Gift Wrapping Products Market Set to Witness an Uptick during 2019 to 2025Posted by Mrudula Anil Karmarkar on May 24th, 2021 The global gift wrapping products market size is expected to reach USD 24.9 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.4% over the forecast period. The market is expected to witness rapid growth due to increase in product offerings by manufacturers in the market, along with increased spending by consumers on presents. The home care & decor industry has been witnessing inconsistent growth, since the Covid 19 outbreak. As a result of the ongoing pandemic crisis, there has been a drop in the overall performance of discretionary products such as decorative fixtures, bedding products, to name a few. The virus outbreak has, however, led to substantial growth in categories such as cleaning and hygiene products. Prominent growth in the e-commerce business is also one of the positive influences of the outbreak, wherein companies are focusing on expanding their distribution networks to online channels in order to cater to the surging consumer demand. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections. Paper and paperboard-based gift wrapping products occupied the largest market share in 2018 owing to high product penetration. Moreover, due to the overall ban imposed on plastic, biodegradable paper has witnessed significant product visibility. This is expected to propel market growth during the forecast period. Other materials such as textile and glass based wrapping products are also gaining traction due to increase in gifting food and beverage items such as chocolates, wine, and champagnes. Wrapping paper accounted for the maximum market share in 2018. Availability of a variety of colored, printed, and textured paper is expected to drive its demand in the next few years. Decorative boxes are expected to witness the fastest growth due to increased product offerings in this segment. Moreover, corrugated gift boxes are gaining significant traction as they are more durable, secure, and lightweight. This is expected to augment product visibility and fuel market growth. North America dominated the market in 2018, accounting for 35.5% share of overall revenue. Due to the increased consumer spending and rise in gifting occasions in U.S., demand for gift wrapping is expected to surge over the forecast period. Gifting is not limited to festival and holiday season alone. Consumers have started exchanging presents on numerous occasions such as wedding anniversaries, graduation parties, and house-warming parties. This is expected to increase consumer spending on gifting items, which will, in turn, fuel market growth in the coming years. Gift Wrapping Products Market Report Highlights
Asia Pacific is expected to witness substantial growth during the forecast period owing to increased demand from major developing countries like China and India. China is one of the few countries that has imposed overall ban on plastic consumption by banning plastic imports into the country. This initiative has influenced countries like Japan and Thailand to take similar initiatives. In addition, increased variety of gift wrapping products such as gift bags, pouches, and decorative boxes is expected to increase market growth during the forecast period. In 2017, Hallmark Inc. introduced the concept of card pockets on its gift bags. This allowed its customers to add a small greeting card, along with the gift to make the gifting experience more pleasant. Similar innovations are expected to positively influence market growth during the forecast period. Gifting is considered a way of expressing gratitude or appreciation. As a result, gifting customs have evolved over the years. Exchanging gifts is not limited to festival or holiday season like Thanksgiving and Christmas. People give gifts on various occasions like anniversaries, house-warming parties, graduation parties, and farewell parties. Since gift wrapping products are perceived to increase the overall aesthetic value of the product, an increase in gifting occasions is expected to fuel market growth. Many countries have specific gifting traditions that demand gift wrapping. In China, it is expected that the gift should be wrapped well. The unwrapped gift is considered to be inappropriate or embarrassing in the Chinese tradition. Brazil is another country that emphasizes gift wrapping. Brazilians prefer their gifts wrapped in colorful wrappers - mainly yellow and green, which depict their country’s colors. Similar gifting traditions in various regions are expected to increase product demand in the next few years. In addition to traditions, gift wrapping products have a psychological effect on the receiver. According to a study published in the Journal of Consumer Psychology, gift wrapping creates an attraction bias towards the gift itself. Via repeated experiments of giving wrapped and unwrapped gifts, it was proved that the subjects were more likely to be fond of the gift if it was wrapped. Such studies and surveys are pushing the manufacturers to improve their product line by incremental innovation techniques and launching new products in the market. This is expected to increase market growth during the projected period. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/6090/ibb The global market is highly fragmented with global players concentrated into major developed countries like U.S. and U.K. Franchising, followed by retailing, are the two major trends observed in the market. Hallmark Cards has launched a strategy ‘Grow with Hallmark’ that allows anyone to open their own greeting card and gift store. Similar initiatives taken by other players like Mondi Group and Card Factory are expected to drive the growth of the market. Wrapping paper occupied more than 50.0% share of the global revenue in 2018. A major factor propelling the growth of wrapping paper is its easy availability and variety of colors. Colorful wrapping papers with attractive designs are preferred by consumers for gift wrapping. In addition, custom printed wrapping papers are gaining traction in the market. Consumers tend to use customized wrapping papers for personalized gifts to add an individual touch to the gift. An increase in food gifting is another factor contributing to the market share of this segment. Chocolate, baked goods, and sweets are some of the popular food items that can be gifted. Alcoholic beverages like wine and champagne too require paper packaging when gifted. This is expected to propel the demand for wrapping paper in the next few years. Grand View Research has segmented the global gift wrapping products market on the basis of raw material, product type: Gift Wrapping Products Raw Material Outlook (Revenue, USD Million, 2015 - 2025)
Gift Wrapping Products Type Outlook (Revenue, USD Million, 2015 - 2025)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author
|