The global gift market is set to grow at a healthy CAGR from 2020 to 2030, driven by trends in minimalistic and customized packaging, despite challenges from local players and DIY trends.
Gift Packaging Market Overview
Gifting is regarded as a way of expressing appreciation or gratitude. The culture of gift exchange has been evolving over the decades.
While exchanging gifts has been confined to holiday or festival season, individuals are exchanging gifts on several occasions such as farewell parties, graduation parties, house-warming parties, and anniversaries. Further, several companies recognize employees’ performance and offer incentives in the form of gifts.
Preference of gift packaging changes according to the regional preference, which is pushing manufacturers to enhance their product line by launching new products and innovative techniques.
Recent data reveal that the worldwide market value of gift wrapping products is anticipated to value around US$ 25 Bn in the coming years. As per FMI, the global gift market will grow at a healthy CAGR during the forecast period 2020-2030.
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Gift Packaging Market – Key Drivers
With the rising trend for “keeping it simple”, vibrant and aesthetically loud gift packaging designs appear to be brushed aside by basic and clean designs. Minimalistic designs aid brands to innovate based on presentation styles, enhancing the aesthetics of their offerings in the store shelves.
Major brands such as Etsy, and Zazzle provide an extensive scope of minimalistic designs with a creativity tinge, to take advantage of the growing minimal aesthetic trend.
Startups competing to mark their presence in the market are rapidly inclining toward the age-old successful franchise business concept as it provides enhanced durability and sustainable revenue benefits for both the franchisee and the franchisor.
Major brands including, DS Smith plc and Karl Knauer KG, are progressively leveraging the rising trend for customized prints in order to facilitate consumers with better design flexibility, and convenience. Moreover, the e-commerce giants such as Amazon and Snapdeal are playing an instrumental role in fuelling the gift packaging demand.
Gift Packaging Market – Growth Restraints
As the gift packaging market is characterized by the large-scale existence of local players, international players are confronting challenges in expanding their regional footprint in emerging countries. Moreover, the local companies provide gift packaging designs as per regional preferences at economic price points.
This is further raising bars for the industry goliaths. Moreover, the flourishing Do It Yourself (DIY) trend is hampering the demand for gift packaging solutions.
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Gift Packaging Market – Competitive Landscape
For instance, Hallmark Cards is capitalizing on potential growth prospects by expanding its product portfolio across developing regions such as China, and India.
Hallmark Cards has implemented a strategy – ‘Grow with Hallmark’ – that allows customers to open their gifts and greeting cards in the stores per se. Similar strategies were Packlyn Ltd
Region
Gift Packaging Market: Segment Analysis
The global market is categorized on the following basis
By Packaging Type
By Product Type
By Materials
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The article discusses the growth and trends in the global gift market from 2020 to 2030.
Key drivers include minimalistic designs, e-commerce growth, and customized packaging trends.
International players face challenges from local competitors offering region-specific designs at lower prices.
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