Sleeping Bag Market Size to Surpass Around US$ 2.79 Billion 2030, Recording a CAGR of 7.9% | Report by CoherentMI

BURLINGAME, Calif., Feb. 27, 2024 /PRNewswire/ — CoherentMI published a report, titled, Sleeping Bag Market was valued at US$ 1.64 Billion in the year 2023 and is anticipated to reach US$ 2.79 Billion by 2030, at a CAGR of 7.9% during forecast period 2023-2030.

Market Dynamics:

The increasing popularity of camping and outdoor activities is one of the major drivers for the growth of the sleeping bag market. With the rising interest in adventure sports and recreational activities, more individuals are opting for camping trips and outdoor adventures. This has led to a significant increase in the demand for sleeping bags, as they are essential for providing comfort and warmth during outdoor stays. Moreover, the growing trend of off-grid vacations and sustainable tourism is further boosting the market growth. Additionally, the technological advancements and innovative designs in sleeping bags, such as lightweight and compact options, are attracting more customers. These factors are expected to drive the growth of the sleeping bag market in the coming years.

Sleeping Bag Market Report Coverage:

 

Key Market Takeaways:

The sleeping bag market size is anticipated to witness a CAGR of 7.9% during the forecast period 2023-2030, owing to the growing demand for camping and outdoor activities.On the basis of product type, the rectangular sleeping bag segment is expected to hold a dominant position, owing to its versatility and spaciousness.In terms of end-users, the individual segment is expected to dominate the market. However, there is also a significant demand for sleeping bags from institutional and commercial entities such as the military, scouts, and rental companies.Offline distribution channels, such as specialty stores and department stores, are expected to dominate the market, although online sales are also growing in popularity.The synthetic (polyester) insulation material is expected to hold a dominant position in the market due to its affordability, durability, and superior moisture resistance.The 3-season temperature rating segment is anticipated to dominate the market, as it caters to a wide range of outdoor conditions and is suitable for most camping activities.North America is expected to hold a dominant position in the sleeping bag market, owing to the region’s high interest in outdoor activities and camping.Key players operating in the sleeping bag market include The Coleman Company Inc., Johnson Outdoors Inc., Oase Outdoors ApS, and VF Corporation, among others. These companies offer a wide range of sleeping bags catering to different customer needs and preferences.

Market Trends:

Two key trends are expected to shape the sleeping bag market in the forecast period. Firstly, the increasing demand for eco-friendly and sustainable sleeping bags is gaining traction. Consumers are becoming more conscious about the environmental impact of their products and are opting for environmentally friendly options. This trend has led to the development of sleeping bags made from recycled or organic materials, which are both durable and sustainable. Secondly, the rising popularity of camping and hiking clubs and communities is driving the market growth. These clubs organize regular outdoor trips and expeditions, creating a constant demand for high-quality sleeping bags. The market players are leveraging this trend by collaborating with such clubs and promoting their products through sponsorships and endorsements. These trends are expected to propel the growth of the sleeping bag market in the coming years.

Recent Developments:

In October 2021, AMG Group expanded camping gear portfolio with acquisition of Rab and Lowe Alpine brands from Equip Outdoor Technologies Ltd.In January 2020, The North Face enhanced sustainability efforts with Upgraded Cat’s Meow 22 Sleeping Bag for women, featuring Heatseeker Eco Insulation sourced from recycled plastic bottles.

Read complete market research report, “Sleeping Bag Market Size And Share Analysis – Growth Trends And Forecasts (2023 – 2030)“, Published by CoherentMI.

Market Opportunities:

Growing Demand for Camping and Outdoor Activities

The sleeping bag market is experiencing a significant growth opportunity due to the increasing popularity of camping and outdoor activities. With more individuals and families seeking outdoor adventures and exploring nature, the demand for sleeping bags is on the rise. People are becoming more aware of the benefits of spending time in nature and the need for proper gear to ensure a comfortable experience.

This opportunity is further fueled by the rising disposable income of consumers, making it more affordable for them to invest in quality sleeping bags. Additionally, the influence of social media and travel bloggers showcasing their outdoor adventures has also contributed to the growth of this market. As more people seek to replicate these experiences, they turn to purchasing their own sleeping bags to enhance their outdoor experience.

Increasing Adoption of Camping by Institutions and Commercial Entities

Apart from individual consumers, there is also a growing demand for sleeping bags from institutional and commercial entities. Institutions such as the military and scouting organizations often conduct outdoor training and camping activities, requiring a large number of sleeping bags. Similarly, commercial entities such as rental companies catering to camping and adventure tourism also need a steady supply of sleeping bags to meet their customers’ needs.

This market segment offers a substantial opportunity for growth as there is a continuous demand for sleeping bags for institutional and commercial purposes. The need for durability, high-quality insulation, and comfort in these applications further drives the demand for specialized sleeping bags.

Overall, the sleeping bag market presents lucrative opportunities for growth, driven by the increasing popularity of camping and outdoor activities among individuals, institutions, and commercial entities. Manufacturers and retailers in this market can capitalize on these opportunities by offering innovative products, expanding their distribution channels, and catering to the specific needs of different customer segments.

Sleeping Bag Market Segmentation:

By Product TypeRectangularMummyDouble3-season4-seasonKidsOthers (blankets, quilts) By End UserIndividualInstitutional (military, scouts)Commercial (rentals) By Distribution ChannelOffline (specialty stores, department stores)Online By Insulation MaterialDownSynthetic (polyester)WoolCottonOthers (silk) By Temperature RatingSummer (+35°F to +50°F)3-season (+15°F to +35°F)Winter (0°F to +15°F)Extreme (-10°F and below) By SizeKidsSingleDoubleQueen/KingOthers (oversized)By RegionNorth AmericaEuropeAsia PacificLatin AmericaMiddle East & Africa

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Top Questions Answered in this Report:

What factors are impeding the growth of the Sleeping Bag Market?What are the primary drivers fueling the growth of the Sleeping Bag Market?Which segment dominates as the leading component in the Sleeping Bag Market?Who are the key players actively participating in the Sleeping Bag Market?Which region is expected to take the lead in the Sleeping Bag Market?What is the projected CAGR of the Sleeping Bag Market?

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SOURCE Coherent Market Insights