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The bags and cases industry deals with the manufacturing of various types of bags, suitcases, purses, belts, and wallets. Since these accessories are pivotal for daily use and traveling, the industry does a handful of contributions to the global market. With the leather industry being one of its main suppliers, the bags and cases manufacturers enjoy an edge over other industries because of easy access to raw materials.
The global industry that produces leather bags, belts and wallets had a revenue of over 101,237m US$ in 2019. Furthermore, it is expected to increase at an annual growth rate of 13.2% resulting in a whopping volume of 166,000m US$ by 2023. With the changing fashion trends and the introduction of designer bags and accessories, users have been more inclined to purchasing such products. According to reports, the user penetration that was recorded to be 18.4% in 2019 is expected to hit 28% by 2023.
These goods, when made from leather, receive high demands and popularity among consumers, as leather is dustproof, crack-proof, fireproof, has a longer life span, and is better in quality in comparison to other used materials. These properties make leather a supreme choice for making handbags, wallets and purses, and other accessories.
With the industry making more use of leather as raw material, the growth of the leather goods market has also been positively affected. As the growing demand for trendy handbags, gent’s leather belts, and premium wallets increase, the leather industry is also more influenced and has experienced massive sales growth. High-end companies such as Gucci, Louis Vuitton, Chanel, and Gianni Versace are known for their bags, belts, and wallets around the world.
Handbags have been around for over centuries used both by men and women. Their sizes and designs have varied according to requirements and the trends in the fashion industry. Earlier in the 18th century, people used bags that were tied around their waists to prevent pick-pocketing. As times changed, bags changed to smaller-sized purses and wallets—which were either embroidered, digitally printed, or made of pure leather.
Modern-day bags include a wide variety of briefcases, handbags, traveling suitcases, backpacks, paper bags, or basket bags each made for different purposes and types of consumers. Top bags and cases suppliers are majorly located in:
Currently, the market in China is the largest, with the most number of bags and cases manufacturers and exporters and with the highest revenue generated each year.