Mar 12, 2025
IndexBox has just published a new report: World – Handbags – Market Analysis, Forecast, Size, Trends And Insights.
The handbag market is forecasted to see a positive trend in both volume and value terms from 2024 to 2035, with a CAGR of +1.4% and +1.9% respectively. This growth is attributed to the rising demand for handbags globally, indicating a lucrative opportunity for businesses in the industry.
Market Forecast
Driven by increasing demand for handbags worldwide, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.4% for the period from 2024 to 2035, which is projected to bring the market volume to 4.2B units by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +1.9% for the period from 2024 to 2035, which is projected to bring the market value to $44.2B (in nominal wholesale prices) by the end of 2035.
Consumption
World’s Consumption of Handbags
Global handbag consumption rose significantly to 3.6B units in 2024, increasing by 8.6% against 2023 figures. Over the period under review, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak volume of 3.7B units. From 2023 to 2024, the growth of the global consumption remained at a lower figure.
The global handbag market value rose slightly to $35.7B in 2024, growing by 2.4% 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). Overall, consumption recorded a relatively flat trend pattern. Over the period under review, the global market reached the peak level in 2024 and is expected to retain growth in the immediate term.
Consumption By Country
The countries with the highest volumes of consumption in 2024 were China (654M units), India (443M units) and the United States (247M units), together accounting for 37% of global consumption. Indonesia, the Netherlands, Pakistan, Mexico, Italy, Brazil and the UK lagged somewhat behind, together comprising a further 23%.
From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by the Netherlands (with a CAGR of +18.6%), while consumption for the other global leaders experienced more modest paces of growth.
In value terms, the largest handbag markets worldwide were the United States ($3.8B), China ($2.2B) and Italy ($1.5B), together accounting for 21% of the global market. The Netherlands, the UK, Pakistan, Indonesia, Mexico, India and Brazil lagged somewhat behind, together accounting for a further 14%.
Among the main consuming countries, the Netherlands, with a CAGR of +17.1%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.
In 2024, the highest levels of handbag per capita consumption was registered in the Netherlands (7.9 units per person), followed by Italy (1.8 units per person), the UK (1.2 units per person) and Mexico (0.9 units per person), while the world average per capita consumption of handbag was estimated at 0.4 units per person.
In the Netherlands, handbag per capita consumption increased at an average annual rate of +18.2% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Italy (+2.5% per year) and the UK (-0.8% per year).
Production
World’s Production of Handbags
In 2024, global handbag production reached 4.6B units, rising by 3.3% on 2023. In general, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 104% against the previous year. As a result, production reached the peak volume of 8.5B units. From 2017 to 2024, global production growth remained at a somewhat lower figure.
In value terms, handbag production fell to $30.5B in 2024 estimated in export price. The total output value increased at an average annual rate of +2.0% 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 when the production volume increased by 40% against the previous year. As a result, production attained the peak level of $34.7B. From 2017 to 2024, global production growth remained at a somewhat lower figure.
Production By Country
China (2.9B units) constituted the country with the largest volume of handbag production, comprising approx. 62% of total volume. Moreover, handbag production in China exceeded the figures recorded by the second-largest producer, India (628M units), fivefold. The third position in this ranking was taken by Vietnam (164M units), with a 3.6% share.
In China, handbag production decreased 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
World’s Imports of Handbags
In 2024, global imports of handbags rose significantly to 2.3B units, picking up by 11% on the year before. The total import volume increased at an average annual rate of +1.8% 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 with an increase of 31% against the previous year. Global imports peaked in 2024 and are likely to continue growth in the immediate term.
In value terms, handbag imports reduced to $34.3B in 2024. In general, total imports indicated a measured increase from 2013 to 2024: its value increased at an average annual rate of +4.3% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 29%. Global imports peaked at $37.2B in 2023, and then fell in the following year.
Imports By Country
India (320M units) and the United States (246M units) represented roughly 25% of total imports in 2024. It was followed by the Netherlands (163M units), Italy (127M units) and Mexico (118M units), together mixing up an 18% share of total imports. The following importers – Brazil (98M units), Spain (86M units), the UK (84M units), Thailand (81M units) and Chile (76M units) – together made up 19% of total imports.
From 2013 to 2024, the biggest increases were recorded for India (with a CAGR of +24.4%), while purchases for the other global leaders experienced more modest paces of growth.
In value terms, the United States ($3.9B) constitutes the largest market for imported handbags worldwide, comprising 11% of global imports. The second position in the ranking was held by Italy ($1.8B), with a 5.3% share of global imports. It was followed by the Netherlands, with a 4.1% share.
From 2013 to 2024, the average annual growth rate of value in the United States stood at +2.2%. In the other countries, the average annual rates were as follows: Italy (+3.4% per year) and the Netherlands (+15.2% 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 1.8B units, which accounted for 79% of total imports. Handbags with outer surface of vulcanised fibre or of paperboard (317M units) held a 14% 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 (6.9%).
Imports of handbags with outer surface of plastic sheeting or of textile materials increased at an average annual rate of +1.5% from 2013 to 2024. At the same time, handbags with outer surface of vulcanised fibre or of paperboard (+6.5%) displayed positive paces of growth. Moreover, handbags with outer surface of vulcanised fibre or of paperboard emerged as the fastest-growing type imported in the world, with a CAGR of +6.5% from 2013-2024. By contrast, handbags with outer surface of leather, composition leather, or patent leather (-1.8%) illustrated a downward trend over the same period. From 2013 to 2024, the share of handbags with outer surface of vulcanised fibre or of paperboard increased by +5.4 percentage points.
