In 2023, the global hiking backpacks market is anticipated to grow to a valuation of US$ 4.44 billion. It is projected to exhibit a CAGR of 5.5% from 2023 to 2033, reaching USD 19.92 billion in 2033.
The expanding market for hiking backpacks is driven by the rising popularity of easily transportable outdoor recreational activities. In its 2021 Outdoor Participation Trends Report, the Outdoor Foundation revealed that the largest percentage ever of Americans aged 6 and up participated in outdoor pursuits at least once during 2020. According to the report, the most common leisure activities in the United States include running, jogging, trail running, and hiking, followed by fishing, road bike riding, and cycling.
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Competition Landscape
- Cosmus Bags Private Limited
- AMG Group
- Deuter Sport GmbH
- Osprey Packs, Inc.
- Wildcraft
Regional overview
By geography, the hiking backpacks market has been segmented into North America, Europe, Latin America, East Asia, South Asia & Pacific, and MEA (the Middle East & Africa).
Among these regions, North America, & Europe have held comparatively higher market shares in the global hiking backpacks market due to the presence of hiking backpacks manufacturers and strong end-use industry verticals demanding the hiking backpacks in this regions.
The growing consumer attraction towards different treks across the South Asia & Pacific region will create new growth opportunities for the players in the hiking backpacks market.
The hiking backpacks market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The hiking backpacks market report also maps the qualitative impact of various market factors on market segments and geographies.
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Drivers and Challenges
The growing need for hiking backpacks for the increasing popularity of outdoor recreational activities, comfortable to transport, which drives the hiking backpacks market.
The hiking backpacks offer different features such as a lightweight, customizable, affordable, and good pocket organization. The reliability of such features driving the growth of the hiking backpacks market.
Moreover, the rising demand for hiking backpacks for increasing participation in outdoor activities is propelling the demand for hiking backpacks market. Hiking backpacks are also used for trekking and other adventure purposes.
The growing consumer attraction towards various outdoor sports and different adventure is boosting the demand for hiking backpacks market.
Challenges
However, average weather protection and one mesh hip-belt pocket lack durability are witnessed challenging the growth of the hiking backpacks market.
Restricted demand for the product across various countries, owing to the additional cost and size of the hiking backpacks required across various industry verticals in the respective countries, is another factor hindering the growth of the global hiking backpacks market.
Key Segmentations
The hiking backpacks market has been segmented on the basis of type, distribution channel, application and region.
On the Basis of Distribution Channel:
- Specialty stores
- Retail stores
- Online
On the Basis of Type:
- Day Packs
- Backpacking Packs
- Travel Bags
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of LATAM)
- Europe (Germany, Italy, U.K, Spain, France, BENELUX, & Russia)
- East Asia (China, South Korea, & Japan)
- South Asia & Pacific (India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC Countries, Turkey, South Africa)
Report Highlights:
- Detailed overview of parent hiking backpacks market
- Changing hiking backpacks market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected hiking backpacks market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of hiking backpacks market
- Strategies of key players and solution offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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