Jun 11, 2025
IndexBox has just published a new report: Asia-Pacific – Handbags – Market Analysis, Forecast, Size, Trends And Insights.
The handbag market in Asia-Pacific is poised for growth with an anticipated CAGR of +1.6% in volume and +1.5% in value from 2024 to 2035. With increasing demand for handbags in the region, the market is expected to expand significantly, reaching 2.2 billion units and $16.9 billion in value by the end of 2035.
Market Forecast
Driven by increasing demand for handbags in Asia-Pacific, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +1.6% for the period from 2024 to 2035, which is projected to bring the market volume to 2.2B units by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +1.5% for the period from 2024 to 2035, which is projected to bring the market value to $16.9B (in nominal wholesale prices) by the end of 2035.
Consumption
Asia-Pacific’s Consumption of Handbags
In 2024, consumption of handbags decreased by -2.3% to 1.9B units, falling for the second consecutive year after two years of growth. In general, consumption, however, saw a relatively flat trend pattern. As a result, consumption attained the peak volume of 2.1B units. From 2023 to 2024, the growth of the consumption failed to regain momentum.
The value of the handbag market in Asia-Pacific fell slightly to $14.3B in 2024, declining by -2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.4% from 2013 to 2024; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $14.9B. From 2023 to 2024, the growth of the market failed to regain momentum.
Consumption By Country
The countries with the highest volumes of consumption in 2024 were China (654M units), India (443M units) and Indonesia (146M units), with a combined 67% share of total consumption.
From 2013 to 2024, the biggest increases were recorded for India (with a CAGR of +6.0%), while consumption for the other leaders experienced more modest paces of growth.
In value terms, the largest handbag markets in Asia-Pacific were China ($2.2B), South Korea ($2.1B) and Bangladesh ($1.7B), with a combined 41% share of the total market. Vietnam, Pakistan, Indonesia, Thailand, India and Myanmar lagged somewhat behind, together accounting for a further 24%.
Thailand, with a CAGR of +7.3%, saw the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other leaders experienced more modest paces of growth.
The countries with the highest levels of handbag per capita consumption in 2024 were South Korea (1,181 units per 1000 persons), Thailand (1,096 units per 1000 persons) and Myanmar (729 units per 1000 persons).
From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by India (with a CAGR of +5.0%), while consumption for the other leaders experienced more modest paces of growth.
Production
Asia-Pacific’s Production of Handbags
In 2024, approx. 4.2B units of handbags were produced in Asia-Pacific; surging by 3% on the previous year’s figure. Over the period under review, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 113%. As a result, production reached the peak volume of 8B units. From 2017 to 2024, production growth remained at a lower figure.
In value terms, handbag production rose rapidly to $19B in 2024 estimated in export price. The total output value increased at an average annual rate of +1.2% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 40% against the previous year. As a result, production attained the peak level of $23.1B. From 2017 to 2024, production growth failed to regain momentum.
Production By Country
The country with the largest volume of handbag production was China (2.9B units), comprising approx. 68% of total volume. Moreover, handbag production in China exceeded the figures recorded by the second-largest producer, India (628M units), fivefold. Vietnam (164M units) ranked third in terms of total production with a 3.9% share.
In China, handbag production contracted by an average annual rate of -1.6% over the period from 2013-2024. In the other countries, the average annual rates were as follows: India (+5.6% per year) and Vietnam (+10.9% per year).
Imports
Asia-Pacific’s Imports of Handbags
In 2024, approx. 657M units of handbags were imported in Asia-Pacific; picking up by 2.4% compared with the previous year. The total import volume increased at an average annual rate of +3.0% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when imports increased by 39%. Over the period under review, imports hit record highs in 2024 and are expected to retain growth in years to come.
In value terms, handbag imports contracted to $14.8B in 2024. Over the period under review, imports posted a buoyant expansion. The pace of growth appeared the most rapid in 2021 with an increase of 34% against the previous year. The level of import peaked at $16.6B in 2023, and then shrank in the following year.
Imports By Country
In 2024, India (320M units) was the largest importer of handbags, constituting 49% of total imports. It was distantly followed by Thailand (81M units) and South Korea (45M units), together committing a 19% share of total imports. Australia (27M units), Indonesia (25M units), Taiwan (Chinese) (19M units), the Philippines (19M units), Japan (19M units), Hong Kong SAR (18M units) and China (18M units) followed a long way behind the leaders.
