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A photo album is a well-known series of photo prints which is in the form of a book. Some of the crucial advantages of photo albums include helps to bring the visual memory back, mark the occasions, act as a thoughtful gift, and others. The rising number of parents wanting to capture and preserve the photograph of their children for later review of the childhood when they are older is likely to fuel the demand for photo album. Furthermore, most of the pet owners are fond of keeping the memories in the form of photographs which thus gives rise to the product demand. According to the data published by the European Pet Food industry, in 2019 there is an estimation of 85 million households in Europe are projected to have at least 1 pet animal.
The rising number of couples wanting to own a wedding album as a souvenir to mark the most important day of their life has thereby positively impacted the market growth. Furthermore, the rising usage of the product by wildlife photographers to organize their work for showcasing to other people has helped to accelerate the consumption of photo album. Moreover, the increasing number of photographs taken by people traveling in unfamiliar places is thereby adding impetus for the rising demand. According to the data published by Our World in Data, in 2018 the estimation of the international tourist arrival by world region are Americas 15.46%, Europe 50.78%, Asia Pacific24.43%, Africa 4.77%, and the Middle East 4.56%.
Nevertheless, the advancement of technology and the upsurge of digitalization leading people in neglecting the use of photo album act as a hampering factor which is threatening the market growth.
Key Market Driver -
The growing popularity of owing a wedding album act as a driving factor for the market growth
Key Market Restraint -
The advancement of technology and the increase in digitalization act as a hampering factor for the market growth.
Mixbook, Snapfish, Shutterfly, Inc., Picaboo, CEWE Photoworld, Bonusprint, and others are the key players operating in the photo album market.
The photo album market is segmented into by product type, by size, by end-user, and by geography.
On the basis of product type, the market is fragmented into matted, flush-mount, and gift. Matted is estimated to be the dominating segment owing to its ability to be easily arranged, add, and preserve photos. Likewise, its cost-friendliness is also helping to attract a large number of consumers to own this product.
Based on size, the market is separated into 4” X 6” and below, 5” X 7”, and 8” X 10” and above. 5” X 7” is projected to be the largest market shareholder due to producing good enough visibility while still having the place to hold a large number of photographs on a single page.
By end-user, the market is bifurcated into personal and professional. Personal is assessed to hold a strong position in the global market as a large number of people still wants to print out photo and preserve them in an album as suppose to only saving them in a hard drive. Also, there are fewer professionals use as compared to personal as various types of organizations are neglecting the use of photo albums.
On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America is projected to be the leading market and is anticipated to continue throughout the forecast period of 2020-2027. The large percentage of its population involved and interested in the documentation of their life experience through vlogging, photography, journaling, blogging, and others has provided ease in the production of the photo album. The rising number of friends and family involved in vacations and road trips intensifies the number of photographs taken and thus has positively impacted in consumption rate. According to the data issued by the US Travel Association, August 2019, the United States workers are leaving a record number of vacation days on the table in 2018 that is 768 million days and is an increase of 9% from 2017.
The Asia Pacific is projected to display a significant presence in the photo album market owing to the rising number of photoshoots during the celebration of various types of festivals by countries in this region is thereby accelerate the demand of the product. For instance, there is an estimation of 30 to 35 grand festivals celebrated in India each year which include Holi, Onam, Buddha Jayanti, Diwali, Christmas, and many others. Furthermore, the growing number of international events held in this region such as Olympic, Miss World, Cricket World Cup, and others has also resulted in the rise in consumption.
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