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Global Backpack Market to Reach About USD 26.88 Billion by 2027, Driven by the Rising Demand for Backpacks with Innovative Designs

According to a new report by EMR titled, ‘Global Backpack Market Report and Forecast 2022-2027’, the global market for backpack is expected to grow at a CAGR of 6.61% in the forecast period of 2022-2027 to reach a value of nearly USD 26.88 billion by 2027.

The increasing preference for backpacks with innovative designs, especially by the millennial and Gen-Z population, is propelling the market growth. Leading companies are increasingly launching innovative backpacks to cater to specific segments of the population such as students and office workers, among others. With the robust growth of the e-commerce sector, the availability of backpacks is significantly increasing. In addition, the development of functional, versatile, and cost-effective backpacks that enable users to efficiently organise their belongings is fuelling the market growth. As the focus on comfort is growing, backpacks offering padded back panels and broad shoulder adjustable straps are increasingly preferred. Moreover, the growing young population with a knack for adventurous activities such as hiking and trekking is leading to a surge in demand for backpacks. Travellers are increasingly seeking lightweight backpacks with waterproof properties, enhanced computability with modular attachments, and adjustable interiors, which is positively impacting the market’s expansion.

Some of the leading companies in the market for backpack are Nike, Inc. (NYSE: NKE) and Wildcraft India Private Limited. In November 2019, the latter bagged a deal from the Indian Ministry of Defence to make rucksacks for the Indian army. Under the deal, the company would design, develop, and deliver 1.8 lakh units of 90-litre rucksacks that would be equipped to carry supplies for 30 days. Moreover, the company announced that the bags would be made of nylon and provide abrasion resistance. They also feature a lightweight alloy back frame for comfortable stay on soldiers’ backs even after being mounted with armament. Such deals by the leading companies are propelling the market growth of backpack.

Market Analysis by Capacity, Type, Material, Application, and Region:

  • The market, on the basis of capacity, can be divided into 6 litres to 10 litres, 10 litres to 30 litres, 30 litres to 50 litres, and above 50 litres.
  • Based on type, the market can be divided into travel bags, work bags, and sports and recreation bags, among others.
  • The significant materials of backpack include nylon, cotton, and leather, among others.
  • By application, the market is classified into men, women, and kids.
  • The regional markets for backpack include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The increasing demand for backpacks with enhanced quality and durability is driving the market growth.
  • The growing utilisation of backpacks by the working population and students across the globe is aiding the growth of the market.
  • The market growth can be attributed to the growing demand for innovative backpacks, the rising adoption of modern lifestyles, the robust growth of the tourism sector, and the interest in adventurous activities.
  • The integration of various technologies in backpacks by the leading companies is augmenting the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for backpack for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the capacities, types, materials, applications, and major regions of backpack.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global backpack market are Under Armour, Inc., VF Outdoor, LLC, Nike, Inc., Adidas AG, V.I.P. Industries Limited, Wildcraft India Private Limited, and Dakine IP Holdings LP., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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