Chest Bags Market Trends and Future Prospects Details 2030

Chest Bags Market Growth & Trends

The global chest bags market size is anticipated to reach USD 7.2 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.3% from 2022 to 2030. Chest bags have recently emerged as a perfect choice and recent trend in the daily life of the users. They come in a size that helps fit everything that one may need throughout the day when outside the home. Some of the essentials, like for example gadgets, sunglasses, keys, and credit cards are safe in this kind of bag.

Chest Bags Market Segmentation

Grand View Research has segmented the global chest bags market based on product, application, end user, distribution channel, and region:

Based on the Product Insights, the market is segmented into Sling and Strap.

• The strap product segment dominated the market for chest bags and accounted for the largest revenue share of 83.4% in 2021. These products do not only help tighten the bag depending on the size of the body but also provide comfortable, convenient, and multi-purposeful functions. Also, the availability of different styles such as crossbody, and foam padding is propelling the growth of the strap product segment.
• However, the sling product segment is gaining traction in the market for chest bags as it provides more style statement offering to slung over one shoulder rather than two, they can be a handy, functional, and not to mention stylish, way of carrying all the day-trip essentials. Also, worn diagonally across the body, the weight is distributed more evenly, making them outperform messenger or tote bags. These bags don’t just come in standard colors like black and brown but they come in endless colors, prints, and materials.

Based on the Application Insights, the market is segmented into Tactical, Sports, Travel, and Others.

• The other segment accounted for a revenue share of 39.3% in 2021, which is higher compared to the tactical, sports, and travel segment, as a majority of the chest bags are small in size and serve the purpose of short-term recreational activities. It helps store small essentials necessary for day-to-day activities.
• The sports segment is gaining traction in the market for chest bags and growing rapidly with the highest compound annual growth rate (CAGR) as camping and hiking are major factors contributing to the growth of the segment. Further, the growing tourism industry is expected to drive the growth of the travel segment during the forecast period.

Based on the End-Use Insights, the market is segmented into Men and Women.

• The men's segment dominated the market for chest bags and accounted for the largest revenue share of 62.3% in 2021 as the majority of the chest bags are being designed targeting male customers. Chest bags for men are designed keeping in mind the essentials that they would carry with specific compartments. Also, it comes in attractive designs, patterns, and colors that altogether cater to the requirements of target customers. 
• The women segment is gaining considerable traction in the market due to the rise in the adoption of physical exercise as a part of daily routine. Moreover, the rise in the number of budget gyms offering convenience and flexibility had led to an increase in the adoption of the product among women.

Based on the Distribution Insights, the market is segmented into Online and Offline.

• The offline segment dominated the market and accounted for the largest revenue share of 78.3% in 2020. Some of the key brick-and-mortar stores such as hypermarkets/supermarkets, specialty stores, and franchisee stores are being considered in the offline store segment. The major factor contributing to the growth of this segment is that it offers consumers an understanding of the exact size and fabric of the product. Moreover, this kind of store initiates several key promotional and marketing events such as customer loyalty programs, discounts, and seasonal offers in the view of generating higher revenue sales.

Chest Bags Regional Outlook

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa

Market Share Insights

• October 2019: H & M Hennes & Mauritz AB acquired majority stakes in online second-hand retailer Sellpy after a series of investments to establish itself as a sustainable fashion brand.

Key Companies Profile & Market Share Insights

The market for chest bags is fragmented with many large and well-established players occupying a strong position. Also, many new players are trying to enter the market owing to the growth prospects.

Some of the prominent players operating in the global chest bags market include,

• H&M Group
• Asos
• Christian Dior
• Louis Vuitton
• Cut & Stitch
• Western Textile & Manufacturing, Inc.
• Baikal Inc.
• Waterfly Chest
• Clutch Made Factory
• Continental Bag Company

Order a free sample PDF of the Chest Bags Market Intelligence Study, published by Grand View Research.