India was also the fastest-growing in terms of the handbags imports, with a CAGR of +24.4% from 2013 to 2024. At the same time, China (+10.2%), Indonesia (+9.3%), Australia (+5.7%), Thailand (+4.6%) and Japan (+2.6%) displayed positive paces of growth. Taiwan (Chinese) experienced a relatively flat trend pattern. By contrast, the Philippines (-3.7%), South Korea (-4.6%) and Hong Kong SAR (-17.5%) illustrated a downward trend over the same period. India (+43 p.p.), Thailand (+1.9 p.p.) and Indonesia (+1.8 p.p.) significantly strengthened its position in terms of the total imports, while the Philippines, South Korea and Hong Kong SAR saw its share reduced by -3.2%, -9.1% and -29.4% from 2013 to 2024, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, China ($4.3B) constitutes the largest market for imported handbags in Asia-Pacific, comprising 29% of total imports. The second position in the ranking was taken by Hong Kong SAR ($2.1B), with a 14% share of total imports. It was followed by South Korea, with a 14% share.
From 2013 to 2024, the average annual growth rate of value in China totaled +15.5%. In the other countries, the average annual rates were as follows: Hong Kong SAR (-3.1% per year) and South Korea (+7.0% per year).
Imports By Type
Handbags with outer surface of plastic sheeting or of textile materials represented the main imported product with an import of around 437M units, which accounted for 62% of total imports. Handbags with outer surface of vulcanised fibre or of paperboard (216M units) held a 31% share (based on physical terms) of total imports, which put it in second place, followed by handbags with outer surface of leather, composition leather, or patent leather (7.3%).
Imports of handbags with outer surface of plastic sheeting or of textile materials increased at an average annual rate of +2.0% from 2013 to 2024. At the same time, handbags with outer surface of vulcanised fibre or of paperboard (+13.1%) displayed positive paces of growth. Moreover, handbags with outer surface of vulcanised fibre or of paperboard emerged as the fastest-growing type imported in Asia-Pacific, with a CAGR of +13.1% from 2013-2024. By contrast, handbags with outer surface of leather, composition leather, or patent leather (-2.0%) illustrated a downward trend over the same period. While the share of handbags with outer surface of vulcanised fibre or of paperboard (+19 p.p.) increased significantly in terms of the total imports from 2013-2024, the share of handbags with outer surface of leather, composition leather, or patent leather (-6.4 p.p.) and handbags with outer surface of plastic sheeting or of textile materials (-12.4 p.p.) displayed negative dynamics.
In value terms, the largest types of imported handbags were handbags with outer surface of leather, composition leather, or patent leather ($8.1B), handbags with outer surface of plastic sheeting or of textile materials ($5.4B) and handbags with outer surface of vulcanised fibre or of paperboard ($436M).
Handbags with outer surface of plastic sheeting or of textile materials, with a CAGR of +6.9%, recorded the highest rates of growth with regard to the value of imports, among the main imported products over the period under review, while purchases for the other products experienced more modest paces of growth.
Import Prices By Type
In 2024, the import price in Asia-Pacific amounted to $23 per unit, with a decrease of -13% against the previous year. Import price indicated a perceptible expansion from 2013 to 2024: its price increased at an average annual rate of +2.7% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, handbag import price decreased by -16.8% against 2020 indices. The pace of growth was the most pronounced in 2020 when the import price increased by 32%. As a result, import price attained the peak level of $27 per unit. From 2021 to 2024, the import prices failed to regain momentum.
Prices varied noticeably by the product type; the product with the highest price was handbags with outer surface of leather, composition leather, or patent leather ($157 per unit), while the price for handbags with outer surface of vulcanised fibre or of paperboard ($2 per unit) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by handbags with outer surface of leather, composition leather, or patent leather (+6.2%), while the other products experienced mixed trends in the import price figures.
Import Prices By Country
The import price in Asia-Pacific stood at $23 per unit in 2024, reducing by -13% against the previous year. Import price indicated measured growth from 2013 to 2024: its price increased at an average annual rate of +2.7% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, handbag import price decreased by -16.8% against 2020 indices. The pace of growth appeared the most rapid in 2020 an increase of 32% against the previous year. As a result, import price reached the peak level of $27 per unit. From 2021 to 2024, the import prices remained at a somewhat lower figure.
Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($248 per unit), while India ($538 per thousand units) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+17.5%), while the other leaders experienced more modest paces of growth.
Exports
Asia-Pacific’s Exports of Handbags
In 2024, handbag exports in Asia-Pacific amounted to 3B units, picking up by 6.5% compared with 2023. In general, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when exports increased by 164% against the previous year. As a result, the exports attained the peak of 6.9B units. From 2017 to 2024, the growth of the exports remained at a lower figure.
