The market for canvas bags is estimated to reach US$ 1,740 million by 2023, indicating a CAGR of 5.1% over the forecast period of 2023 to 2033, and US$ 1,051.17 million in market value in 2023. In the historical period from 2018 to 2022, the canvas bag market experienced a CAGR of 3.9%.
A natural fabric with a high level of environmental friendliness is a canvas. Plastic bags are rapidly being replaced by canvas bags for carrying groceries. These organic materials are biodegradable, and neither the manufacture nor use of these canvas bags endangers the environment. The demand for canvas is rising as a result of the reusability and recyclable nature of these bags.
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One of the most important features of canvas bags is their higher level of affordability. Due to this reason, industries and brands generally use canvas bags as corporate gifts for their collaborators, colleagues, or event attendees. Canvas is an easy-on-pocket fabric which is making it highly affordable even for smaller advertisers and businesses and advertisers.
On the regional end, North America is expected to dominate the canvas bags market by accumulating 34.2% market share by end of the forecast period. Factors such as increasing preference from men and women for canvas bags to carry products and rising disposable income are augmenting market growth in this region.
Likewise, Asia Pacific canvas bags market is expected to reflect fastest CAGR of 6.2% during the projected period. will have the largest share of the market. This region is anticipated to garner around 32% market share by end of 2033.
Flourishing retail sectors in developing countries such as India and China, as well as increasing rate of working women in the global workforce are key factors responsible for growth in this region.
Countries like China have been major importers of canvas and tote bags. Increased shopping and altered lifestyle are also anticipated to contribute to the demand for canvas bags during forecast period. Popularization of new fashion trends, social media influences, and a rising young population are also some key factors expected to fuel growth in the forecast period.
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Canvas Bags Market: Dynamics
The adoption of tote bags is rapidly growing amongst women attributing to its wide usage and variety. Furthermore, canvas bags are reusable, washable, foldable and easily storable. The consumer concerns regarding the environment and hazards of use of plastics has led to higher adoption of canvas bags. Canvas bags are made up of recycled materials comprising of organic cotton and recycled polyester.
This is likely to augment the market demand for canvas bags. In addition, canvas bags are used by manufacturers or brand owner for marketing their brand and increasing its awareness amongst the customers. Printing on the surface on the canvas bags is economical and hence, it is widely used for marketing campaigns.
Many NGOs also use canvas bags to promote a cause or increase awareness on a specific topic. Moreover, canvas bags are highly economical and are popular amongst the customers by satisfying quality for value expectations. These factors might impact the market demand for canvas bags positively.
Government support and initiatives such as banning plastics or penalty and fines for using plastic bags has led to creation of strong demand for canvas bags. For instance, violators who use single use plastic would be implied for a fine of $500.
In addition, manufacturers are designing lavish patterns and shapes which is likely to attract large number of customers. This is anticipated to rise the women preference for using canvas bags which is likely to hike the demand for canvas bags in the years to come.
Canvas Bags Market : Segmentation
Canvas bags market can be segmented on the basis of type, weight and end-use.
By Type, canvas bags market can be segmented as:
- Backpack
- Canvas Sling bag
- Canvas Tote bag
- Grocery bag
- Gift bag
- Others (Beach bag, etc.)
By weight, canvas bags market can be segmented as:
- Less than 5 oz
- 6 to 10 oz
- 11 to 15 oz
- 16- 20 oz
- More than 20 oz
By End use, canvas bags market can be segmented as:
- Shopping ( Grocery, Retail)
- Travelling
- Office
- Schools/ Colleges
- Others ( Gym, Sports)
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