The Ultimate Guide To Gym Bag Market

The global gym bag market size is expected to reach USD 1.8 billion by 2025, according to a new report by Grand View Research, Inc., registering a 7.9% CAGR over the forecast period. The growth in the market is driven by increasing consumer consciousness regarding fitness and the availability of various products and accessories to suit individual needs. Moreover, rapid growth of the fitness and wellness sector in Asia and South America, along with rise in sales of health and fitness equipment, accessories, and products used in the industry and increasing presence of health clubs and fitness centers in these regions are contributing to the growth of this market.

The market is also driven by increasing purchasing power of consumers in developing countries in recent years, which has propelled product demand. Growth of the middle-income population group in these countries has resulted in higher disposable income in recent years. This has enabled them to opt for on-trend, fashionable, and premium products in the health and fitness sector. Surge in new product launches and the impact of ecommerce are other key factors driving the global market. Leading manufacturers are looking to cater to varying consumer requirements when it comes to a gym bag. These are then being made available across a host of online and offline distribution channels.

Increasing number of people turning to healthier lifestyles has also inspired several multinational companies to encourage their employees to take up health and fitness club memberships, a trend that is likely to give the market a boost. Gym bags that are compatible with various smart and connected devices is a lucrative opportunity for players in the market.

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Gym Bag Market Report Highlights

• In terms of revenue, duffle bags are projected to register a CAGR of 7.5% over the forecast period

• The offline channel led the market with a share of 86.6% in 2018. Varied products sold at supermarkets, hypermarkets, specialty stores, and others play a critical role in driving this segment

• North America dominated the global gym bag market in 2018, accounting for 38.3% of the revenue that year. This trend is projected to continue over the next few years

• A growing health and fitness industry, fueled by increasing awareness regarding fitness and well-being among consumers, is expected to propel the market

• With increasing disposable income in India, South Korea, China, and Japan, these markets offer lucrative opportunities for growth in Asia Pacific

• The industry is highly competitive in nature with the main players being JensenLee; Everlast Worldwide, Inc.; Chateau Manufacturing; Harissons; Nike, Inc.; ToteBagFactory; Herschel Supply Co. USA; and Adidas AG

• Various manufacturers are concentrating on new product launches, capacity expansion, and technological innovations to estimate existing and future demand patterns from upcoming product segments