According to a new report, published by KBV research, The Global Party Supplies Market size is expected to reach $23.5 billion by 2030, rising at a market growth of 8.7% CAGR during the forecast period. In the year 2022, the market attained a volume of 1,905.9 million units experiencing a growth of 8.7% (2019-2022).
The Domestic Use segment is registering a CAGR of 8.1 % during the forecast period. This is attributed to the rise in the trend of party celebrations such as pre-wedding, divorce parties, baby showers, housewarmings, post-birthday celebrations, pre-birthday celebrations, single dance parties & mixers, and others. The party supplies firms produce and supplies goods & services in the market according to the household sector’s demand. They transform their living rooms into themed parties using party balloons, banners, fairy lights, and others to cheer their children. This, in turn, drives the growth of the market.
The Supermarket & Hypermarket segment led the Global Party Supplies Market by Distribution Channel in 2022; thereby, achieving a market value of $6.6 billion by 2030. Supermarkets and hypermarkets are experiencing a surge in popularity due to their ability to house an extensive selection of consumer products, ample parking, and convenient business hours. Additionally, competitive pricing, urbanization, and the expansion of the working class all contribute to the growing prominence of supermarkets and hypermarkets in both developed and developing nations. As a result, the value of sales of party supplies have increased rapidly.
The Tableware & Disposables segment is growing at a CAGR of 6.2 % during the forecast period. Food & beverages are one of the key elements in any party or event as it is one of the ways to appreciate and demonstrate hospitality to guests. Therefore, serving food at social groups, such as parties, celebrations, and events, is one of the macro trends in party culture. This has, in turn, increased the demand for tableware/disposables at parties or events. Furthermore, these factors have driven the growth of the party supplies market in terms of value sales. Moreover, manufacturers offer eco-friendly disposable glassware, cutlery, and dishware to mitigate environmental pollution and attract environment-conscious customers.
Full Report: https://www.kbvresearch.com/party-supplies-market/
The North America region dominated the Global Party Supplies Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $8.9 billion by 2030. The Europe region is anticipated to grow at a CAGR of 8.3% during (2023 - 2030). Additionally, The Asia Pacific region would witness a CAGR of 9.8% during (2023 - 2030).
By Application (Volume, Million Units, USD Billion, 2019-2030)
By Distribution Channel (Volume, Million Units, USD Billion, 2019-2030)
By Product Type (Volume, Million Units, USD Billion, 2019-2030)
By Geography (Volume, Million Units, USD Billion, 2019-2030)
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