While exchanging gifts has been confined to holiday or festival season, individuals are exchanging gifts on several occasions such as farewell parties, graduation parties, house-warming parties, and anniversaries. Further, several companies recognize employees’ performance and offer incentives in the form of gifts.
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Preference of gift packaging changes according to the regional preference, which is pushing manufacturers to enhance their product line by launching new products and innovative techniques.
Recent data reveal that the worldwide market value of gift wrapping products is anticipated to value around US$ 25 Bn in the coming years. As per FMI, the global gift market will grow at a healthy CAGR during the forecast period 2020-2030.
Gift Packaging Market – Key Drivers
With the rising trend for “keeping it simple”, vibrant and aesthetically loud gift packaging designs appear to be brushed aside by basic and clean designs. Minimalistic designs aid brands to innovate based on presentation styles, enhancing the aesthetics of their offerings in the store shelves.
Major brands such as Etsy, and Zazzle provide an extensive scope of minimalistic designs with a creativity tinge, to take advantage of the growing minimal aesthetic trend.
Startups competing to mark their presence in the market are rapidly inclining toward the age-old successful franchise business concept as it provides enhanced durability and sustainable revenue benefits for both the franchisee and the franchisor.
Major brands including, DS Smith plc and Karl Knauer KG, are progressively leveraging the rising trend for customized prints in order to facilitate consumers with better design flexibility, and convenience. Moreover, the e-commerce giants such as Amazon and Snapdeal are playing an instrumental role in fuelling the gift packaging demand.
Gift Packaging Market – Growth Restraints
As the gift packaging market is characterized by the large-scale existence of local players, international players are confronting challenges in expanding their regional footprint in emerging countries. Moreover, the local companies provide gift packaging designs as per regional preferences at economic price points.
This is further raising bars for the industry goliaths. Moreover, the flourishing Do It Yourself (DIY) trend is hampering the demand for gift packaging solutions.
COVID-19 Impact Analysis
The COVID-19 pandemic has put a lot of pressure on packaging companies. With consumers strictly following stay-at-home orders amid the crisis, the gift packing market is experiencing a supply-demand gap. This has created a challenge as well as opportunity for manufacturers.
Availability of few gift packaging materials due to supply chain disruption is compelling market players to rethink their business strategies to transform their brand identities. Moreover, skyrocketing sales of products via online channels are expected to keep the gift packaging afloat as consumers are increasingly avoiding in-store purchasing.
Gift Packaging Market – Region-wise Analysis
Asia Pacific (APAC) is anticipated to witness a higher growth for the gift packaging market, owing to rising gifting culture during special occasions and in several organizations. Developing regions such as China and India are representing the regional market.
Going forward, APAC spearheads the global e-commerce industry at present, representing around 64% of worldwide e-commerce spending. The region houses majority of the rapidly growing e-commerce countries, with India and Philippines leading the pack with over 30% growth, and China, Malaysia, and Indonesia following closely. This notable shift towards online purchasing is auguring well for gift packaging market in APAC.
Gift Packaging Market – Competitive Landscape
The global gift packaging market is highly competitive, with top five players accounting for nearly 10% of market revenue. Market players are entering into strategic acquisitions of small or regional players to fortify their presence across the regional markets.
For instance, Hallmark Cards is capitalizing on potential growth prospects by expanding its product portfolio across developing regions such as China, and India.
Hallmark Cards has implemented a strategy – ‘Grow with Hallmark’ – that allows customers to open their gifts and greeting cards in the stores per se. Similar strategies were Packlyn Ltd
- Smurfit Kappa Group
- Shenzhen Fuxiang Gifts & Packaging Co. Ltd.
- Ebro Color GmbH
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Gift Packaging Market: Segment Analysis
The global market is categorized on the following basis
By Packaging Type
- Primary Packaging
- Secondary Packaging
- Tertiary Packaging
By Product Type
- Gift boxes
- Ribbons & Bows
- Gift Sacks
- Gift bags
- Wrapping paper
- Tissue Paper & Shreds
- Cellophane overwrap & bags
- Gift card & Money holders
- Paper & Paperboard