The global chest bags products market was valued at USD 8.1 billion in 2021 and is projected to expand at a CAGR of 5.3% from 2022 to 2030. Chest bags are becoming increasingly popular among both men and women as they are convenient to carry and offer easy access to items. Furthermore, with the growing trend of athleisure, chest bags are becoming a popular accessory among fashion-conscious consumers. The increasing demand for backpacks, shoulder bags, and crossbody bags is propelling the market growth.

In addition, the increasing demand for premium chest bags is also driving the market growth. Manufacturers are introducing premium chest bags with advanced features such as waterproofing and anti-theft features. For instance, in April 2021, Swiss brand Victorinox launched a new range of chest bags with advanced features such as anti-theft zippers and a waterproof lining. The launch of premium chest bags is expected to increase the market share of chest bags in the overall bags market.

Moreover, expanding retail channels such as online stores and offline stores is also driving the chest bags products market. Online stores such as Amazon and Flipkart offer a wide variety of chest bags, which is driving the sales of chest bags products. Furthermore, with the advancement of technology, the introduction of artificial intelligence (AI) in chest bags is increasing the convenience of storing and managing items. For instance, in January 2021, Herschel Supply Co. launched a new chest bag with a built-in AI system to store and manage items.

Furthermore, key players in the market are introducing chest bags in various colors and styles to attract more consumers. For instance, in August 2021, Adidas launched a new limited-edition collection of chest bags in various colors and styles. The collection was designed for athletes and outdoor enthusiasts and included features such as water-repellent materials and reflective accents. The introduction of new and stylish products is expected to drive the market for chest bags in the forecast period.

The backpacks segment held the largest share of the market in 2020, owing to its multifunctionality and convenience. The increasing trend of outdoor activities and sports, along with the availability of stylish backpacks, has been driving the segment’s growth. According to an article published by the Outdoor Industry Association, in August 2020, backpacks are the most popular type of bags for outdoor activities with a total sales of about $4 billion. Moreover, rapid urbanization and increasing disposable income of consumers across the globe are providing further impetus to the segment’s growth.

The chest bags segment is anticipated to expand at the highest CAGR of 9.2% over the forecast period. Chest bags are gaining traction among young consumers, owing to their stylish and trendy designs. Furthermore, chest bags are light in weight, which provides comfort to consumers while carrying them. The increasing trend of outdoor activities and sports, along with the availability of stylish chest bags, will boost the segment’s growth in the coming years.

The offline segment captured the major share of over 67.5% in 2022. The growth of the segment is mainly driven by the increasing number of physical stores and the availability of products in different colors, styles, and sizes. The presence of physical stores allows customers to touch and feel the products before making a purchase decision. Moreover, customers can avail discounts on bulk purchases and benefit from the convenience provided by these stores.

The online segment is anticipated to expand at the highest CAGR of 14.8% over the forecast period. The rising penetration of the internet and the rapid development of digital technology have significantly contributed to the growth of e-commerce platforms. Online stores offer a wide variety of chest bags in different colors, styles, and sizes. Moreover, customers can avail discounts on bulk purchases and benefit from the convenience provided by these stores. In addition, e-commerce platforms have made it easier for customers to compare prices and features of different products before making a purchase decision.

The casual segment accounted for the largest revenue share of 64.5% in the year 2022. This is attributed to the growing preference for casual chest bags among the young generation. The fashion trend among the youth is another major factor driving the growth of this segment. Furthermore, the increasing demand for bags with multiple compartments, pockets, and adjustable straps is driving the growth of the casual segment.

The sports segment is anticipated to expand at the highest CAGR of 10.3% over the forecast period. The rising trend of adventure and extreme sports activities such as rock climbing, running, etc. is fueling the demand for sports chest bags. Moreover, the increasing demand for chest bags with enhanced features such as adjustable straps, water-resistant fabric, and padded straps is driving the growth of the sports segment. In addition, the growing popularity of outdoor events, sports, and other activities is further propelling the demand for sports chest bags.

Europe dominated the global chest bags market and accounted for the largest revenue share of over 38.6% in 2022. Increasing demand for stylish and fashionable bags is a key factor behind this growth in the region. The growing trend of carrying chest bags is expected to fuel the growth of the market in Europe over the forecast period. For instance, in April 2021, Kompanero launched a collection of chest bags in France to cater to the growing demand of stylish bags among consumers.

Asia Pacific is expected to witness the second-fastest growth in the coming years. The presence of a large consumer base, especially in countries such as India, China, and Japan, is expected to drive the growth of the market in the region. Additionally, increasing disposable incomes are expected to increase the demand for stylish and fashionable chest bags among consumers in the region. For instance, in October 2021, Wildcraft launched a range of chest bags in India to cater to the rising demand.

In this part of the Chest Bags Products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your Chest Bags Products business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for a Chest Bags Products business comes from product sales. Here you will find a list with a description of each sale and other possible sources of profit such as wholesale orders, dropshipping, and fundraising.

Projecting Expenses
In this section, all the regular expenses related to keeping the Chest Bags Products business running will be described. The list of operating expenses includes web hosting fees, wages, shipping and packaging, advertising, utilities, insurance policies, and others.

Some of the key companies operating in the chest bags market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, Nike Inc. launched the Air Zoom chest bag, a new style of bags designed to provide maximum comfort and durability.

– In August 2022, Adidas AG launched the Quickforce series of chest bags designed to provide better storage capacity for everyday use.

– In October 2022, Herschel Supply Co. launched the X-Force series of chest bags providing superior protection from the elements.

Some of the prominent players in the chest bags market include:

– Adidas AG
– Reebok International Limited
– Nike Inc.
– Herschel Supply Co.
– Kipling
– JanSport
– Fjallraven
– High Sierra
– Osprey
– The North Face

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global chest bags products market based on product, distribution channel, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– Leather Bags
– Canvas Bags
– Nylon Bags
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Online
– Others

3. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What is the Potential for Growth in the Chest Bags Market?
[A]: The increasing demand for convenience and comfort is expected to drive the market for chest bags. Moreover, the growing trend of travel and leisure activities among the young population is expected to drive the demand for chest bags. Additionally, the growing trend of carrying multiple items in a single bag is expected to drive the market for chest bags. Moreover, chest bags are also gaining popularity among the male population, which is expected to drive the market.

[Q]: Who are the Key Players in the Chest Bags Market?
[A]: Key players in the Chest Bags market include VF Corporation, Guess, Inc., JanSport, Kipling, and Puma.

[Q]: What Factors are driving the Market for Chest Bags?
[A]: The growing trend of fashion statement bags among the young population, the increasing disposable income of individuals, and the growth in the e-commerce sector are some of the key factors driving the market for chest bags.

[Q]: What is the Market Outlook for Chest Bags?
[A]: The chest bags market is expected to witness a moderate growth rate over the forecast period. The growing trend of fashion statement bags among the young population and the increasing disposable income of individuals are some of the major factors driving the market. Moreover, increasing demand for convenience and comfort is also expected to drive the market for chest bags.