The global gift packaging market size is projected to make considerable gains in the upcoming years owing to the traditional manner of festival celebrations across the world. Fortune Business Insights™ shares these observations in its report, titled “Gift Packaging Market, 2023-2030”.
Gift packaging items are widely used for the packing of different items, giving them an alluring look and making them attractive for the receiver. There has been an increase in the celebration of festivals such as Christmas, Diwali, and others, which has resulted in the growth of this market. Further, numerous e-commerce platforms, such as Amazon, Flipkart, and others, are offering different varieties of gift packing products and services at discounted prices during the delivery of the final product. As a result, there is a large chunk of the global population that prefers to purchase gifts online, which has opened a new gateway of growth for this market.
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List of Key Players Covered in the Gift Packaging Market Report:
- Smurfit Kappa Group
- Interpak
- Ebro Colour GmbH
- Shenzen Fuziang Gift & Packaging Co.
- PackLyn Ltd.
- DS Smith Plc.
- Karl Knauer KG
- IG Design Group
- Hallmark Inc.
- Card Factory Plc.
- Mondi Group Plc.
Highlights/Summary:
The report incorporates actionable insights into the regional prospects of the market and provides a comprehensive analysis of the market drivers and challenges. Further, the report also contains detailed profiling of key market players and careful study of their strategies and offers a granular evaluation of the different market segments.
Drivers/Restraints:
Increasing Number of Corporate Events and Seminars to Fuel Market Growth
With the rising number of corporate events and seminars worldwide, there has been an increasing demand for gift packaging items, which has fuelled market growth. Further, the increasing consumer inclination towards the usage of environmentally friendly gift packing materials, such as biodegradable papers and boxes made from solid waste, has resulted in the growth of this market. For instance, we can gift wrap a particular product using a paper pyramid gift box or a layered cardboard gift box, which will not only look more attractive but is also not harmful to the environment.
Market Segmentation:
On the basis of product type, this market is divided into ribbons, wrapping papers, containers, boxes, and others. Based on raw materials, the market is classified into paper & paperboard, plastic, glass, and others. By packaging, the market is categorized into primary packaging, secondary packaging, and tertiary packaging. In terms of geography, the market is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Regional Insights:
Rising Expenditure for Decorative Products to Boost the North America Market Growth
North America is anticipated to show rapid progress in the gift packaging market share on account of the increasing utilization of gift-wrapping papers during holiday celebrations, such as Christmas and Halloween, in this region. Further, the rising income of the people in this region has resulted in the growth of expenses for various gift packing items, which has propelled this market’s growth.
The Asia Pacific region is expected to hold a prominent position in this market owing to the proliferation of retail stores, which offer a wide variety of gift packaging items for sale. Further, the rising production of gifting paper in this region has led to a growing demand for paper-based gift packing solutions, which is anticipated to boost the market growth in this region.
Competitive Landscape:
Key Market Players to Engage in Healthy Competition Based on Innovation
The prominent companies in this market are focusing on producing different varieties of gift packaging items such as wrapping papers, cardboard boxes, and others to attract maximum customers. The aim is to enhance sales of these products, resulting in an increasingly intense competition among the key companies intending to widen their presence in the market.
Industry Development:
- January 2020: IG Design Group has merged with CSS Industries Inc., a leading consumer goods company, which will help IG Design to strengthen its position in the gift packaging space by leveraging CSS quality consumer base and recognized brand portfolio.
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