India: Luggage Market 2024

Luggage Market Size in India

After two years of decline, the Indian luggage market increased by 16% to $X in 2021. Over the period under review, consumption posted strong growth. Luggage consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Luggage Production in India

In value terms, luggage production declined modestly to $X in 2021 estimated in export price. Over the period under review, production enjoyed a resilient increase. The most prominent rate of growth was recorded in 2013 when the production volume increased by 77% against the previous year. Over the period under review, production attained the maximum level at $X in 2020, and then dropped slightly in the following year.

Luggage Exports

Exports from India

In 2021, overseas shipments of luggage and handbags were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +2.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, luggage exports surged to $X in 2021. The total export value increased at an average annual rate of +5.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for luggage exports from India, accounting for a 28% share of total exports. Moreover, luggage exports to the United States exceeded the volume sent to the second major destination, France (X tons), twofold. The third position in this ranking was held by the UK (X tons), with a 7.6% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +9.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+16.0% per year) and the UK (-7.2% per year).

In value terms, the United States ($X) remains the key foreign market for luggage and handbags exports from India, comprising 29% of total exports. The second position in the ranking was held by France ($X), with a 13% share of total exports. It was followed by the UK, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +13.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+14.9% per year) and the UK (-4.0% per year).

Export Prices by Country

In 2021, the average luggage export price amounted to $X per ton, remaining relatively unchanged against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.0%. The most prominent rate of growth was recorded in 2017 an increase of 11% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2020, and then declined modestly in the following year.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Denmark ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+4.1%), while the prices for the other major destinations experienced more modest paces of growth.

Luggage Imports

Imports into India

Luggage imports into India skyrocketed to X tons in 2021, rising by 55% against 2020. Overall, imports recorded a modest expansion. Imports peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, luggage imports soared to $X in 2021. Over the period under review, imports enjoyed a pronounced expansion. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Bangladesh (X tons) and Singapore (X tons) were the main suppliers of luggage imports to India, together accounting for 84% of total imports.

From 2012 to 2021, the biggest increases were recorded for Bangladesh (with a CAGR of +317.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of luggage and handbags to India, comprising 53% of total imports. The second position in the ranking was taken by Bangladesh ($X), with a 21% share of total imports. It was followed by Singapore, with a 6.5% share.

From 2012 to 2021, the average annual growth rate of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Bangladesh (+329.8% per year) and Singapore (+36.8% per year).

Import Prices by Country

The average luggage import price stood at $X per ton in 2021, picking up by 4.2% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.1%. The growth pace was the most rapid in 2020 when the average import price increased by 15% against the previous year. The import price peaked in 2021 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per ton), while the price for Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+6.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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