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The global handbag market size is projected to reach USD 78.46 billion by 2028 owing to the increasing availability of premium bag brands on e-commerce platforms.

Fortune Business Insights™ shares this information in its report, titled “Handbag Market, 2021-2028”.

The report further states that the global market value was USD 47.57 billion in 2020, and the market is expected to register a CAGR of 6.8% from 2021 to 2028.COVID-19 ImpactThe COVID-19 pandemic has seriously injured the consumer goods industry and has hampered the handbag market growth.

According to Fortune Business Insights™, the global market slumped by a staggering 25.6% in 2020, with its size predicted to reach USD 49.63 billion in 2021.

The main reasons for the market’s declining growth trajectory in the 2020-21 period include sharp demand contractions underpinned by falling incomes, increasing raw material prices, and reduced production.Sequential Brands Group & Centric Brands to Collaborate for Handbag & Jewelry CollectionsIn November 2019, Sequential Brands Group teamed up with Hollywood celebrity Jessica Simpson to enter into a multi-year licensing partnership with Centric Brands.

Under the agreement, the two companies will collaborate to develop, manufacture, and distribute Simpson’s new line of handbag and jewelry collections.

 The global ''handbag market size'' is projected to reach USD 78.46 billion by 2028, exhibiting a CAGR of 6.8% during the forecast period.

For example, New York-based Angela Roi has been committedly developing vegan, leather-free totes and bucket bags.

The market has been segmented in the following manner:Based on product type, the market segments include tote, clutch, satchel, and others.

Study Period: 2016-2027 Base Year: 2019 Forecast Period: 2020-2027 Historical Period: 2016-2018 List of Key Companies Covered in the Handbag Market Report:Calvin Klein Inc. (New York, USA)Hermès International S.A. (Paris, France)Fendi (Rome, Italy)Guccio Gucci S.p.A. (Florence, Italy)Louis Vuitton Malletier  (Paris, France)Kate Spade (New York, USA)Burberry (London, UK)Prada S.p.A. (Milan, Italy)Chanel Ltd (Paris, France)Coach IP Holdings LLC (New York, USA) What Does the Report Offer?The report provides a detailed analysis of the key market aspects, namely, the dominant companies, end-users, and leading product types.

Besides this, large bag manufacturers are increasingly focusing on developing products using recyclable and sustainable materials to future-proof their brands, thus aiding the handbag market growth.

Handbag Market report Focus on:Extensive product offeringsCustomer research servicesRobust research methodologyComprehensive reportsLatest technological developmentsValue chain analysisPotential Market opportunitiesGrowth dynamicsQuality assurancePost-sales supportRegular report updates  Reasons to Purchase this Report:Comprehensive analysis of the market growth drivers, obstacles, opportunities, and other related challenges.Tracks the developments, such as new product launches, agreements, mergers and acquisitions, geographical expansions, and joint ventures.Identifies market restraints and boosters.Identifies all the possible segments present in the market to aid organizations in strategic business planning.

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