Gifting is considered as a way of expressing joy, gratitude, and happiness toward the other person. Today gifting is not limited to birthdays and festivals; consumers are gifting on anniversaries, farewells, and others. Wrapping of gift perceives an aesthetic value to the product, and increased gifting on different occasions is expected to drive the gift-wrapping product market to new heights. Gift wrapped products have a psychological effect on the receiver as they feel overwhelmed. The gift-wrapping product market will grow in future due to the increase of the population and evolving habits of gifting on different occasions. In the advent of the COVID-19 pandemic, the gift-wrapping products market faced a downfall in demand due to the lockdown enforced by the government. Consumers were restricted from moving outdoors and had shifted their focus and interest towards essential products. It is expected post lockdown, the demand for gift wrapping products will increase as customers will get back to their normal routine.
COVID-19 Impact analysis
- There was a negative effect on the gift-wrapping product market from the household sectordue to the COVID-19 pandemic. The demands for gift wrapping products decreased as consumers have shifted their interest towards essential products.
- The e-commerce sector had seen a boost as consumers were purchasing the products through online medium. For processing and shipping online products, the demand for wrapping products increased and it had helped in the growth of the gift-wrapping product market.
- The market experienced a gap between demand and supply of productsdue to the insufficient stock of wrapping products. This gap between demand and supply lead to a delay in time for delivery.
Top Impacting Factors
- The growing population and socializationare the prime factors that drive the growth of the gift-wrapping product market. The consumers are always delighted to celebrate any occasion and love to gift others to show their care, enjoyment and convey their best wishes.
- Consumers are aware of the environment and opting for eco-friendly ways to gift and use gift wrapping products. The introduction of eco-friendly materials of gift wrapping will encourage the consumers to purchase and use.
- There is intense competition in the gift-wrapping product market as global leaders of the markets are innovating and researching to find new ways to wrap the product so that customer gets delighted. This delightedness in the customer may lead to a change in purchase behavior.
Evolving trend of minimalistic design for packing is growing
Consumers all around the globe are opting for simple designs while gifting or want a simple design on their gift. Loud and vibrant design often attracts a lot of attention and consumers may feel a bit odd. Simple design emphases on essential values and avoid the portrayal of extravagancy. Manufacturing companies are working on the new designs which are simple and that will attract customer to purchase.
Franchising is the prime opportunity to grow the business
Franchising is one of the traditional methods for doing business. Manufacturing companies are going for franchising their business to reach a wide range of consumers and grow their business. Franchising gift wrapping products will also help to research the different needs of consumers all over the world. According to the market requirement, the manufacturing companies should work on the innovation and introduce it to the market.
Customization of gift wrappers is attracting consumers
Customization of gift wrappers according to the customer's requirement is flourishing the demand for the gift wrappers. Consumers are opting to customize the gift wrappers by the addition of memorable pictures, quotes and designs. This trend is booming in the market, forcing the manufacturing industries to work on this concept and meet customer demand. This particular demand may help in boosting the gift-wrapping market. With more development and innovation, the market is expected to outrun its current value.
Key Benefits of the Report
- This study presents the analytical depiction of the gift-wrapping product industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the gift-wrapping product market share.
- The current market is quantitatively analyzed to highlight the gift-wrapping product market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed gift-wrapping product market analysis based on competitive intensity and how the competition will take shape in coming years
Questions answered in the Report
- Who are the leading market players active in the gift-wrapping product market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- What is "gift-wrapping product" Market prediction in the future?
Gift Wrapping Product Market Report Highlights
By Packaging Type
By Product Type
By Distribution Channel
Key Market Players
Hallmark Cards, Inc, Ebro Color GmbH, Messe Dusseldorf GmbH, Smurfit Kappa Group, Shenzhen Tianya Paper Product Co, Ltd., Packlyn Ltd, Shenzhen Fuxiang Gifts & Packaging Co, Ltd., Mondi Group, DS Smith Plc, Karl Knauger KG