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The global photobook and album market size was valued at USD 3.36 billion in 2021. The market is projected to grow from USD 3.41 billion in 2022 to USD 4.42 billion by 2029, exhibiting a CAGR of 3.75% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with photobook and album experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of 17% in 2020 as compared to 2019.
Rising usage of the product by wildlife photographers, fashion designers, artists, and many more to display their creativity and work to people will accelerate the demand for photo albums globally in the coming years. Married couples keeping wedding albums as souvenirs to mark the most special day of their lives is boosting the market growth in e India, Japan, Singapore, and the United States.
Pandemic Threatens Market Prospects Owing to Worldwide Lockdown
The market of photobook and album has been declining since the World Health Organization declared COVID-19 a pandemic. The demand for photobook and album products declined from photo booths and labs owing to lockdown restrictions. The shutdown of wedding venues and the closure of all travel destinations worldwide due to lockdown restrictions lowered sales of wedding and travel albums. During the lockdown, companies faced issues managing operational costs due to surging prices and shortage of printers and raw materials.
The demand for family, wedding, and vacation theme-based photobooks is favoring the photobook and album market growth owing to increasing festival celebrations, weddings, and consumer leisure & travel trends post-lifting lockdown restrictions worldwide. According to the UN World Tourism Organization (WTO), in the first quarter of 2022, international tourism saw a 182% year-on-year increase.
According to Cloudprinter, a Netherlands-based print-on-demand platform, the most frequently ordered print products from March 2020 to January 2021 were photo tiles with 51.25% and photobooks with 41.25%, respectively.
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Trend for Pregnancy Photo Albums to Boost Market Growth
The trend of maternity shoots is immensely growing among married couples in North America. Married couples want to preserve their pregnancy experience to show their kids and grandchildren. During pregnancy, gender reveal parties and baby showers are the most popular celebrations in the U.S. and Canada. Albums covering memories from ultrasound, baby bump journey, baby showers, and gender reveal parties are surging the demand for maternity photobook and album in North America.
Rising Smartphone Penetration to Favor Market Expansion
For capturing photographs and videos, smartphones are becoming essential worldwide. Rising smartphone penetration is increasing the necessity for capturing and printing pictures and favoring market growth. The availability of Al-based photo printing applications, such as Shutterfly, Snapfish, and many more, is increasing the demand for printing photos, especially in Europe and North America. According to Standard U.K., a London-based newspaper, in 2021, there were 93 million selfies taken and major portion of them were taken by smartphones.
Increase in Number of Weddings to Increase Product Demand
The rise in the number of weddings and spending on wedding photography services is driving the market for wedding albums. The growing trend of pre-wedding shoots among couples and the rising parental population to preserve photographs in photobooks or albums are accelerating market growth. According to the Ministry of Civil Affairs China, 5.88 million newly married couples were in the first three quarters of 2021. The rising number of travel and leisure activities is expected to increase the demand for photobook and album across the globe.
High Costs to Limit Demand for Photobook and Album
Among the low-income population, the demand for the product is limiting owing to the high cost of personalized photobook services and laser-printed photobooks. The growing popularity of do-it-yourself among the younger generation to preserve their travel, school, and college memories is limiting the market growth worldwide.
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Consumer Preference of Flush Mount Type to Hold Major Share
Based on product type, the global market is segmented into flush mount, lay-flat, and standard. Flush mount segment dominated the global photobook and album market share owing to consumers' preferences such as photo studios, wedding photographers, and other professionals providing flush mount books to their clients. Flush mount has hard covers made using glass, leather, or leatherette, which offers protection against stains & spills and a glossy finish. These albums are gaining popularity as gifting options worldwide due to the availability of customization such as various fabrics, imprinted titles, windows cameo, and many more.
The lay-flat segment is expected to grow significantly throughout the forecast period. The cost-effectiveness and high-quality soft covers of these albums are increasing the adoption mainly among middle-income consumer groups. Photo studios and labs print better large-sized photos over standard album formats. These factors are primarily driving the growth of the segment.
Easy Resizable Aspect is Fueling Market Growth for Square Segment
On the basis of size, the market is segmented into square, portrait, and landscape. The square segment holds a significant share owing to the increasing popularity of placing photographs in square books in column formats and is easily resizable over other product sizes.
The landscape segment is expected to grow significantly in the coming years. These albums are majorly used for storing wedding and family products. Increasing demand from households owing to the necessity of capturing family and wedding photographs as memories support the photobook and album demand.
North America Photobook and Album Market Size, 20121 (USD Billion)
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Region-wise, the global market is studied across South America, North America, Europe, Asia Pacific, and the Middle East & Africa.
North America accounts for a major market share and is expected to dominate the market throughout the forecast period. A large percentage of its population uses photographs to document their life experiences, increasing the demand for photo albums. Gift-giving culture, notably among millennials and Gen Z, is fueling consumption among consumers.
Europe is expected to witness significant growth throughout the forecast period. Europe is home to some of the most exotic destinations worldwide and the most preferred location for weddings, celebrating anniversaries & pre-wedding shoots, surging the demand for photobook and album in this region. According to National Statistics U.K., there were 219,850 marriages in total in England and Wales. The rising number of travel diaries and fashion magazines is surging the product demand in this region owing to Europe being a fashion capital along with the presence of landmarks & heritage, cultural monuments, and museums.
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Asia Pacific is expected to witness steady growth throughout the forecast period. Increasing festival celebration and growing pre & post wedding photographs trend in China and India are fueling the product demand in this region. The increasing trend of the festival and rising tourism in countries, such as Japan, Singapore, and Thailand, are also driving the market growth in this region.
Emerging Collaborations to Promote Notable Enhancements in the Present Product Designs
Industry participants are implementing various competitive strategies, such as new product launches and collaborations, to stay abreast of the intensifying competition. Recent years have witnessed a surge in demand for innovative products. In this respect, the flush mount category has been gaining widespread attention due to its immense popularity as a gifting option worldwide. For instance, key market players use heavy e-photo matte paper, giving images stunning panoramic views and better vibrancy on lighter tones.
An Infographic Representation of Photo Album Market
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The global market research report analyzes the market in-depth and highlights crucial aspects such as prominent companies, product types, and sizes. Besides this, the research report provides insights into the photobook and album market trends and highlights significant industry developments. In addition to the aspects mentioned earlier, the report encompasses several factors contributing to the market's growth.
Value (USD Billion)
By Product Type
North America (By Product Type, Size, and Country)
Europe (By Product Type, Size, and Country)
Asia Pacific (By Product Type, Size, and Country)
South America (By Product Type, Size, and Country)
Middle East and Africa (By Product Type, Size, and Country)
Fortune Business Insights says that the worldwide market size was USD 3.36 billion in 2021 and is anticipated to reach USD 4.42 billion by 2029.
In 2021, the worldwide market value stood at USD 3.36 billion.
Ascending at a CAGR of 3.75%, the global market will exhibit steady growth over the forecast period (2022-2029).
By product type, the flush mount segment is expected to dominate the market throughout the forecast period (2022-2029).
The rising penetration of smartphones worldwide is accelerating market growth.
Mixbook, Picaboo, Shutterfly LLC, Photobook Worldwide, Claranova, Fujifilm Corporation, PikPerfect, Folio Albums Ltd., MILK Tailor Made Books Ltd., and nphoto are the leading companies worldwide.
North America dominated the global market in 2021.
Rise in number of weddings and trend of pre-wedding shoots are factors responsible for surging the product demand.
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