Global gift packaging market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Emerging Minimalistic Design Trend to Re-shape Gift Packaging Market
Gift packaging has been evolving since past few decades with introduction of new and innovative designs replacing traditional or old ones. To give an aesthetic appeal while maintaining the sanctity of the gift, manufacturers have been involved in providing gift packaging designs that suit the purpose of the gift along with the gift’s characteristic nature, shape, weight, and fragility. Earlier, vibrant designs were used to enhance the aesthetic feel of the gift and make it eye catching. However, recent observations reveal that traditional, vibrant, and loud designs are being replaced by minimalistic and clean designs. There has been a paradigm shift in the gift packaging market apropos to packaging style, texture, material, and designs. The trend of keeping packaging of gifts in a simple form without unnecessary textures or design has been re-shaping the gift packaging market. Minimal and simple designs that significantly emphasize essential values and necessary information without extravagance have been gaining massive traction among customers. That said, manufacturers in the market are capitalizing on this emerging minimally aesthetic yet appealing trend in a bid to ensure increasing customer satisfaction in terms of style of presentation.
Personalization and Customization in Package Print to Favour Customer Satisfaction in Gift Packaging Market
The concept of customization has always taken a centre-stage as with evolution of customer thinking backed by their specific requirements. This has also transformed the gift packaging space in terms of printing on packages. This has triggered an increasing demand for customized prints among customers to obtain and provide a personalized touch to the gift. In wake of this scenario, players in the gift packaging market are diversifying their services and offerings while providing options to customers and encouraging them to select their prints to maintain long term customer relationships. Customers are empowered to select their print choice based on the type of gift which incorporates new dimensions related to convenience, design possibilities and flexibility. In this backdrop, the increasing demand for personalized and customized offerings and services is expected to bolster growth of the market.
Paper Packaging to Gain Steam in Gift Packaging Market on the Back of Growing Eco-friendly Trend
Sustainable and eco-friendly packaging has picked up momentum since past few years on the back of growing concerns related to environment health. This has also impacted the gift packaging space as manufactures turn towards environment friendly material options for their products. In addition, with rising bans on plastics in the packaging field, the demand for paper and paperboard has increased considerably, thus complementing the growth of the market. As environment safety and sustainability become major topics of concern, the use of recycled paperboard and paper in gift packaging market has increased considerably. Moreover, growing customer awareness regarding environment health and then negative implications of non-biodegradable materials and plastics used for packaging of gifts has fuelled the use of paper and paperboards as a viable packaging material. In this background, with a large focus on adoption of biodegradable material such as paper for packaging of gifts, manufacturers are innovating their offerings thus providing durability and attractive appearance. These factors have accelerated the use of paper material in packaging of gifts, in turn contributing towards the value growth of the gift packaging market worldwide.
Asia Pacific to Prevail as a Major Revenue Pocket in Gift Packaging Market
Developing nations in Asia Pacific are expected to hold a significant volume and value share in the gift packaging market. This can be attributed towards several macro-economic and indirect growth contributing factors. For instance, the momentous growth in the retail and e-commerce sector has provided ample opportunities for the gift packaging market. Likewise, emerging economies such as India and China reflect high lucrativeness owing to their cultural environment. Individuals in these economies are inclined towards gifting on festivals to maintain cultural value and sanctity. In addition, this trend has grown from mere cultural gifting to a way for expressing appreciation or gratitude. This factor coupled with stable increase in GDP per capita and increasing customer pool is expected to drive the growth of gift packaging market in Asia Pacific.
Gift Packaging Market: Competition Scenario
Key players in the gift packaging market are involved in several growth strategies including acquisitions, collaborations, partnerships, joint ventures, and new product launches to strengthen their position. For instance, in 2020, IG Design Group PLC concluded the acquisition of CSS Industries Inc. that manufactures seasonal and other gift products. With this acquisition, IG Design Group’s portfolio is expected to broaden and is likely to tap the US craft market along with providing access to new markets and channels. In August 2021, Classy Containers was acquired by a leading packaging company – Manjushree Technopack Limited to strengthen its position in the packaging space. Same year in November, Build a Head LLC acquired Gift Wrap My Face. In 2021, ACMI and Mondi entered a collaboration to introduce new wrapping system – Advantage Stretch Wrap. This innovative solution makes use of paper as a viable alternative to plastic and is expected to reduce the greenhouse emissions by 62%. In April 2022, Smurfit Kappa, and Elopak entered a joint venture for manufacturing aseptic packs, particularly for the Indian market.
A few of the major players in gift packaging market include Smurfit Kappa Group, DS Smith Plc, Ebro Colour GmbH, Packlyn Ltd., Interpak, Shenzen Fuziang Gift & Packaging Co., Hallmark Inc., and Mondi Group Plc.
Regional Classification of the Global Gift Packaging Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Gift Packaging Market
Post Sale Support, Research Updates & Offerings
We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.View Methodology