Global Gift Wrapping Products Market Size is Estimated to Reach USD 31.97 Billion by 2031, Growing at a CAGR of 6.7%: Straits Research
The growth of the market is driven by Growing Usage of Sustainable Materials to Manufacture Gift-Wrapping Products and Shifting Consumer Trends Toward Party and Celebration Activities
New York, United States, Nov. 28, 2023 (GLOBE NEWSWIRE) -- Gift wrapping is the art of enclosing a gift in a material. The term "gift-wrapping products" refers to various materials and instruments used to wrap, adorn, and improve the aesthetic appeal of gifts. These products include present boxes, gift bags, ribbons, bows, tissue paper, gift tags, and other embellishments. The most common form of wrapping material is gift wrapping paper. It is a form of paper typically used to conceal the contents of gifts by wrapping them in a rectangle.
Paper can be made from various materials, including paper, foil, and plastic, and can have numerous hues, patterns, and designs. Popular types of gift-wrapping products include gift bags. These are premade present bags intended for carrying gifts. They can be made from paper, fabric, or plastic, among other materials. These purses are available in various sizes and shapes and typically include handles or straps for portability.
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*Growing Usage of Sustainable Materials to Manufacture Gift-Wrapping Products Drives the Global Market*
According to Straits Research, “The global gift-wrapping products market was valued at USD 17.84 billion in 2022. It is estimated to reach USD 31.97 billion by 2031, growing at a CAGR of 6.7% during the forecast period (2023–2031).” People choose more environmentally friendly gifting options as they become more conscious of the ongoing green movement. In addition to the gift itself, the packaging material used to wrap it should also be environmentally responsible. People utilize kraft paper, cloth wraps, paper or fabric gift bags, and even newspapers instead of packaging materials manufactured from non-biodegradable polymers.
In July 2018, China outlawed importing over 24 types of solid waste, including plastic and unsorted paper. Multiple nations, including the United States and Canada, have sent their recyclable refuse and waste materials to China for recycling for several years. As a result of China's reluctance to accept foreign refuse, many nations, including the United Kingdom, are mulling the imposition of taxes on plastic products to reduce their consumption and promote recycling. This will increase the demand for more eco-friendly materials to produce gift wrap instead of polymer-based materials, thereby driving market growth.
*Increasing Demand for Customized Gift Packaging Creates Tremendous Opportunities *
Personalization or customization of gift wrappers enables people to transform ordinary gifts into memorable ones, enhancing the significance of any occasion for the recipient, no matter how big or small. According to the Deloitte Consumer Review, over fifty percent of consumers are increasingly interested in purchasing personalized gift options. People enjoy receiving specialty or personalized gift cases because they are elegant, and the personalization demonstrates that the giver cares.
Cadbury, a British multinational confectionery company wholly owned by Mondelez International, has launched a service in India whereby it organizes gifts for various occasions, such as birthdays, anniversaries, and graduations. The chocolates' packaging can be personalized by adding a photo of the recipient and a special message. According to the Daily Mirror, 65 percent of those polled in 2019 believe that giving a personalized gift is more satisfying than giving a generic one. These factors are likely to generate market expansion opportunities.
*Regional Analysis*
North America is the most significant global gift-wrapping products market shareholder and is anticipated to exhibit a CAGR of 7.21% during the forecast period. Its relatively high consumer purchasing power distinguishes North America. This is essential to the rising demand for fashionable, unique gift-wrapping materials and solutions. The increasing demand for sustainable gift-wrapping papers for holidays such as Christmas and Thanksgiving also offers opportunities for market expansion. In addition, climate change and rising environmental awareness, especially among millennials and Generation Z, have increased the demand for sustainable and eco-friendly wrapping paper in the United States and Canada. Christmas generates the most waste in these countries compared to the rest of the year, a growing concern in the region.
Europe is predicted to exhibit a CAGR of 4.9% over the forecast period. The region is home to significant economies like the United Kingdom, France, Germany, and Italy, with mature infrastructure sectors and high household expenditure levels. Given the high-income levels in Western European countries, the gift-wrapping products market offers lucrative opportunities for high-end product offerings, innovative designs and patterns, and sophisticated distribution channels. The increase in destination weddings in the region has also boosted the gift-wrapping industry. Due to the quick flight times and warm climate, European destination weddings are becoming increasingly popular. Cyprus, Lisbon, Greece, and Sicily are the region's most desirable wedding destinations. These locations feature gorgeous beaches and warm weather.
*Key Highlights*
· Based on raw material, the global gift wrapping products market is segmented into paper and paperboard, plastic, and others. The paper and paperboard segment owns the highest market share and is predicted to exhibit a CAGR of 7.01% over the forecast period.
· Based on product type, the global gift wrapping products market is divided into wrapping paper, ribbons, film and foils, decorative boxes, pouches, bags, and others. The wrapping paper segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 6.41% over the forecast period.
· North America is the most significant global gift-wrapping products market shareholder and is anticipated to exhibit a CAGR of 7.21% during the forecast period.
*Competitive Players*
The key players in the global gift wrapping products market are Hallmark Cards Inc., Paperchase (Aspen Phoenix Newco Limited), Carte Blanche Greetings Ltd., Shenzhen Tianya Paper Products Co., Ltd., Card Factory Plc, IG Design Group PLC, DS Smith, Karl Knauer KG, Bayley’s Boxes Inc., and Valtenna SRL.
*Market News*
· In May 2023, Giftwrap.ai, an AI-powered gift marketplace, announced the release of the Giftwrap.ai ChatGPT plugin, which provides users with a new method to select, send, and manage gifts. The ChatGPT plugin from Giftwrap.ai provides a streamlined and personalized gift recommendation experience.
· In May 2023, Lula's Garden, an eco-friendly succulent plant gifting business, and WildBrain, a world leader in kids and family entertainment, are partnering on a Strawberry Shortcake-inspired limited-time offer gift box collection. In honor of National Strawberry Month, the Lula's Garden collection of Strawberry Shortcake-themed planter gift boxes is now available for pre-order.
*Global Gift Wrapping Products Market: Segmentation*
*By Raw Material*
· Paper and Paperboard
· Plastic
· Others
*By Product Type *
· Wrapping Paper
· Ribbons
· Film and Foils
· Decorative Boxes
· Pouches
· Bags
· Others
*By Regions*
· North America
· Europe
· Asia-Pacific
· Central and South America
· The Middle East and Africa
*Get Detailed Market Segmentation @ **https://straitsresearch.com/report/gift-wrapping-products-market/segmentation*
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