New York, USA, Feb. 14, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global party supplies market is expected to garner $38,908.2 million in revenue and rise at a CAGR of 8.9% throughout the estimated period from 2022 to 2032.
As per our analysts, with the growing demand for party supplies from the event management industry to offer amazing experiences to guests, the party supplies market is predicted to witness significant growth during the forecast timeframe. Besides, the leading event management companies are providing an appealing customer experience by using innovative color combinations of party supplies over the analysis period. Moreover, the growing popularity of online party supplies retail platforms is expected to create wide growth opportunities for the market throughout the estimated timeframe. However, the harmful effect of non-biodegradable party supply products on the environment may hinder the growth of the market during the forecast period.
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Segments of the Party Supplies Market
The report has divided the market into segments based on product type, end-use, distribution channel, and region.
Product Type: Tableware/Disposable Product Sub-Segment to be Most Productive
The tableware/disposables product sub-segment is expected to hold the largest share of the market during the analysis timeframe. This is mainly due to the increasing demand for tableware /disposable products, which require less energy to manufacture. Moreover, these products are safe to use and save time and water while cleaning which are expected to fortify the growth of the market sub-segment over the forecast period.
End-Use: Domestic Sub-Segment to be Most Profitable
The domestic sub-segment is predicted to have the fastest growth throughout the estimated period. This is mainly because of the rising popularity of birthday parties, house parties, baby showers, pre-wedding shoots, and many other events. Furthermore, the increasing demand for conducting online parties through video conferencing platforms such as Zoom due to the outbreak of the Covid-19 pandemic is expected to bolster the growth of the market sub-segment during the forecast timeframe.
Distribution Channel: Supermarket/ Hypermarket Sub-Segment to be Most Beneficial
The supermarket/ hypermarket sub-segment is expected to hold the maximum share of the market over the analysis period. This is mainly because supermarkets/hypermarkets display goods including party supplies with attractive pricing and offers. In addition, these stores are located at a convenient location and feature different products with personal care products, food items, stationery, and many other essential goods which are expected to augment the growth of the market sub-segment during the forecast period.
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North America Region to Hold the Highest Share of the Market
The North America region is expected to register the dominant share of the market throughout the estimated timeframe. This is mainly due to the increasing prevalence of parties and various other events in this region. Moreover, the growing corporate events such as award functions and the rising concept of theme parties in this region are expected to drive the regional growth of the market during the forecast period.
Covid-19 Impact on the Party Supplies Market
The outbreak of the Covid-19 pandemic has negatively impacted the party supplies market. This is mainly due to the social distancing norms, ban on huge get-togethers, and strict lockdown restrictions imposed by the governments during the pandemic period. Moreover, the closure of hypermarkets and supermarkets due to supply chain disruptions, and the low spending on non-essential products have further declined the growth of the market throughout the crisis.
Key Players of the Party Supplies Market
The major players of the market include
- Martha Stewart Living Omnimedia, Inc.
- Oriental Trading Company (OTC)
- Party City Holdco Inc.
- Artisano Designs
- Shutterfly, Inc.
- Hallmark Licensing
- LLC.
- Pioneer Worldwide,
- Chinet
- Unique Industries, Inc.
- American Greetings Corporation
These players are widely working on the development of new business strategies and tactics such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
For instance, in May 2021, American Greetings, a leading distributor and manufacturer of greeting cards and social expression products announced to collaborate with Roc Nation, a renowned entertainment agency. With this collaboration, American Greetings aimed to expand its product portfolio with Celebrity SmashUps, highly personalized props, and many other attractive items to create a deeper bond with the audience during parties or events.
Further, the report also presents other crucial aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
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More about Party Supplies Market:
- Party Supplies and Party Planning in a Pandemic Stricken World
- Why is it Important to Opt for Party Supplies While Organizing an Event?
- Global Party Supplies Market to Generate $38,908.2 Million in the 2022-2032 Timeframe Due to Ease of Availability of Different Products
