The LATAM party supplies market size was valued at $1,258.7 million in 2022 and is projected to reach $2,910.7 million by 2032, registering a CAGR of 8.8% from 2023 to 2032.
Party supplies are the essential items and accessories required to organize a party or event. They are available in different types, designs, and colors. Party supplies include balloons, banners, lights, candles, decorative bags & boxes, and others. In addition, party supplies are easily available in the market through various distribution channels, including online stores, supermarkets/hypermarket, specialized stores, and others. This, in turn, has driven the growth of the LATAM party supplies market in terms of value sales.
Growth in the wedding planning & event management industry across the globe fuels the growth of the market. Moreover, rise in urban population across the globe further fuels the growth of the party supplies market. However, a rise in consumer awareness regarding the harmful effects of non-biodegradable party supplies is expected to hamper the growth of the LATAM party supplies market.
Furthermore, a rise in the number of consumers considering eco-friendly party supplies and rapid growth of online retail platform is anticipated to offer lucrative opportunities for market growth, in terms of value sales, during the forecast period. From the past couple of years, there has been growth in the wedding planning & event management industry, owing to the increase in interest of end-users, especially millennials for house parties, concerts, theme parties, birthday celebrations, extravagant wedding celebration, and others.
Attractive party supplies, such as balloons, lights, candles, banners, masks, and others, are used for decoration purposes to make the space aesthetically pleasing. Therefore, they have become the highlight of events and parties. Moreover, commercial end-users look for innovative color combinations in party balloons, banners, lights, and games to lure customers in malls and various events to encourage them to participate in activities. Therefore, this fuels the growth of the market in terms of value sales.
Innovation refers to the creation or introduction of a good or service, which is either novel or an improved version of previous goods or services. In the party supplies industry, manufacturers are focused on continuous innovations in their products to provide a wide range of innovative & attractive products to their customers. For instance, Party City manufactures and offers party supplies that consumers can match with the theme of their party or occasion. In addition, it offers personalized party supplies, such as banners, personalized favors, & tableware, and offers eco-friendly party supplies and others. Therefore, the rise in demand for party supplies is increasing exponentially, which has driven the growth of the market in terms of value sales.
Rise in consumer awareness about the environment and sustainable products has increased in recent times. Customers have become aware of the environmental pollution caused due to plastic and other harmful materials. They prefer to have eco-friendly parties & events and look for eco-friendly party supplies.
Therefore, manufacturers in the party supplies market focus on launching eco-friendly party supplies such as disposable cups & plates, bio-degradable & eco-friendly latex balloons as well as reusable foil balloons and others. This is expected to provide lucrative opportunities for the party supplies market in terms of value sales during the forecast period.
Non-biodegradable party supplies, such as plastic cups & plates, flimsy favors, balloons, and others, may add to waste generating mix that can negatively impact the environment such as water pollution. In addition, these non-biodegradable party supplies are not preferred by environment-conscious customers, which hamper the demand for party supplies. Therefore, this is expected to hamper the growth of the LATAM party supplies industry in terms of volume sales during the forecast period.
The LATAM party supplies market is segmented into product type, application, distribution channel, and region. Based on product type, the market is classified into balloons, banners, pinatas, games, tableware/disposables, home decor, take away gifts, candles, gift wrap and others. Based on application, the market is divided into commercial use and domestic use. Based on distribution channel, the market is divided into supermarket/hypermarket, convenience stores, specialized stores, e-commerce, others. Country wise, the market is analyzed across Mexico, Chile, Brazil, Colombia, Peru, and Rest of LATAM.
Based on product type, the home décor segment held the major LATAM party supplies market share in 2023. Home decor is one of the key decorative elements in parties and events. It is used for decoration purposes to make the space aesthetically pleasing. In addition, it has become the highlight of events and parties. Moreover, commercial end-users look for innovative lights and decorative items to make their parties & events more attractive & pleasing.
By Product Type
The candles segment would witness the fastest growth, registering a CAGR of 9.6% during the forecast period.
Based on end use, the domestic use segment held the major share of the market in 2022. Rise in trends of party celebration, such as pre-wedding, divorce party, baby shower, housewarming, post birthday celebration, pre birthday celebration, single dance party & mixer, and others, has driven the LATAM party supplies market growth in terms of value sales.
