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The photo printing and merchandise market size is estimated to grow at a CAGR of 5.63% between 2023 and 2028. The market size is forecast to increase by USD 7.40 million. The growth of the market depends on several factors, such as the rise in gifting culture, the growth of digital photography, and the growing popularity of private-label brands.
This photo printing and merchandise market report extensively covers market segmentation by distribution channel (online, retail, and kiosk), device (desktop and mobile), product (photo only, wall decor, photo cards, photo gifts, and calendars), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018-2022.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing popularity of private-label brands is the key factor driving market growth. Private-label personalized gifts are becoming a key focus area for retailers across the globe. Retailers are selling different types of personalized gifts under their private-label brands to improve their profitability. Major retailers are introducing their brands of personalized gifts, such as photo personalized gifts and personalized wearables, globally and are capitalizing on the growing demand for photo printing and merchandise market from customers.
Moreover, private-label products are priced lower than branded products. Thus, price-sensitive customers are more likely to buy such personalized gifts. Supermarket chains have started allocating more shelf space to private-label offerings and are undertaking in-house marketing and promotional activities. The demand for private label brands is expected to increase during the forecast period, which, in turn, is expected to support the growth of the global photo printing and merchandise market during the forecast period.
Automation of photo printing and merchandise is the primary trend shaping market growth. Automation in the photo printing industry has several benefits, one of which is improved productivity. Automation simplifies a variety of processes associated with printing, including image editing and color correction, as well as the actual printing process itself. Automation can save photo printing companies significant amounts of time and money, resulting in faster turnaround times and enhanced customer satisfaction.
In addition, one of the most significant advantages of automation lies in the ability of photo printing companies to manage large orders for printed photographs. Moreover, automation solves this problem by managing large orders for printed photos effectively, reducing lead times, and increasing overall productivity. Hence, these factors will drive the growth of the market during the forecast period.
The negative effects of digitalization are a challenge that affects market growth. Photos can be immediately viewed and shared anytime and anywhere in the present digital world. A large percentage of the total photographs taken globally are using smartphones. Nowadays, smartphones come with a very large storage space. It offers convenience to customers for taking pictures and storing them in the internal memory of smartphones. Also, with the advent of social media, people can set up their smartphones to upload their products to the Internet, which will preserve the images even if the camera is destroyed or the images are deleted.
Furthermore, a digital photo frame is a picture frame that displays a digital photo. Most digital photo frames display photos as a slideshow, usually with an adjustable time interval. The rise in the availability of such options results in reducing the need to print photos since sharing, viewing, and storage can all be handled very easily with mobile devices. This may limit the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Photo Printing and Merchandise Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The online segment is estimated to witness significant growth during the forecast period. The online segment provides customers with an opportunity to select from a broad range of options. The convenience that online photo printing and merchandise vendors provide with product customization will drive the growth of the market. Factors such as the advent of e-commerce and the increasing penetration of the Internet will play a significant role in maintaining the market position of the online segment.
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The online segment was the largest segment and was valued at USD 14.54 billion in 2018. Some of the major online players in the global photo printing and merchandise market are American Greetings, Hallmark Licensing, Cimpress, Things Remembered, and Shutterfly. Most of the players in the market deliver the option of saving their customization work for later use. Furthermore, market players that engage in e-retailing offer discounts and price cuts, which further aid the expansion of the customer base for the online distribution channel. Such factors will drive the segment and market in focus during the forecast period.
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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America is anticipated to be the biggest of the global photo printing and merchandise market with the US and Canada being the major revenue contributors. The growth of the market in this region is primarily driven by the growth of the gifting culture.
Furthermore, growing Internet connectivity is propelling the demand for online photo printing services in North America. With the rising Internet speeds and accessibility, shoppers gain better access to online stores, making them more likely to order photo prints online in the region. Some of the major market players that offer online photo printing and merchandise in the US are Hallmark Licensing, Shutterfly, and Things Remembered.
In 2020, due to the outbreak of the COVID-19 pandemic, the photo printing and merchandise market in North America was negatively impacted. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Furthermore, the growth of e-commerce platforms enabled companies that print photos and offer related merchandise to reach a wider market and serve a more international clientele. Hence, these factors are expected to have a positive impact on the regional market during the forecast period.
The photo printing and merchandise market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Photo Printing And Merchandise Market Scope |
|
Report Coverage |
Details |
Page number |
191 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.63% |
Market Growth 2024-2028 |
USD 7.40 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.05 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 38% |
Key countries |
US, Canada, China, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
1-800-FLOWERS.COM, Amazon.com Inc., American Greetings Corp., Card Factory Plc, Cimpress Plc, Circle Graphics Inc., District Photo Inc., Eastman Kodak Co., ezprints Inc., Ifolor AG, Minted LLC, Nations Photo Lab, Perion Network Ltd., Prodigi Group Ltd., RPI Print Inc., Shutterfly Inc., Tesco Plc, Walgreens Boots Alliance Inc., Walmart Inc., and Zazzle Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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