NEWARK, Del, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The global gift packaging market value will likely jump from US$ 25.3 billion in 2023 to US$ 37.4 billion by 2033. This estimated growth is expected to be driven by a CAGR of 4.3% in the global gift packaging market over the next decade.
Gift packaging vendors match the demands of the modern world and help businesses by offering innovative packaging solutions to keep up with the latest marketing trends. Thus keeping the final business up and running. Businesses across the globe compete with their rivals, who are just a few clicks away, making it extremely important for gift packaging suppliers to up their game by offering new gift packaging options.
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Businesses are adopting customized gift packaging solutions to add a human touch to their product packaging. Using custom gift packaging, businesses can reinforce their business/human connection. Businesses are also opting for eco-friendly packaging solutions as consumers are becoming wary of the packaging brands use to promote their products.
Businesses are turning to e-commerce platforms to elevate their sales. Even gift packaging vendors provide their solutions online and reap the benefits of economies of scale. By taking into account the recent market trends, gift packaging solutions merchants can sustain their existing customers, attract new ones, and reinforce their market presence.
“Gift packaging businesses are providing packaging solutions to help reinforce the connection between businesses and customers. By keeping pace with the existing trends and modifying their products, gift packaging suppliers can elevate their overall sales,” says Ismail Sutaria, Principal Consultant at Future Market Insights
Key Takeaways from the Gift Packaging Market Report
- In North America, the United States and Canada are expected to form the regional market. The United States market has been estimated to acquire 14.3% of the global share, whereas Canada gained 1.5% of the global market.
- Germany is predicted to be the star contender in the European gift packaging market, gaining 4.2% of the global market in 2023. Spain has a substantial potential for growth, as key vendors comparatively less penetrate it.
- China and India have a significant market size in Asia Pacific. In 2023, China is predicted to gain a 12.2% market share, and India is projected to acquire an 8.5% market share.
- Thailand is an emerging market spotted by FMI analysts, projected to account for 1.3% market share in 2023.
- Based on material, the paper and paperboard segment is projected to obtain a market share of 43% in 2023.
- Based on product type, gift boxes are projected to accumulate a market share of 21.3% in 2023.
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Competition Analysis of the Gift Packaging Market
The gift packaging market is highly competitive owing to the presence of domestic as well as regional players. Therefore, manufacturers are adopting expansion strategies, M&A, partnerships, and collaborations to increase profits. Key players are emphasizing innovation and new product development to elevate their market presence. All these strategies are predicted to boost their product portfolios and enhance their market reach.
Key Developments in the Gift Packaging Market
- Manjushree Technopack Limited, a prominent packaging firm in India, acquired Classy Containers, one of the biggest custom-model rigid packaging firms, in August 2021. This development will help Manjushree Technopack Limited strengthen its position in this robustly flourishing market.
- Gift Wrap My Face, a self-portrait wrapping paper promoted by Khloe Kadarshian, Oprah, and Whoopi Goldberg, was developed by two ad agency creatives and acquired by Build A Head LLC in November 2021. The involved brands offer customized products for holidays, birthdays, anniversaries, birth announcements, graduations, and more. Apart from this, the brands exemplify the firm’s dedication to providing delights in all achievements of life goals.
- In April 2022, GLS and Elopak revealed a joint venture in which both firms have 50% ownership. The resultant company, GLS Elopak, will leverage the respective assets, expertise, and networks of GLS and Elopak to capture the substantial consumer demand in India. The company was founded to produce and process high-quality aseptic and fresh packaging solutions designed to ascertain the safety and accessibility of liquid food to consumers worldwide.
Key Players
- Hallmark Cards
- Packlane
- Smurfit Kappa Group
- Ebro Colour GmbH
- Interpack
- Card Factory
- DS Smith plc
- IG Design Group plc
- Karl Knauer KG
- Mondi plc
- Manjushree Technopack Limited
- Qwikcilver Solutions
- Diageo
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Key Segments in the Gift Packaging Market
By Packaging Type:
- Primary
- Secondary
- Tertiary
By Product Type:
- Gift Boxes
- Containers
- Ribbon & Bows
- Gift Sacks
- Gift Bags
- Wrapping Paper
- Tissue Paper & Shreds
- Cellophane Over Wrap & Bags
- Gift Cards & Money Holders
- Others
By Material:
- Plastic
- Paper & Paperboard
- Metals
- Glass
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show - Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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The global gift boxes market is expected to accumulate US$ 2,018.62 million by 2023 end. During the forecast period ranging from 2023 to 2033, a CAGR worth 6.4% has been projected for the market, with an expected closing value worth US$ 3,753.80 million.
The global luxury rigid boxes market is estimated to value at US$ 4.0 billion in 2022 and is projected to reach US$ 5.4 billion by 2030, at a CAGR of 3.9%.
The global gift paper market size is slated to grow from 2023 to 2033. According to the research report published by Future Market Insights, the global market is predicted to hit a valuation of US$ 6,645.6 million by 2033.
The global wrapping tissues market is growing at a CAGR of 4.1% is expected for the market between by 2032 and anticipated to reach US$ 2.15 Billion by 2032.
Protective Wrapping Paper Market Sales: Protective packaging usually mean materials such as filler or wraps used inside a crate, box, or other container to cushion packaged products from any collisions. Varied range of products require diverse forms of protective packaging solutions so as to safeguard them in the best possible way.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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