The Middle East and Africa market for latex foil balloons is on its way to registering a US$ 187.2 million in 2023. A modest 5.6% CAGR between 2023 and 2033 should take the market to US$ 322.8 million in 2033.
The adoption of latex foil balloons for events such as birthdays and weddings is on the rise across the Middle East and Africa. It’s not surprising considering the following advantages of latex foil balloons:
- Low porousness, which leads to extended balloon lifespans
- Availability in a diverse range of sizes and shapes
- Vibrant and visually appealing designs
However, there are certain disadvantages of latex foil balloons as well, which are likely to hamper market acceleration. These disadvantages include:
- Higher costs compared to traditional balloons
- Slow decomposition, which is fueling environmental concerns
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Sales in the market for latex foil balloons are likely to surge owing to the acceleration of the private occasions segment based on application. Between 2023 and 2033, the segment is set to propel at a slow 3.5% CAGR.
From 2018 to 2022, the demand for latex foil balloons dipped in the Middle East and Africa. Market acceleration during this period slowed to a sluggish 4.5% CAGR. This was a reflection of the COVID-19 pandemic’s effects, which brought public gatherings to a standstill.
However, FMI anticipates the market to pick up the pace again in the coming years. As demand for decorative items soars in the Middle East and Africa, so would latex foil balloons sales.
Key Takeaways from the Latex Foil Balloons Market Study
- In 2023, the Middle East and Africa market for latex balloons is set to attain a US$ 187.2 million.
- Between 2023 and 2033, the market’s acceleration is likely to be supported by a 6% CAGR.
- In 2033, the market’s valuation looks set to surpass US$ 322.8 million.
- The Saudi Arabia and UAE markets should account for a 7% share in the regional industry.
- On the basis of application, the private occasions segment is likely to register a slow 5% CAGR in the coming years.
- Between 2018 and 2022, the market recorded sluggish acceleration owing to a 5% CAGR.
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“Significant acquisitions are probable in the years ahead as players look to diversify and differentiate their products. Latex foil balloons companies must also take into account the environmental impact of their products and invest in research & development to come up with eco-friendly alternatives.” -Says an FMI analyst.
Who is Winning?
The Middle East and Africa market for latex foil balloons is thriving. In the coming years, emerging players are set to provide stiff competition to established names. Manufacturers should aim to make their products more cost-effective as latex foil balloons are more expensive compared to conventional alternatives.
Leading players operating in the Middle East and Africa latex foil balloons market are Party Centre Inc., Balloon & Printing Manufacturers (Pty) Ltd., The Balloon Factory, Balloons and More, Galaxy Balloons Inc., Prolloon, Balloons N More, B-loony, Balloonsa, Rubek Balloons, Pioneer Worldwide, and Amscan Inc.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the Middle East and Africa latex foil balloons market, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033. The study divulges compelling insights on the latex foil balloons market based on product type (latex party balloon, foil party balloon), type (plain balloons, occasional/message balloons, themed balloons, number & letter balloons) application (private occasions, public occasions), size (less than 5″, 5” to 10”, 10” to 15”, 15” to 20”, above 20”), and sales channel (direct sales, indirect sales) across prominent Middle East and Africa countries.
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