$ 7.37 Bn growth expected in Personalized gifts Market
The global personalized gifts market by product (non-photo personalized gifts and photo personalized gifts), distribution channel (offline and online), and geography (APAC, Europe, MEA, North America, and South America) has been added to Technavio's offering. The global personalized gifts market is expected to grow by USD 7.37 billion, at a CAGR of almost 5% during 2020-2024.To get more news about
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The COVID-19 pandemic had a direct impact on the personalized gifts market. Public gathering places, such as clubs and party halls for different occasions were completely shut down to contain the spread of the virus. However, with the lift of restrictions and lockdowns, retails stores across the world are stocking and selling essential products, including personalized gifts. Besides, vendors operating in the market are undertaking frequent cleaning and sanitization activities in their manufacturing facilities to prevent the risk of contracting the virus. All these developments will foster market growth during the forecast period.
The market is expected to be driven by factors such as the continuous development of new products, rising demand for 3D printed personalized gifts, and the growing popularity of private-label brands.Consumers in Europe are highly aware of the harmful impact of gifting products on the environment. They are exhibiting a high preference for personalized gifts made of eco-friendly and recycled materials. This inclination among consumers is creating new growth opportunities for market vendors. In addition, the increasing popularity of gifting culture in many developing countries such as India is expected to open significant growth opportunities in the market during the forecast period.
Based on the segmentation by product, the market generated maximum revenue in the non-photo personalized gifts segment in 2019. The segment is driven by the increasing availability of seasonal discounts to customers for the online purchase of personalized decoration gifts. In addition, the increasing availability of personalized kitchenware and tableware gifts with additional features will have a positive impact on the growth of the segment during the forecast period.
APAC held the largest market share in 2019 and the market growth in the region is expected to be faster compared to the growth of the market in other regions. The growth of the market in APAC can be attributed to the increasing demand for products during regional festivals. Also, the increasing online sales of personalized gifts are contributing to the growth of the personalized gifts market in APAC.
One of the fortune 500 companies had used the detailed research report on the personalized gifts market and had decided to increase their market share in the APAC region which offers the highest market opportunities during the forecast period.The company offers personalized gifts, which include sports equipment, kitchenware, and others. The company offers personalized gifts under its Things Remembered brand.
Along with the market data, Technavio offers customizations as per the specific needs of companies. The following customization options are available for the personalized gifts market report:
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