Dublin, Feb. 27, 2024 (GLOBE NEWSWIRE) -- The "Global Party Supplies Market Size, Share & Trends Analysis Report By Application, By Distribution Channel (Supermarket & Hypermarket, Specialized Stores, Convenience Stores, E-commerce, and Others), By Product Type, By Regional Outlook and Forecast, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The Global Party Supplies Market size is expected to reach $23.5 billion by 2030, rising at a market growth of 8.7% CAGR during the forecast period. In the year 2022, the market attained a volume of 1,905.9 million units experiencing a growth of 8.7% during 2019-2022.
E-commerce platforms are accessible 24/7, allowing consumers to shop anytime that suits them. This flexibility is especially advantageous for busy people who may not have the time to visit physical stores during regular business hours. Consequently, the e-commerce segment would acquire nearly 15% of the total market share by 2030. E-commerce platforms often provide fast and reliable shipping options. This is particularly advantageous for individuals who need last-minute supplies or prefer the convenience of having items delivered to their doorstep. Many e-commerce platforms have user-friendly return and refund policies. This gives consumers a sense of security, comprehending that they can return or exchange items if unsatisfied with their purchase.
With the professionalization of event management and wedding planning, events have become more elaborate and intricate. This requires a broader range of supplies, including specialized and custom items. The globalization of wedding and event trends means that popular themes and styles are shared across borders. This has a ripple effect on the demand for specific supplies, leading to an internationalization of the market. Thus, the rise of event management and wedding planning businesses globally substantially and positively impacts the market.
Additionally, the demand for eco-friendly supplies has led to a broader variety of environmentally conscious options. Manufacturers now offer items such as biodegradable balloons, compostable tableware, and recycled paper decorations to meet the diverse needs of eco-conscious consumers. Eco-friendly supplies extend to packaging materials as well. Consumers are increasingly looking for products that come in minimal or sustainable packaging, reducing overall waste and supporting environmentally conscious practices. Due to these factors, the market will grow significantly in the coming years.
However, rising raw material costs can squeeze profit margins for supplies manufacturers. In order to maintain profitability, companies may be forced to increase the prices of their products. However, this can lead to pricing pressures and potential resistance from cost-sensitive consumers in a competitive market. Small businesses in the market may be particularly vulnerable to fluctuations in raw material costs. These businesses may have limited resources and flexibility, making it challenging to absorb increased expenses without passing them on to consumers. Due to the above factors, market growth will be hampered in the coming years.
By Application Analysis
By application, the market is classified into commercial use and domestic use. The commercial use segment covered a considerable revenue share in the market in 2022. Businesses often use these supplies for corporate events, team-building activities, and celebrations. This includes decorations, banners, tableware, and other items to create a festive and engaging atmosphere during company parties, milestone celebrations, or product launches. These supplies featuring company logos, slogans, or specific branding elements are used for promotional events, trade shows, and marketing campaigns.
By Distribution Channel Analysis
Based on distribution channel, the market is fragmented into supermarket & hypermarket, convenience stores, specialized stores, e-commerce, and others. The specialized stores segment recorded a remarkable revenue share in the market in 2022. Certain specialized stores may have exclusive product lines or collaborations with designers, adding an element of exclusivity to their offerings. This can attract consumers looking for unique and limited-edition supplies. Some specialized party supply stores may offer event planning services or consultations, helping customers design and execute their celebrations with a cohesive and visually appealing theme.
By Product Type Analysis
On the basis of product type, the market is segmented into balloons, banners, pinatas, games, home decor, tableware & disposables, take away gifts, and others. The balloons segment acquired a substantial revenue share in the market in 2022. Balloons can be customized with specific colors, prints, and messages, allowing individuals to add a personal touch to their events. Personalized balloons with names, dates, or themes create a unique and memorable atmosphere. The use of balloons has expanded to include elaborate themed decorations. Balloon arches, columns, and sculptures are crafted to fit specific themes, enhancing the overall aesthetic of events such as weddings, birthdays, and corporate functions. Giant balloons, often shaped like numbers or letters, have gained popularity for milestone celebrations like birthdays and anniversaries. These oversized balloons serve as focal points and create visually striking displays.
By Regional Analysis
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region witnessed the largest revenue share in the market. This is attributed to the fact that customers in North America address the growing desire to have a co-ed life-event party celebration such as post-wedding couple's shower and pre-wedding gender-segregated bachelor & bachelorette parties. One of the major factors that drive this phenomenon is social media. North America's young adults are very much inclined toward parties, which they announce by posting on social media such as Facebook, Instagram, and others.
List of Key Companies Profiled
- Shutterfly, Inc.
- American Greeting
- Party City Holdings
- Pioneer Balloon Company
- Unique Industries, Inc.
- Huhtamaki
- Hallmark Cards, Inc.
- Artisano Designs
Market Report Segmentation
By Application
- Domestic Use
- Commercial Use
By Distribution Channel
- Supermarket & Hypermarket
- Specialized Stores
- Convenience Stores
- E-commerce
- Others
By Product Type
- Tableware & Disposables
- Home Decor
- Balloons
- Banners
- Take Away Gifts
- Pinatas
- Games
- Others
For more information about this report visit https://www.researchandmarkets.com/r/x8kl6r
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