(MENAFN- PR Newswire)
NEW YORK, Sept. 13, 2024 /PRNewswire/ -- Report on how AI is driving market transformation- The global handbags market in India size is estimated to grow by USD 1.74 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of
8.09%
during the forecast period. Expansion of retail and online distribution landscape in India
is driving market growth,
with a trend towards
personalization and customization of handbags. However,
threats associated with counterfeit products
poses a challenge. Key market players include ALDO Group Inc., Aranyani, BAGGIT, Burberry Group Plc, Da Milano Leathers Pvt. Ltd., Deeya International, Fossil Group Inc., H and M Hennes and Mauritz GBC AB, Hermes International SA, Hidesign, Intouch Leather House Pvt. Ltd., Lavie, Lino Perros, LVMH Group., Miraggio Lifestyles Pvt. Ltd., Odette E Retail Pvt. Ltd., Prada Spa, Victorias Secret and Co., VIP Industries Ltd., and Zouk.
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Technavio has announced its latest market research report titled Handbags market in india 2024-2028
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report
| Handbags Market In India Scope |
| Report Coverage |
Details |
| Base year |
2023 |
| Historic period |
2017 - 2021 |
| Forecast period |
2024-2028 |
| Growth momentum & CAGR |
Accelerate at a CAGR of 8.09% |
| Market growth 2024-2028 |
USD 1740 million |
| Market structure |
Fragmented |
| YoY growth 2022-2023 (%) |
7.32 |
| Regional analysis |
India |
| Performing market contribution |
APAC at 100% |
| Key countries |
India |
| Key companies profiled |
ALDO Group Inc., Aranyani, BAGGIT, Burberry Group Plc, Da Milano Leathers Pvt. Ltd., Deeya International, Fossil Group Inc., H and M Hennes and Mauritz GBC AB, Hermes International SA, Hidesign, Intouch Leather House Pvt. Ltd., Lavie, Lino Perros, LVMH Group., Miraggio Lifestyles Pvt. Ltd., Odette E Retail Pvt. Ltd., Prada Spa, Victorias Secret and Co., VIP Industries Ltd., and Zouk |
Market Driver
The customization trend in handbags is gaining traction among consumers in India and globally. This trend extends beyond leather handbags to various materials such as denim, cotton canvas, jute, precious stones, and handicrafts. Caprese, a subsidiary of VIP Industries Ltd, is witnessing increasing demand for customized premium handbags. Their offerings include designs for The Customized Caprese Mom, The First Time Mom, The Boho Mom, and The Fashionista Mom. Local vendors and boutique shops also cater to this trend, producing a diverse range of customized and personalized handbags based on customer specifications. This focus on customization and personalization is predicted to fuel the growth of the handbags market in India.
The Handbags Market in India is witnessing structured growth with a focus on professional appearance. Nylon bags are popular due to their durability and affordability. Both offline and online channels are thriving, with social media platforms and bloggers driving online sales. International designers are making their mark, increasing brand loyalty and status symbols. Trade exhibits and brand-owned stores offer premium experiences, enhancing brand image. Mass-market alternatives and premium labels cater to various practical and aesthetic preferences. Shoulder bags, pouches, wallets, keys, makeup, and essentials are key styles and shapes. Urban centers see trends in individualised trends, workmanship, sustainable practices, and sizes. Handbags remain a vital fashion accessory and personal item for many.
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Market Challenges
The handbags market in India is experiencing significant growth due to increasing fashion trends and consumer demand. However, the market is marred by the presence of counterfeit leather handbags, particularly in the developing sector. This issue arises due to illegal business practices among market participants, leading to an unbalanced competitive landscape. The wide array of handbags available and the lack of product differentiation encourages local and regional vendors to introduce low-quality counterfeit handbags. These vendors sell their products at significantly lower prices than branded ones. The proliferation of e-commerce platforms has expanded the reach of counterfeit products across India, making it challenging for consumers to distinguish between genuine and fake items. This situation poses a threat to the sales and pricing strategies of genuine handbag vendors operating in India. To retain and attract customers, vendors invest in advertising and promotional campaigns. However, the high costs associated with such activities may impact their profit margins. Furthermore, the reliability concerns surrounding counterfeit handbags may discourage consumers from purchasing them, potentially limiting the growth of the handbags market in India.