By Application
The Commercial Use segment would witness the fastest growth, registering a CAGR of 8.8% during the forecast period.
Based on distribution channel, the supermarket/hypermarket held the major share of the market in 2022. The supermarket/ hypermarket is gaining high popularity, owing to the availability of a broad range of consumer goods under a single roof, ample parking space, and convenient operation timings. Moreover, increase in urbanization, rise in working class population, and competitive pricing boost the popularity of supermarket/hypermarkets in developed and developing regions. Furthermore, these stores offer a variety of brands in several product categories, including party supplies which is expected to create lucrative opportunities during the LATAM party supplies market forecast.
By Distribution Channel
The E-commerce segment would witness the fastest growth, registering a CAGR of 9.5% during the forecast period.
Based on country, the Brazil held the major share of the market in 2022. Consumers in the country are inclining toward celebrating festivals and parties. This has, in turn, increased the demand for party supplies such as balloons, take-away gifts, banners, and others. This has driven the growth of the LATAM party supplies market demand.
By Country
The Peru segment would witness the fastest growth, registering a CAGR of 9.5% during the forecast period.
The key players in the party supplies market have adopted acquisition, business expansion, partnership, collaboration, and product launch as their key development strategies to increase profitability and improve their position in the market.
Some of the key players profiled in the LATAM party supplies market analysis include Balões São Roque, Festas e Fantasias, Sempertex De Colombia SAS, Grupo Junco, Regina Indústria e Comércio SA, Big Surprise, Globos Payaso, Tilly of Guatemala S.A., Festcolor, Argos Limited, and Cotillón Otero.
Key Benefits For Stakeholders
- The report provides a quantitative analysis of the current LATAM party supplies market trends, estimations, and dynamics of the market size from 2022 to 2032 to identify the prevailing opportunities.
- The Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the market size and segmentation assist to determine the prevailing LATAM party supplies market opportunities.
LATAM Party Supplies Market Report Highlights
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Analyst Review
Key players operating in the LATAM party supply market have adopted developmental strategies, such as product launch, to strengthen their foothold in the market in terms of value and sales. To boost the demand for party supplies, they emphasize continuous innovation to formulate products and gain a competitive edge in the market. According to the key market players, the increase in event management and wedding planning business across the region boosts the growth of the party supplies market in terms of value sales. Therefore, the key players are focused on investing in R&D activities to launch unique & attractive party supplies for customers as well as to maintain their position in the market.
According to some of the key party supplies’ manufacturers, use of mylar or foil balloons in parties is one of the leading trends in the party supplies market, which has fueled the demand for these balloons across the country. Moreover, theme party is also a leading trend in the market, where customization of party supplies is done as per the customer’s demand and theme of the party. This fuels the growth of the party supplies market in terms of value sales.
The LATAM party supplies market was valued at $1,258.7 million in 2022 and is projected to reach $2,910.7 million by 2032, registering a CAGR of 8.8% from 2023 to 2032.
The LATAM party supplies market is segmented into product type, application, distribution channel, and region. By product type, the market is classified into balloons, banners, pinatas, games, tableware/disposables, home decor, take away gifts, candles, gift wrap and others. Based on application, the market is divided into commercial use and domestic use. Based on distribution channel, the market is divided into supermarket/hypermarket, convenience stores, specialized stores, e-commerce, others. Country wise, the market is analyzed across Mexico, Chile, Brazil, Colombia, Peru, and Rest of LATAM.
Brazil
The major players analyzed for the LATAM party supplies market analysis include Balões São Roque, Festas e Fantasias, Sempertex De Colombia SAS, Grupo Junco, Regina Indústria e Comércio SA, Big Surprise, Globos Payaso, Tilly of Guatemala S.A., Festcolor, Argos Limited, and Cotillón Otero.
The global LATAM party supplies market report is available on request on the website of Allied Market Research.
The forecast period considered in the LATAM party supplies market report is from 2022 to 2032. The report analyzes the market sizes from 2022 to 2032 along with the upcoming market trends and opportunities. The report also covers the key strategies adopted by the key players operating in the market.
The base year calculated in the LATAM party supplies market report is 2022.
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