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Gift packaging products are available in a wide variety of colours and shapes that are extensively used in packing the gift for providing an attractive look to the gift item. Gifts are widely used to express thankfulness and gratitude towards persons in the offices and among residencies, hence growing residential and commercial sector gives rise to the demand for gift packaging products. Corporate meetups use gifting’s to express gratitude towards the clients and to effectively establish business relations with them. Variations in the gifting culture in the different regions across the globe helps to create newer business markets for the gift-wrapping products in these regions.
Industry 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. E-commerce companies such as Snapdeal, Amazon, Flip kart, and many others use 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 connections with the distributor outlets.
Shifting consumer trends towards party and celebration activities coupled with rising disposable income of the global population fuels the demand for the gift-wrapping products. Development in the e-commerce industry and global internet penetration attract consumers to purchase gift products and ultimately drives the market growth. Moreover, increasing infrastructural development related to the auditoriums, seminars, and corporate events is propelling the occasions of party and celebration and eventually increases the consumption of the gift packaging products.
Furthermore, rising trends of festival celebrations such as 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. According to the Local Government Association, Christmas markets are an important contributor in England with increased spending of USD 540.8 million in 2017 by the population which is double that of in 2015.
However, government regulations associated with the food safety and standards for preventing the quality degradation of the food product due to packaging is anticipated to hamper the market growth, in addition to this, increased competition among key players in the industry creates entry barriers for the new entrants in the industry and restrains the market growth.
Key Market Driver -
Shifting trend of the peoples towards party and celebration activities is projected to propel the market growth.
Key Market Restraint -
Regulations associated with the packaging standards is anticipate to restrain the market.
The key players operating in the gift 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 gift packaging market is segmented by product type, by raw materials, by packaging, and geography.
By product type, the market is segmented into wrapping papers, ribbons, containers, boxes, and others such as decorative articles, films and foils, tapes and sticky gums, tissue papers. Wrapping papers segment is projected to hold the major share of the market due to the easy availability and wide 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, wood, 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 as 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 hold a major share of the market owing to the quick and easier unpackaging of the gift items. Also, increasing the trend of giving consumer wearable items as a gift that requires lesser packing for item protection is propelling the primary packaging segment.
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 market owing to the larger consumption of gift-wrapping papers for Christmas celebrations in the region. For instance, in 2017, Canadians have thrown up 5,40,000 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 gift-wrapping products. According to the OECD, the overall retail sales in Vietnam has grown at a rate of 10.5% in 2017 over the previous year. In addition to this, increasing production of the paper and paperboard items in the Asia Pacific region helps in effectively meeting supply for the gift packaging products in the near future and is expected to fuel the market growth. According to FAO, in 2018, nearly 200 million tonnes of paper and paperboard production was done in the Asia Pacific region out of a total of 400 million tonnes globally.
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