The fad for personalized packaging and pervading culture of corporate gifting have been identified as the key growth levers of the gift packaging market landscape. The Fact.MR research study projects an optimistic picture of the buoyant prospects of gift packaging market over the forecast period of 2018 to 2028. Personal gifting on occasions, being perceived as a gesture of mutual admiration, is slated to augur well for the growth of gift packaging market.
The global gift packaging market remains a fragmented landscape, with the top five players accounting for around 9% of the market share in 2017. Leading players in the gift packaging market space are expanding their reach across densely populated emerging economies, to benefit from the booming retail sector. For instance, Hallmark Cards, a key player in the gift packaging market, is vying to capitalize on new opportunities by distributing its products across emerging economies such as India and China.
The gift packaging market is characterized by a large-scale presence of local manufacturers. The emphasis of these players to offer gift packaging formats with regional design preferences at economic price points, is likely to pose major challenges for the industry giants. However, international players in the gift packaging market space are entering into strategic acquisitions of regional or small players to strengthen their presence across the regional markets.
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Evolving Trend of ‘Less is More’ to Encourage Influx of Clean and Minimalistic Designs
The loud and vibrant designs in gift packaging seem to be swept aside by clean and basic designs, with the rising fad for keeping it simple. Gift packaging formats based on minimalism, with emphasis on essential values with no extravagancy, are gaining considerable popularity amid the customer marketplace.
Minimalistic designs also help brands to stand out in terms of presentation styles, enhancing appeal of their offerings in the gift packaging market space. Prominent brands, such as Zazzle and Etsy, offer a wide-range of minimalistic gift packaging designs with a tinge of creativity, to capitalize on the emerging trend of ‘minimal aesthetic’.
Franchising to Offer Prime Opportunities for Emerging Businesses to Gain Foothold
Franchising has been an age-old successful business strategy for affluent expansion of businesses, with gift packaging being no exception. Franchising has been embraced as a favorable business concept and has often evolved as a ‘win-win’ for both the franchisor as well as the franchisee.
In the present scenario, franchising has become prominent in the gift packaging market as a viable avenue for business proliferation within a stipulated amount of time. Startups vying to make it big in the market are swiftly gravitating toward this business concept, as it offers sustainable revenue benefits and enhanced survival rates for both the franchisor and the franchisee.
Creating Consumer Connection via Customized and Personalized Prints- A Strategic Lever for Success
Prominent brands are increasingly leveraging on the rising demand for customized and personalized prints, a trend that carries significant implications for the gift packaging market. Key manufacturers, in line with the aforementioned, are diversifying their offerings and empowering customers to choose their own prints, in a bid to achieve long-term customer retention.
Key players, such as Karl Knauer KG and DS Smith plc, are offering immense scope for customized prints on their gift packaging formats, in a bid to equip the customers with new dimensions of design possibilities, convenience, and flexibility.
Trend of Corporate Rewarding and Gifting to Create Lucrative Avenues for Gift Packaging Market
A majority of the companies are rapidly gravitating toward the concept of corporate rewarding on specific occasions. This not only acts as a gesture of mutual acknowledgment, but is also a viable strategy of the companies to foster new relationships, both with their employees and clients.
The rising popularity of corporate gifting among companies as a strategic move for sales promotion is likely to propel the demand for gift packaging in the forthcoming years. A healthy penetration of the corporate gifting trend is anticipated to introduce new profit-making aspects for the gift packaging market.
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The competitive landscape features profiles of key companies operating in the gift packaging market. Various aspects central to profiles of the key players in the gift packaging market, such as product portfolios, product innovations, differential business strategies, and many more have been extensively analyzed in the report on gift packaging market. The report on gift packaging market features prominent companies such as IG Design Group Plc., Hoomark (Subsidiary of IG Design Group), Card Factory Plc., Mondi Group Plc., Hallmark Cards Inc., KARL KNAUER KG, and DS Smith Plc.
IG Design Group Plc., a key player in the gift packaging market, entered into a strategic partnership with inventor, Erin Borges, of "GoGo Gift Bag" in the year 2017. This acquisition helped the company to attain distribution rights for marketing its products in the domestic and international markets. Moreover, the company is emphasizing to extend its market presence in the developed as well as emerging nations such as U.S. and China.
Card Factory Plc., a leading player in the gift packaging market, launched its transactional and online sales website i.e. www.cardfactory.co.uk in 2013, to venture into the e-commerce platform and boost its sales potential. Moreover, the company also acquired the assets of "Printcraft" in 2009 in order to expand its operations with a 10-year capital expenditure plan.
Gift packaging refers to the act of enclosing a gift in a certain kind of material, in order to enhance its aesthetic value. Gift packaging is often held by a ribbon-like structure and is topped with a decorative embellishment, such as a bow. Gift packaging, with attractive look and appeal, has been identified to have a positive influence on the recipient.
About the Report
The report on gift packaging market is an all-inclusive research study that closely analyzes different pivotal aspects related to the growth of gift packaging market. Crucial aspects impacting the growth of gift packaging market, in terms of both demand and sales, have been covered in this report on gift packaging market. The report on gift packaging market includes a historical analysis of current scenario of the gift packaging market scenario and futuristic projections of the gift packaging market across prominent regions.
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Gift Packaging Market to Catalogue Impetuous Growth Triggered By Prime Manufacturers (2018-2028)
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