Market Insights Consumer Accessories Luggage & Bags

Bags & Containers - Madagascar

Madagascar

in Madagascar, a country known for its diverse wildlife and stunning landscapes, also plays a role in the Bags & Containers market.
In 2024, the revenue in this market segment amounts to an impressive US$115.30m, showcasing its significance in the country's economy.
Looking towards the future, the market is expected to grow at an annual rate of 6.56%, highlighting the potential for further expansion in the years to come.
While in Madagascar contributes to the Bags & Containers market, it is important to note that in global comparison, in the United States dominates this segment.
With a staggering revenue of US$6,421m in 2024, in the United States holds a significant share of the market, indicating its strong position in the industry.
To put the revenue figures into perspective, it is interesting to consider the per person revenues in relation to the total population.
In 2024, per person revenues reach US$3.71, highlighting the economic impact of the Bags & Containers market on each individual in Madagascar.
Overall, the Bags & Containers market in Madagascar showcases impressive revenue figures, suggesting its importance within the country's economy.
However, global comparisons reveal the dominance of the United States in this segment, emphasizing the country's strong position in the industry.
Madagascar's market for eco-friendly bags and containers is booming as consumers prioritize sustainability and environmental consciousness.

Key regions: United States, India, Canada, Europe, France

Market

Region

Region comparison

Currency

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on accessories, including watches and jewelry, as well as luggage and bags. that are produced for private end consumers. Retail sales through both offline and online sales channels are included.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, market data from third-party sources (e.g., independent databases), historical developments, current trends, as well as survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and consumer spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, exponential trend smoothing is well suited for making forecasts about the Accessories market, which is projected to grow steadily. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).