New York, USA, May 03, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global party supplies market is anticipated to garner $21,352.9 million in revenue and rise at a noteworthy CAGR of 8.2% over the forecast period from 2021-2028.
Segments of the Market
The report has been divided the party supplies market into segments based on product type, end-use, distribution channel, and region.
End-Use: Domestic Sub-Segment to be Most Lucrative
Based on end-use, the party supplies market has been divided into several sub-segments namely commercial and domestic. The domestic sub-segment is expected to generate a revenue of $17,779.4 million over the estimated timeframe and increased from $8,552.1 million in 2020. This is mainly because of the rise in the popularity of house parties, pre-wedding shoots, birthday parties, bachelorette parties, and many other events. In addition, the increased adoption of virtual platforms such as Zoom, for conducting birthday parties, and themed parties which include many decorated items such as balloons, ribbons, decorative lights, and many others, is expected to bolster the growth of the party supplies market sub-segment during the estimated period.
Request an PDF Sample of Party Supplies Market@ https://www.researchdive.com/download-sample/8404
On the other hand, the commercial sub-segment accounted for $1,544.1 million and is expected to generate a revenue of $3,574.6 million over the analysis timeframe. This is mainly due to the increase in the number of corporate parties and many more. In addition, the increasing use of various party decorative materials such as banners, lights, games props, and many others to facilitate team building and motivate employees, is expected to foster the growth of the party supplies market sub-segment during the forecast period.
Distribution Channel: Supermarket/Hypermarket Sub-Segment to be Most Productive
Based on distribution channels, the market has been divided into many sub-segments namely, supermarket/hypermarket, convenience stores, specialized stores, e-commerce, and others. Among all, the supermarket/hypermarket sub-segment was accounted for $2,368.7 million in 2020 and is expected to generate a revenue of $4,633.6 million over the analysis timeframe. This is mainly because supermarkets present a large variety of goods under one platform, offer comparatively lower prices, and provide attractive discounts on several products. Moreover, as these stores provide a convenient way to purchase goods and provide quality goods at an affordable price, is the factor expected to upsurge the growth of the party supplies market sub-segment during the forecast period.
On the other hand, the e-commerce sub-segment is predicted to generate a revenue of $4,231.4 million during the analysis timeframe. This is mainly due to the growing popularity of e-commerce platforms owing to the faster buying process.
Product Type: Tableware/Disposables Sub-Segment to be Most Beneficial
The tableware/disposables sub-segment is predicted to generate a revenue of $2,762.7 million during the forecast period. This is mainly because tableware products are biodegradable and are made from agricultural residues such as sugarcane pulp and other natural products. Further, the less energy required for the manufacturing of the tableware products which are safe for use and can be renewable is the factor expected to boost the growth of the party supplies market sub-segment over the analysis period.
Region: North America Region to Have Wide Growth Opportunities
The North America region of party supplies market is expected to garner a revenue of $6,184.1 million and is predicted to continue steady growth throughout the forecast period. This is mainly due to the high prevalence of parties and various events conducted in the nation. Furthermore, the increasing corporate events such as team parties, award functions, and many other themed parties in this region are expected to drive the regional growth of the market during the analysis time period.
Covid-19 Impact on the Market
With the rise of the Covid-19 pandemic, the party supplies market has had a negative impact, likewise, on other several industries. This is mainly because of the stringent lockdowns and social distancing measures imposed by the governments of various nations. To control the transmission of the deadly virus, many festivals, parties, weddings, and concerts are canceled. Furthermore, the closure of supermarkets, limitations on social gatherings, and supply chain disruptions have resulted in the declination of the demand for party supplies. In addition, because of the pandemic and economic crisis, the preferences of people changed rapidly to save cash for a secured future than spending on non-essential goods. All these factors have caused significant revenue losses and hampered the growth of the party supplies market during the pandemic period.
Click to Know Positive Impact of Post COVID-19 on Party Supplies Market. Connect with our Expert@ https://www.researchdive.com/connect-to-analyst/8404
However, the technological advancements, product development, and various innovative initiatives that have been taken by the leading market players have created various growth opportunities post-pandemic. For instance, man party supplies manufacturers have adopted online platforms such as Amazon, Flipkart, and others to sell their products.
Dynamics of the Market
With the increasing demand for the event management business to capture audience attention, provide a unique user experience, and manage the entire event, the market is predicted to experience progressive growth during the analysis timeframe. Besides, the growing demand for event management agencies in providing balloons, hats, party masks, candles, lights, and many more items, is expected to fortify the growth of the party supplies market over the estimated timeframe. Moreover, the rising growth of online retail platforms in delivering a wide variety of products from several party supplies manufacturers at competitive prices is further expected to create major growth opportunities for the market during the forecast period. However, the environmental impact associated with the use of non-biodegradable party supplies may impede the growth of the market throughout the estimated period.
Key Players of the Market
The major players of the party supplies market include
- Party City Holdco Inc.
- Martha Stewart Living Omnimedia, Inc.
- Oriental Trading Company (OTC)
- Artisano Designs
- Shutterfly, Inc.
- Hallmark Licensing, LLC.
- Shutterfly, Inc.
- Chinet
- Pioneer Worldwide
- American Greetings Corporation
- Unique Industries, Inc., and many more.
These players are widely working on the development of new business strategies to attain leading positions in the global industry.
For instance, in July 2020, Amazon.com, Inc., a leading American multinational technology company that focuses on e-commerce, cloud computing, digital streaming, and artificial intelligence, has collaborated with many retail party supplies companies to provide uninterrupted and safe services to the customers during and after the period of Covid-19 pandemic.
In addition, the report also focuses on other important aspects including SWOT analysis, the latest strategic developments, product portfolio, and the financial performance of the key players.
Inquire here for more details@ https://www.researchdive.com/purchase-enquiry/8404
Related Article Links:
- Analyst Review: 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
- Blog: Party Supplies and Party Planning in a Pandemic Stricken World
