The global gift wrapping products market size is expected to reach USD 24.9 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.4% over the forecast period. The market is expected to witness rapid growth due to increase in product offerings by manufacturers in the market, along with increased spending by consumers on presents.
Paper and paperboard-based gift wrapping products occupied the largest market share in 2018 owing to high product penetration. Moreover, due to the overall ban imposed on plastic, biodegradable paper has witnessed significant product visibility. This is expected to propel market growth during the forecast period. Other materials such as textile and glass based wrapping products are also gaining traction due to increase in gifting food and beverage items such as chocolates, wine, and champagnes.
Wrapping paper accounted for the maximum market share in 2018. Availability of a variety of colored, printed, and textured paper is expected to drive its demand in the next few years. Decorative boxes are expected to witness the fastest growth due to increased product offerings in this segment. Moreover, corrugated gift boxes are gaining significant traction as they are more durable, secure, and lightweight. This is expected to augment product visibility and fuel market growth.
North America dominated the market in 2018, accounting for 35.5% share of overall revenue. Due to the increased consumer spending and rise in gifting occasions in U.S., demand for gift wrapping is expected to surge over the forecast period. Gifting is not limited to festival and holiday season alone. Consumers have started exchanging presents on numerous occasions such as wedding anniversaries, graduation parties, and house-warming parties. This is expected to increase consumer spending on gifting items, which will, in turn, fuel market growth in the coming years.
Asia Pacific is expected to witness substantial growth during the forecast period owing to increased demand from major developing countries like China and India. China is one of the few countries that has imposed overall ban on plastic consumption by banning plastic imports into the country. This initiative has influenced countries like Japan and Thailand to take similar initiatives. In addition, increased variety of gift wrapping products such as gift bags, pouches, and decorative boxes is expected to increase market growth during the forecast period.
In 2017, Hallmark Inc. introduced the concept of card pockets on its gift bags. This allowed its customers to add a small greeting card, along with the gift to make the gifting experience more pleasant. Similar innovations are expected to positively influence market growth during the forecast period.
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Gift Wrapping Products Market Report Highlights
• Gift wrapping pouches are expected to ascend at a CAGR of 9.9% from 2019 to 2025. Increase in jute bags and other textile packaging materials is expected to increase its demand
• The global gift wrapping products market is highly fragmented with the presence of many global players such as Hallmark Inc., Card Factory, and Mondi Group as well as local players in the market
• In 2019, Card Factory, one of the prominent retailers of gift cards in U.K., has opened 51 new stores bringing its overall store estate to 972 stores. The company also opened its first franchise store in Jersey to increase its penetration and sales.
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Gift Wrapping Products Market Segmentation
Grand View Research has segmented the global gift wrapping products market on the basis of raw material, product type, and region:
Gift Wrapping Products Raw Material Outlook (Revenue, USD Million, 2015 – 2025)
• Paper & Paperboard
Gift Wrapping Products Type Outlook (Revenue, USD Million, 2015 – 2025)
• Wrapping Paper
• Films & Foils
• Decorative Boxes
Gift Wrapping Products Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
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