players Focusing to Uplift the Gym Bags Market?
Key players are the prominent driver of the gym bags market by acquiring higher revenue as compared to historic market revenue during the forecast period. They are uplifting the market share by using several marketing tactics. Some of the strategies are partnerships, collaborations and acquisitions.
Recent Developments in the Gym Bags Market
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.
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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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