An expandable, variable compression pouch with an exoskeleton construction, which is a hybrid construction that combines a soft, flexible shell with semi-flexible molded outer components on the back, sides, bottom and front of the flexible shell. These molded components form an exoskeleton that provides structural reinforcement where needed without limiting the essential qualities of expansion or contraction or form fit that is essential to achieve the unique features and superior function of the pouch of the present invention.