Adhesive Transfer Tape Market Growing Demand for Gift Wrapping Products and Strengthening of the Packaging
Gift packaging products are bachelor in a wide variety of colours and shapes that are extensively used in packing the gift for providing an bonny expect to the gift particular. Gifts are widely used to limited thankfulness and gratitude towards persons in the offices and among residencies, hence growing residential and commercial sector gives rise to the need for souvenir packaging products. Corporate meetups utilise gifting'southward to express gratitude towards the clients and to effectively plant business relations with them. Variations in the gifting civilisation in the different regions beyond the earth helps to create newer business organisation markets for the gift-wrapping products in these regions.
Manufacture players widely focus on crucial parameters such as product demand, partnerships with distributors & dealers, business expansion through merger & acquisition activities to achieve excellence in the business. Manufactures keenly focuses on designing an attractive gift wrapper to increase the excitement level of the peoples during parties and celebration events. East-commerce companies such as Snapdeal, Amazon, Flip kart, and many others utilize wrapping papers with their logos printed on it during product delivery to attract peoples for online orders. The evolving retail sector fosters newer opportunities for the companies to penetrate the newer markets by establishing business organisation connections with the distributor outlets.
Shifting consumer trends towards political party and commemoration activities coupled with rising disposable income of the global population fuels the need for the gift-wrapping products. Evolution in the e-commerce industry and global internet penetration attract consumers to purchase gift products and ultimately drives the market place growth. Moreover, increasing infrastructural development related to the auditoriums, seminars, and corporate events is propelling the occasions of political party and celebration and eventually increases the consumption of the gift packaging products.
Furthermore, ascension trends of festival celebrations such every bit Christmas, Halloween, and many others create sessional demand for gift-wrapping products. In addition to this, increasing trends of birthday celebrations along with growing spending of the global population flourishes the consumption for the gift-wrapping products and drives the market growth. Co-ordinate to the Local Government Clan, Christmas markets are an important correspondent in England with increased spending of USD 540.8 1000000 in 2017 past the population which is double that of in 2015.
Yet, government regulations associated with the food prophylactic and standards for preventing the quality degradation of the nutrient product due to packaging is anticipated to hamper the market growth, in improver to this, increased competition among key players in the industry creates entry barriers for the new entrants in the industry and restrains the market place growth.
Key Market Driver -
Shifting trend of the peoples towards political party and celebration activities is projected to propel the market growth.
Key Market place Restraint -
Regulations associated with the packaging standards is anticipate to restrain the market.
Key Players Covered:
The key players operating in the souvenir packaging market are 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., etc.
The global souvenir packaging marketplace is segmented by product type, past raw materials, by packaging, and geography.
By product blazon, the market is segmented into wrapping papers, ribbons, containers, boxes, and others such equally decorative articles, films and foils, tapes and viscous gums, tissue papers. Wrapping papers segment is projected to concord the major share of the market due to the like shooting fish in a barrel availability and broad varieties in the colours and design of the wrapping papers as compared to other wrapping products.
Based on the raw material, the market is segmented into paper & paperboards, plastics, glass, and others such as metal, woods, leather. Paper and paperboards segment is expected to hold major share owing to the rising awareness of the environmental sustainability coupled with the increasing availability of recycled paper and paperboards that more prominently helps to avoid environmental degradation equally compared to other materials.
Based on packaging, the market is segmented into primary packaging, secondary packaging, and tertiary packaging. The primary packaging segment is expected to concur a major share of the market owing to the quick and easier unpackaging of the gift items. Also, increasing the tendency of giving consumer wear items equally a gift that requires bottom packing for detail protection is propelling the primary packaging segment.
Regional Analysis:
The global gift packaging market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America is expected to hold a major share in the global gift packaging marketplace owing to the larger consumption of gift-wrapping papers for Christmas celebrations in the region. For instance, in 2017, Canadians take thrown up v,40,000 tonnes of wrapping papers and gift bags in the Christmas celebration. Moreover, large spending of the population for the decorative items in the region results in the increasing consumption of gift-wrapping papers and other packaging accessories in the region.
Asia Pacific region is projected to grow at a faster rate because of the increasing retail sector which provides opportunities to establish newer channels of distribution for souvenir-wrapping products. According to the OECD, the overall retail sales in Vietnam has grown at a charge per unit of 10.5% in 2017 over the previous year. In addition to this, increasing product of the paper and paperboard items in the Asia Pacific region helps in effectively meeting supply for the gift packaging products in the nearly future and is expected to fuel the market place growth. According to FAO, in 2018, nearly 200 million tonnes of newspaper and paperboard production was done in the Asia Pacific region out of a total of 400 million tonnes globally.
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Sectionalization
| ATTRIBUTE | DETAILS |
| Past Product Type |
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| By Raw Materials |
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| By Packaging |
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| By Geography |
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Key Industry Developments
- In Oct 2019, Chameleon Like launches custom packaging and gift box line with the broad selection of the 200 stock styles of gift boxes to fulfil the dropship services in Houston.
- In Jan 2020, IG Design Group has merged with CSS Industries Inc. a leading consumer products company serving craft, gift and sessional production, that helped IG Design to strengthen the global leading position in consumer gift packaging products past leveraging CSS quality customer base, manufacturing facility, and recognized brand portfolio.
Source: https://www.fortunebusinessinsights.com/gift-packaging-market-103892
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