Businesses are turning to e-commerce platforms to elevate their sales. Even gift packaging vendors provide their solutions online and reap the benefits of economies of scale. By taking into account the recent market trends, gift packaging solutions merchants can sustain their existing customers, attract new ones, and reinforce their market presence.
The global Gift Packaging Industry is on a trajectory of significant growth, with an estimated market value reaching an impressive US$ 37.4 billion by the year 2033. The demand for gift packaging is set to maintain a steady Compound Annual Growth Rate (CAGR) of 4.3% through the forecast period, starting from its current valuation of US$ 25.3 billion in 2023.
Gift box manufacturers are adapting to the evolving consumer preferences, with a notable shift towards minimal aesthetics. Prominent brands such as Zazzle and Etsy are at the forefront of this trend, offering an extensive range of minimalist design options. This reflects the growing inclination among consumers for uncluttered and understated designs in their gift packaging choices.
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Key Market Trends
Leading players in the market, including Karl Knauer KG and DS Smith plc, are adopting new trends in gift wrap and customized prints. This strategic shift not only enhances design flexibility but also provides added convenience for consumers. The incorporation of these trends is poised to elevate the overall consumer experience.
Gift box manufacturers are embracing the prevailing trend of minimalistic aesthetics, aligning with the evolving preferences of consumers. Renowned brands such as Zazzle and Etsy are at the forefront, offering an extensive portfolio of minimalistic designs that resonate with contemporary tastes.
The robust expansion of e-commerce giants like Snapdeal and Amazon is acting as a significant catalyst, driving the demand for gift packaging solutions. As these platforms continue to grow, the sales of gift packaging solutions are expected to witness substantial traction, reflecting the evolving dynamics of the modern retail landscape.
Historical Growth of the Gift Packaging Industry Vs. Forecast Outlook
The gift packaging industry is poised for a surge in sales in the coming years, driven by the growing acceptance of these solutions across a wide range of occasions. Manufacturers are concentrating their efforts on assisting businesses in elevating their product offerings through the introduction of minimalist designs and creative presentation styles. The increased purchasing power of individuals, coupled with the evolving trend of gifting on various occasions, including farewell parties, birthdays, and anniversaries, is further bolstering the sales of gift packaging solutions. This confluence of factors is set to fuel growth in the industry.
Market Drivers:
- Brand Differentiation: Companies use creative and branded gift packaging to differentiate their products and enhance brand recognition.
- Seasonal Demand: Gift packaging experiences spikes in demand during peak gifting seasons, such as holidays, birthdays, and special occasions, driving the need for a variety of packaging options.
- Customization and Personalization: Consumers seek unique and personalized gift packaging to make their gifts stand out, driving the demand for customized packaging solutions.
- E-commerce Growth: The rise of e-commerce has led to an increased need for efficient and attractive gift packaging for online orders, boosting the market.
- Sustainability: Eco-friendly gift packaging options are gaining popularity as consumers and brands prioritize sustainability and environmentally responsible choices.
- Luxury and Premium Segment: The luxury and premium gift packaging segment caters to high-end brands and products, driving the demand for high-quality and aesthetically pleasing packaging.
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Key Developments in the Gift Packaging Industry
- Manjushree Technopack Limited, a prominent packaging firm in India, acquired Classy Containers, one of the biggest custom-model rigid packaging firms, in August 2021. This development will help Manjushree Technopack Limited strengthen its position in this robustly flourishing market.
- Gift Wrap My Face, a self-portrait wrapping paper promoted by Khloe Kadarshian, Oprah, and Whoopi Goldberg, was developed by two ad agency creatives and acquired by Build A Head LLC in November 2021. The involved brands offer customized products for holidays, birthdays, anniversaries, birth announcements, graduations, and more. Apart from this, the brands exemplify the firm’s dedication to providing delights in all achievements of life goals.
- In April 2022, GLS and Elopak revealed a joint venture in which both firms have 50% ownership. The resultant company, GLS Elopak, will leverage the respective assets, expertise, and networks of GLS and Elopak to capture the substantial consumer demand in India. The company was founded to produce and process high-quality aseptic and fresh packaging solutions designed to ascertain the safety and accessibility of liquid food to consumers worldwide.
Key Players in the Gift Packaging Industry
- Hallmark Cards
- Packlane
- Smurfit Kappa Group
- Ebro Colour GmbH
- Interpack
- Card Factory
- DS Smith plc
- IG Design Group plc
- Karl Knauer KG
- Mondi plc
- Manjushree Technopack Limited
- Qwikcilver Solutions
- Diageo
Key Segments in the Gift Packaging Industry
By Packaging Type:
- Primary
- Secondary
- Tertiary
By Product Type:
- Gift Boxes
- Containers
- Ribbon & Bows
- Gift Sacks
- Gift Bags
- Wrapping Paper
- Tissue Paper & Shreds
- Cellophane Over Wrap & Bags
- Gift Cards & Money Holders
- Others
By Material:
- Plastic
- Paper & Paperboard
- Metals
- Glass
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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