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The global photobook and album market size was valued at USD 3.29 billion in 2022 and is projected to grow from USD 3.36 billion in 2023 to USD 4.39 billion by 2030, exhibiting a CAGR of 3.9% during the forecast period.
The rising usage of the product by wildlife photographers, fashion designers, artists, and other professionals 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 photobook and album market growth in India, Japan, Singapore, and the U.S. For instance, CLARANOVA S.E.-owned album products maker PlanetArt, LLC, reported a 21.0% jump in its overall sales and reached USD 445.63 million in the financial year 2020-2021.
Pandemic Threatens Market Prospects Owing to Worldwide Lockdown
The market for 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 the 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 market growth owing to increasing festival celebrations, weddings, and consumer leisure & travel trends post-lifting lockdown restrictions worldwide. According to the United Nations World Tourism Organization (WTO), in 2022, more than 900.0 million tourists traveled internationally, nearly double the recorded number in 2021.
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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 the memories of 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 ultrasounds, baby bump journeys, baby showers, and gender reveal parties are increasing in demand for maternity photobook and album in North America.
Rising Demand for Smartphones to Surge Product Demand
Nowadays, people increasingly use smartphones to capture their special life moments in photographs. This increases the consumers' necessity to buy photo albums to store such photographs, favoring the photobook market growth. According to data presented by the GSM Association, the smartphone adoption rate in the Asia Pacific region reached 74% in 2021, compared to 64% in 2020. Furthermore, the growing popularity of Snapchat, Instagram, and other photo-capturing applications among smartphone users will increase the number of digital photographs, thereby supporting the product demand. According to the data published by the U.S. Bureau of Labor Statistics (BLS), there are 12,700 new photographer employment opportunities every year in the U.S.
Regular Introduction of Photo Capturing-Related Campaigns to Support Market
Nowadays, key companies are regularly introducing photo-capturing and sharing-related campaigns to increase consumer interest in storing such photographs in albums and uplift their revenues. This will accelerate the product demand worldwide. For instance, in September 2021, Shutterfly LLC., an American photography products company, launched 'Make It a Thing,' a new brand positioning campaign to promote self-expression and creation to people. Besides, the growing popularity of owning pre-wedding shooting albums is skyrocketing the market growth.
Advancement in Cloud Storage Technology to Limit Product Demand
Rising advancements in cloud storage technology allow people to store their photographs in digital formats, limiting them from buying photobook and album products. This is mainly restraining the product demand worldwide. Additionally, the uncertain cost of lamination rolls, covers, sheets, and other raw material supplies pose challenges to the companies in their inventory management activities. Besides, huge competition from the unorganized & local industry players impacts the key players' business revenues and hampers the market growth.
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Flash Mount Segment to Hold a Significant Market Share Due to Superior Quality
The global photobook and album market analysis can be conducted based on various product types such as standard, lay flat, and flush mount. The flush mount segment holds a major market share owing to the superior quality & durability of such albums over other product types. Additionally, higher prices of such artisans' albums result in larger product revenues from this segment. Besides, rising consumer demand for photo albums of high-definition quality print and matte & glossy finish will further accelerate the segmental growth.
In the case of lay flat albums, users can better lay out a photo across two pages in a panorama. Such a factor is mainly supporting the lay flat segment growth. Growing awareness regarding the availability of photo albums among lower-income population groups mainly supports the standard segmental growth.
Landscape Segment to Hold a Leading Market Position Owing to Better Storage of Wedding Photographs
The market is segregated into portrait, landscape, and square by size. The landscape segment holds a significant market share as users can better store their wedding & family photographs by the landscape size of the album. Additionally, users can get a higher visualization impact while viewing such landscape-sized albums over other product sizes. Such a factor results in the landscape segment generating considerable product revenues.
School students mainly use portrait-style albums to store their school memories. Therefore, students' growing popularity of the yearly school albums supports the portrait segmental growth. Besides, users can better customize the size of their squared photographs by square-sized albums over other product sizes. Such a factor is mainly supporting the product demand from this segment.
North America Photobook and Album Market Size, 2022 (USD Billion)
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The global market of photobook and album is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The North America market size reached USD 1.26 billion in 2022. The North America region dominates the global market as a large percentage of the population is involved in photography, blogging, and journalism activities, favoring the region's photobook and album sales. According to statistical data presented by the U.S. Bureau of Labor Statistics, in 2020, the number of professional photographers in the U.S. reached 110,500. Additionally, growing gift-giving trends further support the demand for gift card and album products among the region's population.
Asia Pacific is estimated to grow faster in the global market due to the rising number of smartphone, camera, and tablet device users in China and India, thereby supporting the products' consumption rate in the region. According to the surveyed data presented by the China Academy of Information & Communications Technology (CAICT), in March 2021, 5G smartphone shipments in China reached 27.5 million units. In addition, regular distribution of free samples of albums by companies such as Canvera Digital Technologies Pvt. Ltd., Pro Lab, and others in India, Bangladesh, and Indonesia is further influencing people toward ordering image albums. Besides, growing consumer trends of buying classic wedding albums in India and Bangladesh further support the regional market growth.
Europe holds a large global photobook and album market share on account of the significant consumption of a variety of photo printing products among the population in countries such as Germany, Belgium, France, and the U.K. For instance, in 2020, Cewe, a leading European photobook and album player, reported 11.8% rise in its turnover from photofinishing products and reached USD 758.87 million. Besides, growing travel and leisure trends among the region's populations are expected to further fuel the demand for photobook and album products.
Brazil and Argentina's rising middle-income population mainly support the South America market growth. Additionally, the growing number of photo studios in Saudi Arabia and the UAE is further driving the product demand in the Middle East & Africa region.
Companies Focus on Mergers & Acquisitions and Partnerships to Gain Competitive Edge
Various regional and international photobook and album players consistently develop advanced strategies for a competitive advantage. Many companies are forming mergers & acquisitions and partnership & collaboration strategies to foster market growth. For instance, in January 2020, Siemens Gamesa acquired Senvion's European Service assets and Intellectual Property (IP). This led to the addition of an approximately 9 GW service fleet and operations in 13 countries.
An Infographic Representation of Photo Album Market
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The report provides detailed market analysis and focuses on major aspects such as leading companies, product/service types, and other product attributes. Besides, the research report offers insights into the market trends, competitive landscape, and highlights major industry developments. In addition to the aspects mentioned above, the report encompasses several factors that contributed to the growth of the global market in recent years.
CAGR of 3.9% from 2023 to 2030
Value (USD Billion)
By Product Type
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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