November 23, 2021 09:00 ET | Source: Research Diving Research Diving

New York, USA, November 23, 2021 (GLOBE NEWSWIRE) - Research Dive has added a new report on the global party supplies market to its repository. According to the report, by 2028, the global market is expected to reach USD 21.35 billion, with a compound annual growth rate of 8.2% from 2021 to 2028. This in-depth research report provides detailed insights into the current state and future scope of the global market. industry. The report was drafted by expert market analysts and ensured to provide reliable data sources and comprehensive market insights for new market participants, investors, mainstream participants, stakeholders, shareholders, etc.

Factors affecting market growth:

The key factor driving the growth of the global party supplies market is the increasing popularity of event management services, which drives the demand for attractive party materials such as banners, lights, party masks, candles, and hats. In addition, it is expected that the provision of various party necessities from numerous party supplies manufacturers at reasonable prices on various e-commerce platforms will open the door to profit opportunities for market growth throughout the forecast period. However, due to the increasing use of non-biodegradable materials in party supplies, environmental pollution continues to increase, which is expected to hinder market growth.

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The impact of the COVID-19 pandemic on the market

Due to restrictions on social gatherings during the lockdown during the pandemic, the growth of the global market has deteriorated. Therefore, during the pandemic, weddings, parties, concerts, festivals and other events are postponed or cancelled to avoid the spread of the virus. In addition, participants in the party supplies industry have stopped the manufacturing process because the pandemic’s demand for party supplies has dropped significantly, which hinders market growth.

The report breaks down the global party supplies market into product types, end uses, distribution channels and regions.

Tableware/disposable products segment market leads the market

The tableware/disposable product sub-segment of the product type segment is expected to grow significantly during the forecast period and earn US$2.762.7 billion in revenue. This is mainly due to the increasing demand for plates, disposable cups, tablecloths, napkins and other products in party activities.

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Rapid growth of domestic market segments

The domestic segment of the end-use segment is expected to grow rapidly during the forecast period and exceed USD 17.79 billion. This is mainly due to the growing trend of birthday parties, pre-wedding shootings, bachelor parties, family parties, pre-birthday celebrations, baby showers and other activities.

Significant growth in the e-commerce segment

The e-commerce sub-sector of the distribution channel division is expected to achieve a growth of US$4.2314 billion during the forecast period. This is mainly due to the rapid purchase process of e-commerce platforms, so more and more e-commerce platforms are used to purchase party supplies.

The North American market is growing fastest

The report analyzes the global party supplies market in North America, Europe, Asia Pacific, and LAMEA. Among them, the North American market is expected to witness significant growth, reaching USD 6.184.1 billion during the forecast period. The growth of the market in this region is mainly due to the increasing occurrence of celebrations and numerous activities in the region, and the increasing demand for party supplies.

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The report lists some of the major players in the global party supplies industry, including

The report also provides several industry top strategies and methods, such as top strategic initiatives and development, product/service range, business performance, Porter's five forces analysis, and SWOT analysis of major players that play a role in the global industry. For example, in June 2021, Glasshouse Fragrances Australia launched a new series of baked candles inspired by the sweetness of popular confectionery dishes.

In addition, the report also has some understanding of leading corporate manufacturers, images, SWOT analysis, product portfolios, and financial status-inquire for detailed top company development strategy reports