Handbag Market

The global handbag market is projected to show a slight increase in performance, with an anticipated CAGR of +0.7% in volume and +3.7% in value from 2022 to 2030. Consumption, production, imports, and exports of handbags are analyzed, revealing key trends and growth rates in major countries and product types. Handbags with outer surfaces of plastic sheeting or textile materials dominate both imports and exports, while the average import price remained stable at $16 per unit in 2022. China, the United States, and India are among the top players in global handbag consumption, production, and exports, with notable growth rates recorded in Spain, Italy, and India. The market is expected to continue growing steadily in the years to come.

Market Forecast

Driven by rising demand for handbag worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.7% for the period from 2022 to 2030, which is projected to bring the market volume to 3.2B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.7% for the period from 2022 to 2030, which is projected to bring the market value to $45.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Handbags

Global handbag consumption fell to 3B units in 2022, which is down by -6.5% compared with the year before. Over the period under review, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak volume of 3.2B units, and then dropped in the following year.

The global handbag market revenue contracted to $34.2B in 2022, waning by -6.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $36.7B, and then declined in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (538M units), the United States (295M units) and India (231M units), together accounting for 35% of global consumption. Italy, Mexico, Pakistan, the UK, Japan, Indonesia, Nigeria, Bangladesh, Brazil and Spain lagged somewhat behind, together comprising a further 28%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Spain (with a CAGR of +30.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($4.5B) led the market, alone. The second position in the ranking was held by Italy ($1.7B). It was followed by Japan.

In the United States, the handbag market increased at an average annual rate of +4.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Italy (+3.2% per year) and Japan (+11.2% per year).

The countries with the highest levels of handbag per capita consumption in 2022 were Italy (1,978 units per 1000 persons), Spain (1,322 units per 1000 persons) and the UK (1,315 units per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Spain (with a CAGR of +30.0%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Handbags

In 2022, approx. 4.1B units of handbags were produced worldwide; shrinking by -2.6% against the previous year. In general, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 109%. As a result, production attained the peak volume of 8.4B units. From 2017 to 2022, global production growth remained at a somewhat lower figure.

In value terms, handbag production dropped slightly to $30.5B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.1% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth appeared the most rapid in 2016 when the production volume increased by 29% against the previous year. Global production peaked at $35.1B in 2019; however, from 2020 to 2022, production remained at a lower figure.

Production By Country

China (2.5B units) remains the largest handbag producing country worldwide, comprising approx. 61% of total volume. Moreover, handbag production in China exceeded the figures recorded by the second-largest producer, India (533M units), fivefold. The third position in this ranking was held by Vietnam (143M units), with a 3.5% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled -2.5%. The remaining producing countries recorded the following average annual rates of production growth: India (+4.3% per year) and Vietnam (+8.7% per year).

Imports

World Imports of Handbags

In 2022, approx. 2.2B units of handbags were imported worldwide; increasing by 9.2% compared with the previous year's figure. The total import volume increased at an average annual rate of +1.7% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 34% against the previous year. Over the period under review, global imports reached the peak figure in 2022 and are likely to see gradual growth in the immediate term.

In value terms, handbag imports expanded sharply to $34.5B in 2022. Overall, total imports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +41.0% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 28%. Global imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports By Country

The United States (296M units) and India (227M units) represented roughly 24% of total imports in 2022. Italy (129M units) took a 6% share (based on physical terms) of total imports, which put it in second place, followed by Mexico (4.7%). Spain (93M units), the UK (93M units), Japan (89M units), France (84M units), Brazil (64M units), South Korea (63M units), the Netherlands (62M units), Thailand (60M units) and Germany (52M units) held a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by India (with a CAGR of +26.0%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest handbag importing markets worldwide were the United States ($4.7B), France ($2.5B) and South Korea ($2.2B), with a combined 27% share of global imports. Italy, the UK, Germany, Japan, Spain, the Netherlands, Thailand, Mexico, Brazil and India lagged somewhat behind, together accounting for a further 24%.

Thailand, with a CAGR of +11.0%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Handbags with outer surface of plastic sheeting or of textile materials represented the major type of handbags in the world, with the volume of imports accounting for 1.8B units, which was approx. 81% of total imports in 2022. It was distantly followed by handbags with outer surface of vulcanised fibre or of paperboard (239M units) and handbags with outer surface of leather, composition leather, or patent leather (176M units), together achieving a 19% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to handbags with outer surface of plastic sheeting or of textile materials imports of stood at +1.3%. At the same time, handbags with outer surface of vulcanised fibre or of paperboard (+4.5%) displayed positive paces of growth. Moreover, handbags with outer surface of vulcanised fibre or of paperboard emerged as the fastest-growing type imported in the world, with a CAGR of +4.5% from 2012-2022. Handbags with outer surface of leather, composition leather, or patent leather experienced a relatively flat trend pattern. From 2012 to 2022, the share of handbags with outer surface of vulcanised fibre or of paperboard increased by +2.8 percentage points. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, handbags with outer surface of leather, composition leather, or patent leather ($19.8B), handbags with outer surface of plastic sheeting or of textile materials ($13.8B) and handbags with outer surface of vulcanised fibre or of paperboard ($860M) constituted the products with the highest levels of imports in 2022.

