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NEW YORK, Oct. 11, 2022 /PRNewswire/ — The “Handbags Market in Japan by Distribution Channel and Product – Forecast and Analysis 2022-2026” report has been added to Technavio’s offering. According to the report, the market will observe an incremental growth of USD 801.39 billion between 2021 and 2026. Also, the market is expected to observe a YOY growth of 5.88% in 2022 and the growth momentum will accelerate at a CAGR of 6.48% during the forecast period. The market structure is fragmented with the presence of several regional and global vendors that have a strong foothold across Japan.
Technavio’s report on the handbags market in Japan provides all foreseeable market scenarios, including pre- and post-COVID-19 analysis, new product launches, major revenue-generating segments, and other important statistics. Understand the scope of the report. Download Free PDF Report Sample Here
The vendors operating in the market are focusing on developing innovative and unique offerings in terms of design, quality, and specifications to cater to the demand for handbags in Japan. Prominent vendors are trying to establish a strong customer base in the country by providing a wide variety of products. The market is expected to witness high competition globally due to the increasing product offerings by market players and the increasing number of M and As in the market. In addition, increased emphasis on inorganic growth through the acquisition of new brands, collaborations, and partnerships and a rise in the number of startups are expected to further intensify the competition in the market during the forecast period.
The increasing demand for eco-friendly and sustainable handbags is rising has been instrumental in driving the growth of the market. However, backpacks and duffel bags replacing handbags might hamper the market growth. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The report identifies ACE Co. Ltd., Anello Direct, Coo Co. Ltd., Gabiani Design, IKETEI Co. Ltd., ISSEY MIYAKE Inc., Kanmi, Okayama Denim, Samantha Thavasa Japan Ltd., Tokyo Otaku Mode Inc., Tsuchiya Kaban Co. Ltd., UN BILLION Co. Ltd., and Yoshida Co. Ltd. as among some of the major market participants. Request Sample Report Here
Handbags Market in Japan 2022-2026: Segmentation
The handbags market in Japan is segmented as below:
- Distribution Channel
- Offline
- Online
The offline segment accounted for the maximum sales of handbags in Japan in 2022. The segment comprises convenience stores, department stores, airport retail stores, multi-brand stores, apparel stores, factory outlets, hypermarkets and supermarkets, and other retail outlets. Factors such as discounts and an enhanced shopping experience are encouraging consumers to buy handbags from offline retail channels.
- Product
- Totes
- Clutches and Wallets
- Shoulder Bags
- Satchels and Saddles
The totes segment held the largest share of the market in 2021. The increasing promotion of tote bags as laptop bags, sports bags, and travel bags by vendors is fueling the growth of the segment. The market growth in the segment will be significant over the forecast period. Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The handbags market in Japan report covers the following areas:
Handbags Market in Japan 2022-2026: Key Highlights
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will assist handbags market growth in Japan during the next five years
- Estimation of the handbags market size in Japan and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the handbags market in Japan
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of handbags market vendors in Japan
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