The Indian handbags market presents both opportunities and challenges. Traditional craftsmanship, such as kimono clutches and lacquerware, offer unique products. However, competition from foreign companies and imports, including backpacks and totes, can impact domestic production. Ethical sources and sustainable activities, like vegan and recycled alternatives, are gaining popularity. Japanese designers bring a fresh perspective with their artisanal techniques in leatherworking and weaving. Counterfeiting is a significant challenge, affecting quality standards. E-commerce platforms, including resale sites, offer convenience but require strict quality checks. Elderly population's preference for traditional handbags contrasts with the trend towards contemporary handbags among influencers and celebrities. Premium materials like canvas and high-quality leather are in demand. Consumer experiences, brand awareness, and designer collaborations are essential for success. Tote bags, clutches, hobos, body crosses, saddles, and various styles cater to diverse needs. Plastic bags face regulations, leading to growth in shoulder bags and bohemian vibe body cross bags.
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Segment Overview
This handbags market in India report extensively covers market segmentation by
Product Type
1.1 Totes
1.2 Clutches and wallets
1.3 Shoulder bags
1.4 Satchels and saddles
Distribution Channel
Geography
1.1
Totes-
The handbag market in India is thriving, with numerous brands and local artisans offering a diverse range of styles and designs. Consumers show a strong preference for leather handbags, particularly those made from authentic Indian leather. E-commerce platforms and brick-and-mortar stores alike report steady sales growth. The market size is expected to expand further due to increasing disposable income and rising fashion consciousness among Indian consumers.
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Research Analysis
The handbags market in India is a vibrant and diverse industry, offering a wide range of styles, shapes, and sizes to cater to various aesthetic preferences. From classic purses and pocketbooks to trendy backpacks and kimono clutches, handbags serve as essential fashion accessories and personal items for women and men alike. They come in various shapes and sizes, including pouches, satchels, and pouches, and can be adorned with intricate artisanal techniques such as leatherworking, weaving, and embroidery. India's rich cultural heritage is reflected in the traditional craftsmanship that goes into creating these handbags. Japanese designers have also made their mark in the Indian handbag market, bringing a unique blend of Eastern and Western influences. Ethical sources, vegan alternatives, and recycled materials are increasingly popular choices, reflecting consumers' growing consciousness towards sustainability. Handbag sizes range from compact clutches to spacious backpacks, and the market offers a wide range of options for every budget. Resale sites have also gained popularity, allowing consumers to buy and sell pre-owned handbags at affordable prices. With so much variety and choice, the handbag market in India truly has something for everyone.
Market Research Overview
Handbags in India are more than just personal items; they are fashion accessories that reflect human culture and individuality. From purses and pocketbooks to wallets, keys, makeup essentials, and pouches, handbags come in various styles, shapes, sizes, and materials. They cater to both practical preferences, such as carrying daily essentials, and aesthetic preferences, making a fashion statement as a symbol of style and status. Handbags are available in various types, including satchels, clutches, totes, and backpacks. Materials range from synthetic fabrics and exotic skins to eco-friendly and ethical sources. Straps, handles, closures, and accessories add to their functionality and appeal. Handbags are a versatile fashion accessory, adapting to consumer lifestyles and fashion preferences. Social media and celebrity endorsements influence trends, while luxury brands and affordable options cater to diverse markets. The e-commerce boom offers convenience, and regional markets showcase traditional craftsmanship and artisanal techniques. Handbag exports and imports contribute significantly to the industry, with iconic brands and foreign companies entering the market. Resale sites and vegan alternatives cater to sustainability-conscious consumers. Domestic production and imports ensure a wide range of high-quality and unique products, with premium materials and ethical production practices.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Product Type
Totes
Clutches And Wallets
Shoulder Bags
Satchels And Saddles
Distribution Channel
Geography
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email:
[email protected]
Website:
SOURCE Technavio
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