In value terms, handbags with outer surface of leather, composition leather, or patent leather ($18.2B), handbags with outer surface of plastic sheeting or of textile materials ($15.1B) and handbags with outer surface of vulcanised fibre or of paperboard ($998M) appeared to be the products with the highest levels of imports in 2024.
Handbags with outer surface of plastic sheeting or of textile materials, with a CAGR of +4.5%, recorded the highest growth rate of 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 average handbag import price amounted to $15 per unit, waning by -16.6% against the previous year. Overall, import price indicated a temperate increase from 2013 to 2024: its price increased at an average annual rate of +2.5% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 when the average import price increased by 20%. Global import price peaked at $18 per unit in 2023, and then fell notably in the following year.
There were significant differences in the average prices amongst the major imported products. In 2024, the product with the highest price was handbags with outer surface of leather, composition leather, or patent leather ($116 per unit), while the price for handbags with outer surface of vulcanised fibre or of paperboard ($3.2 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 (+6.0%), while the other products experienced mixed trends in the import price figures.
Import Prices By Country
In 2024, the average handbag import price amounted to $15 per unit, with a decrease of -16.6% against the previous year. Over the period under review, import price indicated perceptible growth from 2013 to 2024: its price increased at an average annual rate of +2.5% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when the average import price increased by 20%. Over the period under review, average import prices reached the peak figure at $18 per unit in 2023, and then fell significantly in the following year.
Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($16 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 Spain (+8.3%), while the other global leaders experienced more modest paces of growth.
Exports
World’s Exports of Handbags
For the fourth year in a row, the global market recorded growth in overseas shipments of handbags, which increased by 2.7% to 3.3B units in 2024. Over the period under review, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when exports increased by 153% against the previous year. As a result, the exports reached the peak of 7.3B units. From 2017 to 2024, the growth of the global exports failed to regain momentum.
In value terms, handbag exports shrank slightly to $37.6B in 2024. In general, total exports indicated a tangible expansion from 2013 to 2024: its value increased at an average annual rate of +3.9% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, exports increased by +41.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 25% against the previous year. Over the period under review, the global exports attained the maximum at $38.8B in 2023, and then dropped in the following year.
Exports By Country
China represented the key exporter of handbags in the world, with the volume of exports finishing at 2.2B units, which was approx. 68% of total exports in 2024. It was distantly followed by India (505M units), comprising a 15% share of total exports. Vietnam (108M units), Cambodia (53M units) and Italy (51M units) took a minor share of total exports.
Exports from China decreased at an average annual rate of -1.2% from 2013 to 2024. At the same time, Cambodia (+38.8%), Vietnam (+16.7%), India (+12.2%) and Italy (+2.7%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing exporter exported in the world, with a CAGR of +38.8% from 2013-2024. From 2013 to 2024, the share of India, Vietnam and Cambodia increased by +11, +2.6 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, Italy ($9.6B), China ($7.3B) and Vietnam ($1.2B) were the countries with the highest levels of exports in 2024, with a combined 48% share of global exports. India and Cambodia lagged somewhat behind, together comprising a further 3.5%.
Among the main exporting countries, Cambodia, with a CAGR of +43.1%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.
Exports By Type
Handbags with outer surface of plastic sheeting or of textile materials dominates exports structure, amounting to 3.1B units, which was approx. 93% of total exports in 2024. It was distantly followed by handbags with outer surface of leather, composition leather, or patent leather (149M units), achieving a 4.5% share of total exports. Handbags with outer surface of vulcanised fibre or of paperboard (85M units) held a relatively small share of total exports.
Handbags with outer surface of plastic sheeting or of textile materials experienced a relatively flat trend pattern with regard to volume of exports. Handbags with outer surface of vulcanised fibre or of paperboard experienced a relatively flat trend pattern. handbags with outer surface of leather, composition leather, or patent leather (-4.5%) illustrated a downward trend over the same period. From 2013 to 2024, the share of handbags with outer surface of plastic sheeting or of textile materials increased by +3.8 percentage points. The shares of the other products remained relatively stable throughout the analyzed period.
In value terms, the largest types of exported handbags were handbags with outer surface of leather, composition leather, or patent leather ($19.4B), handbags with outer surface of plastic sheeting or of textile materials ($17.3B) and handbags with outer surface of vulcanised fibre or of paperboard ($1B).
Handbags with outer surface of leather, composition leather, or patent leather, with a CAGR of +4.3%, saw the highest rates of growth with regard to the value of exports, among the main exported products over the period under review, while shipments for the other products experienced more modest paces of growth.
Export Prices By Type
The average handbag export price stood at $11 per unit in 2024, reducing by -5.5% against the previous year. In general, export price indicated notable growth from 2013 to 2024: its price increased at an average annual rate of +3.2% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 an increase of 160%. The global export price peaked at $12 per unit in 2023, and then declined in the following year.
There were significant differences in the average prices amongst the major exported products. In 2024, the product with the highest price was handbags with outer surface of leather, composition leather, or patent leather ($130 per unit), while the average price for exports of handbags with outer surface of plastic sheeting or of textile materials ($5.6 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 (+9.2%), while the other products experienced more modest paces of growth.
Export Prices By Country
In 2024, the average handbag export price amounted to $11 per unit, which is down by -5.5% against the previous year. Overall, export price indicated a pronounced increase from 2013 to 2024: its price increased at an average annual rate of +3.2% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 an increase of 160% against the previous year. Over the period under review, the average export prices hit record highs at $12 per unit in 2023, and then dropped in the following year.
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 Italy ($187 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 Italy (+3.7%), while the other global leaders experienced mixed trends in the export price figures.
Source: IndexBox Market Intelligence Platform
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