New York, USA, Nov. 23, 2021 (GLOBE NEWSWIRE) -- A new report on the global party supplies market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $21,352.9 million by 2028, rising at a CAGR of 8.2% from 2021 to 2028. This report in an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
Factors Impacting the Market Growth:
The key factor boosting the growth of the global party supplies market is the rising adoption of event management services, which is surging the demand for appealing party materials including banners, lights, party masks, candles, hats, and others. Moreover, the availability of a variety of party essentials from numerous party supplies manufacturers on various e-commerce platforms at a reasonable price is projected to open doors to profitable opportunities for the growth of the market throughout the forecast period. However, rising environment pollution due to increasing use of non-biodegradable materials in party supplies is expected to hinder the market growth.
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Impact of the COVID-19 Pandemic on the Market
The global market has witnessed deterioration in growth due to restrictions on social gatherings during the lockdown in the pandemic period. Hence, events like weddings, parties, concerts, festivals, and others were postponed or cancelled in the pandemic period to avoid the spread of the virus. Moreover, players in the party supplies industry have stopped their manufacturing processes as the demand for party supplies have significantly dropped in the pandemic, which is hindering the market growth.
The report segments the global party supplies market into product type, end use, distribution channel, and region.
Tableware/Disposables Sub-Segment to Lead the Market
The tableware/disposables sub-segment of the product type segment is anticipated to grow significantly and garner $2,762.7 million during the forecast period. This is chiefly owing to the rising demand for products including plates, disposable cups, tablecloths, paper napkins, and others in party events.
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Domestic Sub-Segment to Observe Speedy Growth
The domestic sub-segment of the end use segment is anticipated to observe rapid growth and surpass $17,779.4 million during the forecast period. This is chiefly because of the growing trend for birthday parties, pre-wedding shoots, bachelorette party, house parties, pre-birthday celebrations, baby showers, and other events.
E-commerce Sub-Segment to Grow Significantly
The e-commerce sub-segment of the distribution channel segment is anticipated to experience augmented growth by garnering $4,231.4 million during the forecast period. This is chiefly owing to the rising adoption of e-commerce platforms for buying party supplies, owing to their quick buying process.
North America Market to Observe Foremost Growth
The report analyzes the global party supplies market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the North America region market is estimated to observe remarkable growth and hit $6,184.1 million in the forecast period. The growth of this region market is primarily due to the growing demand for party supplies due to the rising occurrence of celebrations and numerous events in this region.
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Key Market Players
The report lists some of the foremost players operating in the global party supplies industry including
- American Greetings Corporation
- Hallmark Licensing, LLC.
- Shutterfly, Inc.
- Artisano Designs
- Martha Stewart Living Omnimedia, Inc.
- Unique Industries, Inc.
- Party City Holdco Inc.
- Oriental Trading Company (OTC)
- Pioneer Worldwide
- Chinet, and others.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in June 2021, Glasshouse Fragrances Australia's leading manufacturers of high quality fragrant products, launched a new range of bakery candles inspired by the sweet fragrance of popular sweets dishes.
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
Article Related Links:
- 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
- Party Supplies and Party Planning in a Pandemic Stricken World