In value terms, handbag exports dropped to $13.6B in 2024. Overall, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by 20% against the previous year. Over the period under review, the exports hit record highs at $15.1B in 2022; however, from 2023 to 2024, the exports failed to regain momentum.
Exports By Country
In 2024, China (2.2B units) was the major exporter of handbags, creating 74% of total exports. It was distantly followed by India (505M units), constituting a 17% share of total exports. Vietnam (108M units) and Cambodia (53M units) followed a long way behind the leaders.
From 2013 to 2024, average annual rates of growth with regard to handbag exports from China stood at -1.2%. At the same time, Cambodia (+38.8%), Vietnam (+16.7%) and India (+12.2%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +38.8% from 2013-2024. India (+12 p.p.), Vietnam (+2.9 p.p.) and Cambodia (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while China saw its share reduced by -14.6% from 2013 to 2024, respectively.
In value terms, China ($7.3B) remains the largest handbag supplier in Asia-Pacific, comprising 54% of total exports. The second position in the ranking was held by Vietnam ($1.2B), with a 9.1% share of total exports. It was followed by India, with a 6.6% share.
From 2013 to 2024, the average annual rate of growth in terms of value in China amounted to -1.8%. In the other countries, the average annual rates were as follows: Vietnam (+5.7% per year) and India (+3.9% per year).
Exports By Type
Handbags with outer surface of plastic sheeting or of textile materials dominates exports structure, accounting for 3B units, which was near 95% of total exports in 2024. Handbags with outer surface of leather, composition leather, or patent leather (92M units) and handbags with outer surface of vulcanised fibre or of paperboard (62M units) held a relatively small share of total exports.
From 2013 to 2024, average annual rates of growth with regard to handbags with outer surface of plastic sheeting or of textile materials exports of stood at +1.2%. At the same time, handbags with outer surface of vulcanised fibre or of paperboard (+1.7%) displayed positive paces of growth. Moreover, handbags with outer surface of vulcanised fibre or of paperboard emerged as the fastest-growing type exported in Asia-Pacific, with a CAGR of +1.7% from 2013-2024. By contrast, handbags with outer surface of leather, composition leather, or patent leather (-7.0%) illustrated a downward trend over the same period. Handbags with outer surface of plastic sheeting or of textile materials (+4 p.p.) significantly strengthened its position in terms of the total exports, while handbags with outer surface of leather, composition leather, or patent leather saw its share reduced by -4.2% from 2013 to 2024, respectively. The shares of the other products remained relatively stable throughout the analyzed period.
In value terms, handbags with outer surface of plastic sheeting or of textile materials ($10.4B) remains the largest type of handbags supplied in Asia-Pacific, comprising 72% of total exports. The second position in the ranking was held by handbags with outer surface of leather, composition leather, or patent leather ($3.7B), with a 25% share of total exports.
For handbags with outer surface of plastic sheeting or of textile materials, exports increased at an average annual rate of +2.0% over the period from 2013-2024. With regard to the other exported products, the following average annual rates of growth were recorded: handbags with outer surface of leather, composition leather, or patent leather (-2.7% per year) and handbags with outer surface of vulcanised fibre or of paperboard (-2.3% per year).
Export Prices By Type
In 2024, the export price in Asia-Pacific amounted to $4.5 per unit, dropping by -11% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 169% against the previous year. Over the period under review, the export prices hit record highs at $5.6 per unit in 2015; however, from 2016 to 2024, the export prices failed to regain momentum.
Prices varied noticeably by the product type; the product with the highest price was handbags with outer surface of leather, composition leather, or patent leather ($40 per unit), while the average price for exports of handbags with outer surface of plastic sheeting or of textile materials ($3.5 per unit) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by handbags with outer surface of leather, composition leather, or patent leather (+4.5%), while the other products experienced mixed trends in the export price figures.
Export Prices By Country
In 2024, the export price in Asia-Pacific amounted to $4.5 per unit, with a decrease of -11% against the previous year. Overall, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the export price increased by 169%. Over the period under review, the export prices reached the peak figure at $5.6 per unit in 2015; however, from 2016 to 2024, the export prices stood at a somewhat lower figure.
There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was Vietnam ($11 per unit), while India ($1.8 per unit) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Cambodia (+3.1%), while the other leaders experienced a decline in the export price figures.
Source: IndexBox Market Intelligence Platform
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