Global Party Supplies Market Size to Generate $38,908.2 Million by 2032Download Sample Reports Overview
The Global Party Supplies Market Size is predicted to be valued at $38,908.2 million by 2032, surging from $15,332.1 million in 2021, at a noteworthy CAGR of 8.9%.
Impact Analysis of COVID-19 on the Party Supplies Market
The party supplies industry had experienced a negative impact during the COVID-19 pandemic. The party supplies market growth has declined drastically owing to supply chain disruptions, the closure of hypermarkets/supermarkets, and others. The ban on large gatherings of people, and cancellation of events & parties have negatively impacted the party supplies market size during the pandemic. The changing consumer preferences toward cash savings have led to decline in the party supplies market demand. Due to ban on social gathering, the closure of corporate offices due to complete work-from-home facility given to the employees have led to the cancellation of several corporate events, festivals, and birthday celebrations. These factors have negatively impacted the party supplies market growth during the COVID-19 pandemic.
Global Party Supplies Market Analysis
The tremendous growth of the global party supplies market post-pandemic is due to an increase in the number of event management agencies and growing corporate culture. The event management companies play a major role in successfully conducting any event and gaining the attention of guests. These event management companies handle the complete event including decorating the event as per the theme. Theme-based decorations help these companies in gaining attention of customers. For conducting events, the party supplies such as banners, games, balloons, pinatas, tableware, and others are increasing rapidly. Additionally, the demand for innovative and eye-catching party supplies such as hats, masks, banners, lights, candles, and goggles has gained significant popularity.
The ease of availability of party supplies that are unique and aesthetically pleasing plays a major role in making an event joyful and memorable. In addition, the rise in the number of corporates has increased the party supplies demand as the people working in corporate offices are actively involved in various team parties, award functions, and events. All these aspects are predicted to have a positive impact and is estimated to drive the party supplies market share during the forecast period.
Some of the party supplies products such as balloons, plastic cups, and plates are non-biodegradable and have a negative impact on the environment when disposed of leading to air and water pollution. Hence, the use of these party supplies products is not preferred by some of the environment-conscious people. These factors are estimated to restrain the party supplies market size in the upcoming years.
The availability of eco-friendly party supplies products is anticipated to drive the market opportunities. This is because the growing consumer awareness and growing environmental concerns have led to significant rise in the demand for the eco-friendly and sustainable party supplies goods. Owing to these factors, some of the leading party supplies manufacturers have launched eco-friendly sustainable products. For instance, Botanical Paperworks, the chief producer of eco-friendly paper products, has revealed a unique invitation card which is a plantable card that are printed on seed paper. This card have daisy and snapdragon seeds embedded in them so that the guests can plant these seeds directly into the soil. Such product advancements and product innovations are estimated to generate huge opportunities for the party supplies market growth during the analysis timeframe.
Global Party Supplies Market, Segmentation
The global party supplies market is segmented based on product type, end-use, distribution channel, and region.
The product type segment is further classified into balloons, banners, pinatas, games, home décor, tableware/disposables, take away gifts, and others. Among these, the tableware/disposables sub-segment accounted for the dominant market share. This growth is majorly owing to manufacturing of sustainable tableware/disposables with zero-waste production methods. These bio-degradable party supplies products are made from natural waste material, and they are compostable. For instance, the tableware/disposables produced by Natural Tableware, the leading manufacturer of sustainable goods, have designed and manufactured sustainable tableware that is microwave-safe, lightweight, sturdy, freezer safe, and liquid resistant. Also, these party supplies goods flaunt eye-catching design and meet highest safety standards. As these products are disposable, they can save water as well as cleaning time. All these are anticipated to create positive impact on the tableware/disposables sub-segment throughout the analysis period.
The end-use sub-segment is further divided into commercial and domestic. The domestic sub-segment has registered the dominant revenue share in 2021. The growth of domestic party supplies is majorly attributed to growing trend for home parties, birthday celebrations, family get-togethers, and other events. During these celebrations, the party supplies such as banners, balloons, home décor, and other products have increased in recent years. Also, several events were conducted virtually which has also increased the demand for party supplies market share during the analysis timeframe.
The distribution channel sub-segment is majorly divided into supermarket/hypermarket, convenience stores, specialized stores, e-commerce, and others. Among these, the supermarket/hypermarket sub-segment has acquired a dominant market share in 2021 and is estimated to grow at a significant rate during the forecast period. The supermarket/hypermarkets are popular large retail stores that provide various products from a different brand at competitive prices. In addition, these stores offer various party supplies goods at a discounted and attractive price under one roof. These stores feature ample parking space, are located at centralized location, and operate under convenient timings that offer ease of shopping to the users. All these aspects are predicted to create a positive impact on the growth of the supermarket/hypermarket sub-segment of the party supplies market during the analysis timeframe.
The party supplies market for the Asia-Pacific region is projected to grow at a fastest rate during the forecast period. Increasing use of party supplies products such as balloons, ribbons, pinatas, and goggles for celebrating various events such as birthdays, gender reveal parties, and bachelorette parties is anticipated to drive the Asia-Pacific party supplies market share in recent years. Additionally, an increase in the urban population and rise in disposable income has led to rise in the demand for party supplies. This is majorly owing to the growing trend of wedding functions, theme birthday parties, pre-wedding shoots, and others. In addition, an increasing corporate culture that includes various corporate events, award functions, annual parties, and team parties is anticipated to boost the Asia-Pacific party supplies market growth during the forecast period.
Key Players in the Global Party Supplies Industry
Some of the leading party supplies market players are
- American Greetings Corporation
- Hallmark Licensing LLC.
- Artisano Designs
- Martha Stewart Living Omnimedia Inc.
- Party City Holdco Inc.
- Oriental Trading Company (OTC)
- Shutterfly Inc.
- Pioneer Worldwide
- Unique Industries Inc.
These players are constantly taking various initiatives to continue their dominance such as partnership, acquisitions, and others. For instance, in August 2022, Shutterfly, Inc. has partnered with fashion icon Iris Apfel for the creation of an exclusive NFT Holiday CryptoCard Collection for charity.
Mr. Abhishek Paliwal
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