The global party supplies market is estimated to be valued at $21,352.9 million by 2028, surging from $10,096.5 million in 2020 at a noteworthy CAGR of 8.2%.
Impact Analysis of COVID-19 on the Party Supplies Market
The global market for party supplies is estimated to experience a negative impact amid the COVID-19 pandemic. The growth rate of the market has been found to decline amid the pandemic due to supply chain disruptions and complete lockdowns that has led to restrictions on large gatherings. In addition, the closure of supermarkets, hypermarkets, specialized stores, convenience stores, and others has led to huge revenue losses and decline in demand. Some of these stores are closed permanently and the workers have now become jobless. The change in consumer preferences towards purchase of essential goods and cash savings have greatly affected the demand for party supplies market. Also, the social distancing norms, economic crisis, and ban on social gatherings have led to decline in the demand for party supplies. All these factors have negatively affected the party supplies market.
Various initiatives and technological advancements are helping the party supplies manufacturers amid the pandemic. For instance, the party supplies manufacturers have turned towards e-commerce platforms to sell their products and to gain revenue. The popularity of virtual events such as weddings, birthday parties, bachelorette parties and virtual corporate events increase rapidly. To cope with the change and to gain significant amount of revenue, the party supplies manufacturers have shifted towards online platforms. These aspects are estimated to drive the market growth during the pandemic.
Global Party Supplies Market Analysis
The enormous growth of the global party supplies market is mainly attributed to increase in event management agencies and growing urban population. The event management agencies play a crucial role in successfully conducting any event and gaining customer attention. These agencies handle the complete event from start to end. Also, for conducting any event, they need party supplies such as balloons, banners, games, pinatas, take away gifts, tableware, and others to make their events fruitful. Hence, the demand for attractive party supplies such as hats, balloons, masks, banners, lights has gained huge attention. Also, various party supplies are available with innovative combination that makes an event aesthetically pleasing. In addition, the rise in urban population has propelled the demand for party supplies as the urban dwellers are actively involved in various parties and events and they connect with their friends and relatives regularly. All these aspects are predicted to create a positive impact on the party supplies market growth during the forecast period.
Some of the party supplies such as plastic cups, plates, balloons are non-biodegradable and raise environmental concerns such as pollution, which is estimated to restrain the market growth. These non-biodegradable party supplies can lead to water pollution, and they are not preferred by environment-conscious people, which is anticipated to affect the market.
Product innovations and rise in demand for eco-friendly products are estimated to generate huge opportunities for the global party supplies market in the upcoming years. Increase in consumer awareness regarding environmental concerns has led to increase in demand for sustainable and eco-friendly party supplies. Hence, the party supplies manufacturers are focusing on developing eco-friendly sustainable products. For instance, Botanical Paperworks, the leading manufacturer of eco-friendly paper products has designed a unique invitation card which is a plantable card printed on seed paper and has daisy and snapdragon seeds embedded in them. After receiving these cards, the guests can plant them directly into the soil to watch new flower sprouts. Furthermore, the Big Dipper Wax Works, the natural beeswax product manufacturer, has designed new beeswax candle that comes in classic hues. Such advancements and product innovations are estimated to generate huge opportunities for the party supplies market growth during the analysis timeframe.
Global Party Supplies Market, Segmentation
The global party supplies market is segmented based on product type, end-use, distribution channel, and regions.
Product Type:
The product type segment is further classified into balloons, banners, pinatas, games, home décor, tableware/disposables, take away gifts, and others. Among these, the tableware/disposables sub-segment accounted for the dominant market share and is estimated to surpass $2,762.7 million by 2028, with an increase from $1,523.6 million in 2020. This growth is majorly owing to development of sustainable tableware/disposables that are manufactured using zero-waste production methods, they are compostable, and made from natural waste materials. For instance, the tableware/disposables manufactured by Natural Tableware, the largest manufacturer of sustainable products, have developed sustainable tableware that are lightweight, microwave safe, freezer safe, lightweight, sturdy, and liquid resistant. Also, these products have eye-catching designs and meet highest safety standards. Also, the use of disposable products can save water and time required for cleaning. All these factors are predicted to create positive impact on the tableware/disposables sub-segment throughout the forecast period.
Download an PDF Sample of Party Supplies Market
End use:
The end-use sub-segment is further divided into commercial and domestic. The domestic sub-segment has accounted for the dominant revenue share in the global market and is estimated to register a revenue of $17,779.4 million during the forecast period. This is majorly owing to increase in demand for party supplies such as balloons, banners, home décor, and other products for house parties, wedding functions, bachelorette parties, wedding parties, and festival celebrations. In addition, growing trends of house parties due to lockdown restrictions imposed by pandemic and celebration of various events virtually using video conferencing is estimated to drive the growth of domestic sub-segment during the forecast period.
Distribution Channel:
The distribution channel segment is further classified into supermarket/hypermarket, convenience stores, specialized stores, e-commerce, and others. Among these, the supermarket/hypermarket sub-segment has acquired a dominant market share of $2,368.7 million in 2020 and it is anticipated to surpass $4,633.6 million by 2028. The supermarket/hypermarkets are the large retail stores that offer various products from different brand at competitive and discounted price under one roof. Also, these stores have ample of parking space, they operate under convenient timings, as well as users have an option to choose the product from the shelves based on their choice. All these factors are anticipated to create a positive impact on the supermarket/hypermarket sub-segment of the party supplies market throughout the forecast period.
Region:
The party supplies market for the Asia-Pacific region is projected to witness rapid growth. This region generated a revenue of $2,587.5 million in 2020 and is further projected to reach up to $6,019.7 million by 2028. This growth is majorly attributed to increase in the urban populations, rise in disposable income, and shift in consumer preferences. The growing trend of theme birthday parties, wedding functions, pre-wedding shoots, and others has led to increase in demand for party supplies. In addition, growing corporate culture that involves various corporate events, annual parties, award functions, team parties is anticipated to increase the demand and growth of party supplies in the Asia-Pacific region during the forecast period.
Region: Asia-Pacific Region Projected Rapid Growth
Key Players in the Global Party Supplies Market
Some of the leading global party supplies market players are
- American Greetings Corporation
- Chinet
- Hallmark Licensing, LLC.
- Artisano Designs
- Martha Stewart Living Omnimedia, Inc.
- Party City Holdco Inc.
- Oriental Trading Company (OTC)
- Shutterfly, Inc.
- Pioneer Worldwide
- Unique Industries, Inc.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Comments
Post a Comment