New York, USA, July 05, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global party supplies market is projected to register a revenue of $21,352.9 million at a CAGR of 8.2% during the forecast period (2021-2028), increasing from $10,096.5 million in 2020. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Access to PDF Sample Report Here! @ https://www.researchdive.com/download-sample/8404
Dynamics of the Market
Driver: High demand of event management has increased the growth of the market during the recent years. As events and parties allow people in strengthening their networks and even elevate their brand image, the demand of the event management industry has been increased. These high level corporate events and other parties require attractive party supplies such as party masks, scented candles, banners, and lights. These factors are expected to enhance the market growth during the forecast period.
Restraint: The main factor hindering the growth of the market is the use of non-biodegradable products as party supplies.
Opportunity: Ecommerce platforms are offering different varieties of party products at competitive prices during the pandemic. This rise of online retail platforms are creating ample opportunities for the market.
Key Segment of the Market
The report has divided the market into different segments based on product type, end-use, distribution channel, and regional insights.
Checkout How COVID-19 impacts the Party Supplies Market. Click Here to Schedule a Call to Speak our Expert Analyst for Triangulate with your own data @ https://www.researchdive.com/connect-to-analyst/8404
Product Type: Tableware/Disposables Sub-Segment Expected to be the Most Lucrative
The tableware/disposables sub-segment is expected to generate the maximum revenue of $2,762.7 million by the end of 2028, increasing from $1,523.6 million in 2020. The biodegradable tableware products are made using agricultural residues such as sugarcane pulp and other natural products like corn-starch, recycled paper, fallen leaves etc. Totally biodegradable, these products are safe for use. Moreover, disposable tableware comes in vivid designs and textures. These are the reasons behind the growth of the market segment.
End-Use: Domestic Sub-Segment Predicted to be the Most Beneficial
The domestic sub-segment is expected to garner a revenue of $17,779.4 million by the end of 2028, increasing from $8,552.1 million in 2020. The popularity of birthday parties, house parties, pre-wedding celebrations, baby showers, bachelorette party, and festivals are influencing the growth of the market segment.
Distribution Channel: Supermarket/Hypermarket Sub-Segment Expected to be the Most Lucrative
The supermarket/hypermarket sub-segment is expected to garner the highest revenue of $4,633.6 million by 2028, increasing from $2,368.7 million in 2020. The convenience of picking up selective foods in own way and discounts and offers given by these big retail stores on bulk purchase of household items are the factors fueling the growth of the market segment.
Regional Analysis: North America Expected to Dominate the Market
North America regional market is expected to generate a revenue of $6,184.1 million by the end of 2028. North American countries are known for their huge conferences, corporate events, networking events, and domestic parties such as bachelorette party and other celebrations. This is one of the main factors behind the growth of the regional market.
Request for Party Supplies Market Report Customization & Get 10% Discount on this Report@ https://www.researchdive.com/request-for-customization/8404
Key Market Players and Strategies
The most significant players of the global party supplies market include
- Artisano Designs
- American Greetings Corporation
- Hallmark Licensing, LLC.
- Martha Stewart Living Omnimedia, Inc.
- Chinet
- Oriental Trading Company (OTC)
- Party City Holdco Inc.
- Pioneer Worldwide
- Shutterfly, Inc.
- Unique Industries, Inc.
among many others.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
In August 2020, Mission Mining Company d/b/a Futuris Company, a Human Capital Management (HCM) company, completed the acquisition of Pioneer Global, Inc., a US staffing services’ company. Pioneer Global provides a varied range of staffing solutions to businesses and organizations. This acquisition is aimed at improving business performance of the company by instilling cutting-edge technologies.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Covid-19 Impact Analysis
The global party supplies market has experienced a drastic decline during the coronavirus pandemic. In order to curb the spread of the virus and keep people safe, governments imposed restrictions on any kind of parties or social gatherings. The restrictions and fear of the fatal virus kept people inside their houses for the last year. This is the reason behind the decline of the market. However, as the cases of Covid-19 has come down in many countries, the restrictions also have been eased. The online retailers have started supplying party products as events like weddings and birthdays are being celebrated virtually. This step is expected to be fruitful for the market in post-pandemic period.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
Top trending Reports:
Commuter Road Bike Helmets Market - https://www.researchdive.com/8373/commuter-road-bike-helmets-market