Party Supplies Market Size Hits $28.8 Billion by 2031, Growing at a CAGR of 9% from 2022 to 2031

Allied Market Research published a report, titled, "Party Supplies Market by Product Type (Balloons, Banners, Pinatas, Games, Home Decor, Tableware/Disposables, Take Away Gifts, Others), by Application (Commercial Use, Domestic Use), by Distribution Channel (Supermarket/Hypermarket, Convenience Stores, Specialized Stores, E-commerce, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032."According to the report, the global party supplies industry was estimated at $12.3 billion in 2021, and is anticipated to hit 28.8 billion by 2031, registering a CAGR of 9.0% from 2022 to 2031.

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Drivers, restraints, and opportunities-

The growth of the global party supplies market is driven by the increase in event management and wedding planning business globally, rise in urban population, and product innovations. On the other hand, the impact of non-biodegradable party supplies on the environment limits the expansion of the business. This factor impedes growth to some extent. However, the rise in consumer demand for eco-friendly products and the rapid growth of online retail platforms are expected to create lucrative opportunities in the industry.

Increase in use of event and wedding planner to arrange event and parties, rise in urban population, and product innovations has been driving the growth of the party supplies market during forecast period. From the past few years, there has been an exponential growth in urban population. According to the United Nations (UN), urban population, which is 55% of the world's population presently, is projected to reach 68% by 2050. Increase in urban population is a key factor that propels the party supplies market globally. This is attributed to urban dwellers who prefer ceremonies, parties, & events to connect with their friends and loved ones to create unforgettable moments. Moreover, they are inclined to spend on events & party supplies, such as balloons, games, tableware, and others, to make their party attractive & pleasing and enhance their party themes. This, in turn, has driven the growth of the party supplies market in terms of value sales. Furthermore, innovations and development in product and event planning services has been supporting the sales of the party supplies. Innovation refers to the creation or introduction of a good or service, which is either novel or an improved version of previous goods or services. In the party supplies industry, manufacturers are focused on continuous innovations in their products to provide a wide range of innovative & attractive products to their customers. For instance, Party City manufactures and offers party supplies that consumers can match with the theme of their party or occasion. In addition, it offers personalized party supplies, such as banners, personalized favors, & tableware, and offers eco-friendly party supplies and others. Therefore, rise in demand for party supplies is increasing exponentially, which has driven the growth of the party supplies market in terms of value sales.

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The Tableware/Disposables segment to retain its dominance by 2032-

By product type, the tableware/disposables segment accounted for the major share in 2021, garnering nearly one-fifth of the global party supplies market revenue. This is due to Serving food at social gatherings, such as parties, festivals, and events, is one of the macro trends in party culture, which has become the primary growth catalyst for the Party Supplies sector. The games segment, however, would cite the fastest CAGR of 11.2% from 2023 to 2032. The growth is attributed to the increase in importance of building team spirit through traditional tabletop games.

The domestic use tends to rule the application segment-

By application, the domestic use segment held the highest share in 2021, holding nearly three-fourths of the global party supplies market revenue. The growth is attributed to the rise in trends of party celebration, such as pre-wedding, divorce party, baby shower, housewarming, post birthday celebration, pre birthday celebration, single dance party & mixer, and others, drives the growth of the party supplies market in terms of value sales. The commercial use segment would portray the fastest CAGR of 9.9% from 2023 to 2032. The increase in the number corporate parties & events and award functions to meet new people from the industry, grow business, and appreciate & motivate employees drives the growth of the segment.

The Supermarket/Hypermarket segment to retain its dominance by 2032-

By distribution channel, the supermarket/hypermarket segment accounted for the major share in 2021, garnering nearly one-fourth of the global party supplies market revenue. Supermarkets/hypermarkets usually span over a large area and display a wide range of brands in a single store. In addition, they are especially located near residential areas for convenience and easy accessibility. The convenience stores segment, on the other hand, is expected to dominate the market in terms of revenue throughout the forecast timeframe. The E-Commerce segment, however, would cite the fastest CAGR of 10.2% from 2023 to 2032. This is due to the fact that online platforms or e-commerce are becoming a popular medium for the purchase of sporting goods, including party supplies among customers.

North America garnered the major share in 2021 -

By region, North America garnered the major share in 2021, accounting for nearly one-third of the global party supplies market revenue. One of the major factors that drive this phenomenon is social media. The Asia-Pacific region, simultaneously, would portray the fastest CAGR of 10.2% by 2032. The growth is attributed to the rise in corporate culture in the region.

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Key players in the industry-

Artisano Designs
Party City Holdco Inc.
Huhtamaki
Shutterfly, Inc.
American Greetings Corporation
Hallmark Licensing, LLC.
Pioneer Worldwide
Oriental Trading Company
Martha Stewart Living Omnimedia, Inc.
Unique Industries, Inc.
The report analyzes these key players in the global party supplies market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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