The global party supplies market is predicted to witness significant growth in the forecast period. The North America region to dominate the market by 2028. Several key players are applying multiple strategies which is driving the market growth.
NEW YORK, Aug. 26, 2021 /PRNewswire/ -- As per the latest report by Research Dive, the Global Party Supplies Market is predicted to garner significant revenue of $21,352.9 million by 2028, rising from $10,096.5 million in 2020, at a steady CAGR of 8.2% from 2021-2028.
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Regional Analysis
The North American Party Supplies Market garnered a revenue of $3,155.9 million in 2020 and is predicted to rise to over $6,184.1 million by 2028. The utilization of party supplies for various occasions such as weddings, birthdays, and bachelorette parties has contributed to the steady growth of the regional market. Corporate events are also known for the theme-based parties which require an extensive supply of materials. This is set to help the party supplies market grow further.
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Key Market Segments
- By product type, the tableware/disposables sub-segment is projected to generate a revenue of $2,762.7 million by 2028. The extensive use of plates, paper napkins, cups, and disposable cups at parties is set to help in the growth of the market.
- By end-use, the domestic sub-segment is set to dominate the market and reach up to $17,779.4 by 2028. This is mainly due to growing preference of people to conduct events such as birthday parties, baby showers, and others online at home due to the pandemic.
- By distribution channel, the supermarket/hypermarket sub-segment is expected to gain the highest market share and generate over $4,633.6 million by 2028. Supermarkets usually sell a variety of products at affordable prices all under one roof which is one of the primary factors for the sub-segment's market growth.
Market Dynamics
Event management companies are known to provide the best of experiences with the kind of events that they're able to organize. These include wedding, corporate parties, house parties and concerts which require a substantial amount of planning and resources. The requirement for decorative objects such as candles, banners, party hats and balloons is predicted to ensure the sustained growth of the party supplies market.
A majority of the products used at these events are made of plastic or other non-biodegradable materials which may lead to an increase in the concern for environmental pollution. This is may lead to hindrance of the market's growth rate. On the other hand, the convenience of the availability of party supplies right at the doorstep via e-commerce platforms is further set to boost the growth of the market.
COVID-19 Impact on the Party Supplies Market
The widespread effect of the pandemic was especially felt when the implementation of lockdown all over the world led to cancellation of special events such as festivals, parties, and concerts. This led to a decrease in the demand for party supplies from stores and supermarkets. Additionally, due to the disturbance in the normal functioning of the supply chain, the industry also faced a shortage of goods.
But, with the celebration switching to a virtual medium many people have been using e-commerce platforms to fulfil their party requirements. This shift is predicted to help the market grow significantly in the forecast period.
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Top 10 Key Players in Party Supplies Market, New Developments, and Strategies:
As per the report, some of the prominent pioneers of the market are -
1.American Greetings Corporation
2.Hallmark Licensing, LLC
3.Martha Stewart Living Omnimedia, Inc
4.Oriental Trading Company (OTC)
5.Pioneer Worldwide
6.Chinet
7. Artisano Designs
8.Party City Holdco Inc.
9.Shutterfly, Inc
10.Unique Industries, Inc.
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In July 2020, American Greetings, a renowned manufacturer of party products including paper cards, and gift wraps partnered with Dolly Parton, a Hollywood songwriter and humanitarian to produce greeting cards. These cards were created to carry messages of humor and hope to people. This collection is set to be a part of a multiyear licensed partnership which is expected to boost the growth of the party supplies market further.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and recent strategic developments.
They are focusing on advanced product developments and merger & acquisition. These are some of the strategies conducted by the startups as well as established business organizations.
More about Party Supplies:
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
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