In terms of the main imported products, handbags with outer surface of leather, composition leather, or patent leather, with a CAGR of +6.6%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

In 2022, the average handbag import price amounted to $16 per unit, therefore, remained relatively stable against the previous year. Over the last decade, it increased at an average annual rate of +3.5%. The pace of growth was the most pronounced in 2020 an increase of 21%. As a result, import price reached the peak level of $16 per unit. From 2021 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major imported products. In 2022, the product with the highest price was handbags with outer surface of leather, composition leather, or patent leather ($112 per unit), while the price for handbags with outer surface of vulcanised fibre or of paperboard ($3.6 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by handbags with outer surface of leather, composition leather, or patent leather (+7.2%), while the other products experienced mixed trends in the import price figures.

Import Prices By Country

The average handbag import price stood at $16 per unit in 2022, leveling off at the previous year. Over the last decade, it increased at an average annual rate of +3.5%. The most prominent rate of growth was recorded in 2020 when the average import price increased by 21% against the previous year. As a result, import price reached the peak level of $16 per unit. From 2021 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was South Korea ($34 per unit), while India ($0.8 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+13.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Handbags

In 2022, approx. 3.2B units of handbags were exported worldwide; growing by 9.5% against 2021. In general, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when exports increased by 152%. As a result, the exports attained the peak of 7.3B units. From 2017 to 2022, the growth of the global exports remained at a lower figure.

In value terms, handbag exports rose notably to $37.3B in 2022. Overall, total exports indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +39.0% against 2020 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 25%. Over the period under review, the global exports attained the maximum in 2022 and are expected to retain growth in years to come.

Exports By Country

China represented the key exporting country with an export of about 2B units, which finished at 61% of total exports. It was distantly followed by India (529M units), constituting a 16% share of total exports. The following exporters - Vietnam (137M units), Myanmar (71M units), Cambodia (55M units), Italy (53M units) and France (50M units) - together made up 11% of total exports.

From 2012 to 2022, average annual rates of growth with regard to handbag exports from China stood at -2.0%. At the same time, Myanmar (+168.6%), Cambodia (+72.8%), Vietnam (+22.1%), India (+13.0%), France (+8.1%) and Italy (+3.9%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing exporter exported in the world, with a CAGR of +168.6% from 2012-2022. While the share of India (+11 p.p.), Vietnam (+3.6 p.p.), Myanmar (+2.2 p.p.) and Cambodia (+1.7 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of China (-19.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest handbag supplying countries worldwide were France ($8.8B), Italy ($8.1B) and China ($7.9B), together accounting for 66% of global exports. Vietnam, India, Cambodia and Myanmar lagged somewhat behind, together comprising a further 9.3%.

Among the main exporting countries, Myanmar, with a CAGR of +118.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Handbags with outer surface of plastic sheeting or of textile materials dominates exports structure, reaching 2.9B units, which was near 91% of total exports in 2022. It was distantly followed by handbags with outer surface of leather, composition leather, or patent leather (197M units), creating a 6.1% share of total exports. Handbags with outer surface of vulcanised fibre or of paperboard (84M units) followed a long way behind the leaders.

Handbags with outer surface of plastic sheeting or of textile materials experienced a relatively flat trend pattern with regard to volume of exports. handbags with outer surface of leather, composition leather, or patent leather (-1.3%) and handbags with outer surface of vulcanised fibre or of paperboard (-1.9%) illustrated a downward trend over the same period. Handbags with outer surface of plastic sheeting or of textile materials (+2.1 p.p.) significantly strengthened its position in terms of the global exports, while the shares of the other products remained relatively stable throughout the analyzed period.

In value terms, the largest types of exported handbags were handbags with outer surface of leather, composition leather, or patent leather ($19.1B), handbags with outer surface of plastic sheeting or of textile materials ($17.2B) and handbags with outer surface of vulcanised fibre or of paperboard ($1B).

Handbags with outer surface of leather, composition leather, or patent leather, with a CAGR of +6.2%, recorded the highest growth rate of the value of exports, among the main exported products over the period under review, while shipments for the other products experienced more modest paces of growth.

Export Prices By Type

In 2022, the average handbag export price amounted to $12 per unit, growing by 1.7% against the previous year. Overall, export price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, handbag export price increased by +242.5% against 2016 indices. The most prominent rate of growth was recorded in 2017 when the average export price increased by 160%. The global export price peaked in 2022 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was handbags with outer surface of leather, composition leather, or patent leather ($97 per unit), while the average price for exports of handbags with outer surface of plastic sheeting or of textile materials ($5.8 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by handbags with outer surface of leather, composition leather, or patent leather (+7.5%), while the other products experienced more modest paces of growth.

Export Prices By Country

In 2022, the average handbag export price amounted to $12 per unit, growing by 1.7% against the previous year. Overall, export price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, handbag export price increased by +242.5% against 2016 indices. The pace of growth appeared the most rapid in 2017 when the average export price increased by 160% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was France ($175 per unit), while Myanmar ($1.7 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cambodia (+9.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform