The global gym bag market size is projected to touch USD 1.8 billion by 2025, according to a new report published by Million Insights, growing with a CAGR of 7.9% from 2019 to 2025.The rising awareness relating to fitness and health and the availability of a wide range of products is expected to drive the market in the upcoming years. The growing fitness industry in South America and Asia Pacific coupled with the growing sales of fitness and health equipment, products and accessories used in this industry is predicted to surge the demand for gym bags over the forecast period. Moreover, the rising number of fitness and health clubs are expected to contribute significantly to the growth of the market.
The increase in the disposable income of the middle-class population in developing countries has fueled the product demand in recent years. Higher purchasing power encourages them to choose fashionable, premium, and on-trend products in the fitness and health sector. The introduction of several new products and the penetration of the e-commerce industry are the major factors boosting the market growth. Key players are emphasizing on fulfilling consumer preferences by offering customized gym bag. Additionally; the bags are showcased through various offline and online channels with social media being major platforms.
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The rising preference of people for a healthy lifestyle has influenced many multinational companies to encourage their employees to have fitness and health club memberships. This trend is expected to have a positive impact on the gym bags market over the forecast period. Moreover, these bags are compatible with different connected and smart devices, which offer a lucrative opportunity for the companies in the gym bag market.
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Further key findings from the report suggest:
• Based on product, duffle bags are expected to grow at a CAGR of 7.5% from 2019 to 2025.
• The offline distribution channel held a market share of 86.6% in 2018. The growth is attributed to the widespread availability of products at hypermarkets, supermarkets, and specialty stores.
• North America held a dominant position with a share of 38.3% in terms of revenue in 2018.
• The increasing fitness and health industry due to the rising awareness for healthy lifestyle among the consumers are predicted to contribute to the growth of this market.
• The rise in purchasing power in countries like South Korea, Japan, China, and India are expected to open new avenues for the market in Asia Pacific.
• The key players include JensenLee; Chateau Manufacturing; Everlast Worldwide, Inc.; Harissons; Nike, Inc.; Herschel Supply Co. USA; Adidas AG; and ToteBagFactory.
• Several companies are focusing on technological innovation, capacity expansion, and product launches as their key strategies to attract a larger consumer base.
Million Insights has segmented the global Gym Bag market on the basis of product, distribution channel, and region:
Gym Bag Product Outlook (Revenue, USD Billion, 2015 – 2025)
Gym Bag Distribution Channel Outlook (Revenue, USD Billion, 2015 – 2025)
Gym Bag Regional Outlook (Revenue, USD Billion, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa
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