According to a new report published by Allied Market Research, titled, “Party Supplies Market by Product Type, Application, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2027,”
The global party supplies market size was valued at $12.7 billion in 2019, and is projected to reach $20.3 billion by 2027, registering a CAGR of 8.8% from 2021 to 2027.
Key players operating in the global party supply market have adopted developmental strategies, such as product launch, to strengthen their foothold in the market in terms of value sales. To boost the demand for party supplies, they emphasize on continuous innovation to formulate products and gain a competitive edge in the market.
According to the key market players, increase in event management and wedding planning business across the globe boosts the growth of the party supplies market in terms of value sales. Therefore, the key players are focused to invest 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 globe. 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. However, rise in customer awareness regarding the hazardous effects of non-biodegradable party supplies to the environment is expected to hamper the party supplies market growth in terms of value sales during the forecast period.
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Growth Industry Trends and Forecasts :- Increase in awareness among kids has also created demand for cartoon character theme party supplies. Change in fashion & trend, theme parties, increase in awareness, surge in disposable income, innovation & technology, expansive categories of supplies, commercial use of supplies, unique designs, and variants in color & material drive the growth of the global party supplies market. Moreover, theme parties and use of latex & mylar balloons and in events & parties are the leading party supplies market trends now.
Party supplies are materials that are required for a party or event. They include various decorative materials such as balloon, games, pinatas, tableware, banners, and others. The party supplies market is experiencing an exponential growth due to emerging fashion and trends. There has been a lot of innovation and utilization of party supplies as accessories, wherein the items are designed according to the occasion. The leading brands produce supplies for occasions such as birthday, graduation, anniversary, Christmas, Halloween, and others. In addition, expansion of distribution channels, such as online stores, supermarkets, hypermarkets, specialized store, and others, has made these party supplies become easily available to customers, thereby contributing to the party supplies market growth.
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Key findings of the study
- Tableware/disposables segment accounted for the highest party supplies market share in 2019, growing at a CAGR of 6.4% from 2021 to 2027.
- By application, the domestic use segment accounted for the highest market share in 2019, growing at a CAGR of 8.5% from 2021 to 2027.
- Supermarket/hypermarket segment accounted for the highest market share in 2019, growing at a CAGR of 7.6% from 2021 to 2027.
- North America occupied maximum share in the party supplies market in 2019 and is expected to dominate the market during the forecast period.
The key players operating in the global party supplies industry include:- Party City, Unique Industries, Martha Stewart, American Greetings, Pioneer Worldwide, Hallmark, Shutterfly, Artisano Designs, Chinet, and Oriental Trading Company.
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