New York, USA, Jan. 05, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global party supplies market is anticipated to generate a revenue of $21,352.9 million and grow at a CAGR of 8.2% over the analysis timeframe from 2021 to 2028.
As per our analysts, with the increasing demand for event management all across the world to provide a unique experience to users, grab the audience's attention and manage any event successfully, the party supplies market is predicted to witness progressive growth during the forecast period. Besides, the growing demand for attractive party supplies such as balloons, party masks, banners, lights, candles and many more, is further predicted to propel the growth of the market during the analysis timeframe. Moreover, the rapid growth of the online retail platforms pre and post pandemic times due to the availability of various products from different party supplies manufacturers at reasonable prices is expected to create extensive investment opportunities over the estimated period. However, the environmental impact associated with the use of non-biodegradable party supplies may hamper the growth of the market during the forecast timeframe.
To Download a Comprehensive PDF Sample of Party Supplies Market, Click Here!
Segments of the Market
The report has divided the party supplies market into segments based on product type, end-use, distribution channel, and region.
Product Type: Tableware/Disposables Sub-Segment to Most to Productive
The tableware/disposables sub-segment is expected to garner a revenue of $2,762.7 million throughout the estimated period. The increasing demand for tableware/disposable products among individuals as they are safe for use, available in various attractive designs and they save water and cleaning time too, are the factors expected to foster the growth of the party supplies market sub-segment during the analysis timeframe.
End-Use: Domestic Sub-Segment to be Most Lucrative
The domestic sub-segment is predicted to generate a revenue of $17,779.4 million during the forecast period. This is mainly due to the rising popularity of house parties, pre-wedding shoots, birthday parties, and many other events all across the globe. In addition, the growing popularity of virtual events via video conferencing platforms such as Zoom is expected to fuel the growth of the market sub-segment over the estimated period.
Distribution Channel: Supermarket/Hypermarket Sub-Segment to be Most Profitable
The supermarket/hypermarket sub-segment is expected to garner a revenue of $4,633.6 million during the analysis timeframe. The supermarket/hypermarket stores display goods in a manner that users can select goods of their own choices, provide a large variety of products under one platform, and offer attractive discounts on different items over there, which are expected to upsurge the growth of the market sub-segment over the forecast timeframe.
Ask an Analyst to Reveals the Opportunity in the Party Supplies Market
North America Region to Hold the Maximum Share of the Market
The North America region of the party supplies market is projected to generate a revenue of $6,184.1 million throughout the analysis timeframe. This is mainly due to the high prevalence of parties and various events in this region. Furthermore, the increasing trend of theme parties and the growing pervasiveness of team parties and award functions in this region are predicted to thrive 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 had a negative impact on the party supplies market. This is mainly due to the complete lockdown situations and social distancing measures imposed by the governments of many nations. Because of these regulations, many events such as concerts, festivals, parties, weddings, and others have been postponed and canceled. Moreover, due to the closure of hypermarkets, shops, and limitations on social gatherings, have declined the demand for party supplied during the pandemic period.
Specific requirement on Segments or Regions Click here! & Avail 10%OFF
Key Players of the Market
The major players of the party supplies market are
- Martha Stewart Living Omnimedia Inc.
- Oriental Trading Company (OTC)
- Party City Holdco Inc.
- Artisano Designs
- Shutterfly Inc.
- American Greetings Corporation
- Pioneer Worldwide
- Hallmark Licensing LLC.
- Unique Industries Inc.
- Chinet
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to obtain a leading position in the global industry.
For instance, in July 2020, Bringg, a renowned delivery, and fulfillment orchestration platform announced its partnership with Party City, a leading retailer of party goods in the US, Mexico, and Canada. With this collaboration, the partners aimed to transform the customer experience at every step of the delivery cycle.
Further, the report also presents other important aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.
More about Party Supplies Market:
- Party Supplies and Party Planning in a Pandemic Stricken World
- Global Party Supplies Market to Rise at a CAGR of 8.2% and surpass $21,352.9 Million by 2028, Owing to New Party supplies and Flavor Launches
