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The photo printing market size is estimated to grow at a CAGR of 14.68% between 2023 and 2028. The market size is forecast to increase by USD 26,010.12 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 market report extensively covers market segmentation by distribution channel (offline and online), product (photo gifts, cards, photo books, calendars, and others), and geography (APAC, Europe, North America, 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 rise in gifting culture is the key factor driving market growth. Giving gifts has always originated from the customs and traditions of many countries around the world. The concept of personalized gifts has gradually grown and gained traction, with an increase in the number of Millennials moving towards personalized gifts. The evolution of the gifting culture has led to a rise in the sales of photo-printed gifts, especially during occasions such as Christmas, New Year, Easter, Halloween, and Hanukkah.
Moreover, other occasions, such as Father's Day, Mother's Day, and birthdays, offer sales opportunities to photo printing retailers. Consumers give various types of gifts, such as personalized novelty and souvenirs, as a social expression, particularly during festivals. In addition, economic growth, rising disposable incomes, and the idea of long-distance or overseas gifting are fueling the demand for online gifting during the forecast period.
The rising use of organic and natural pigments in inks is the primary trend shaping market growth. The demand for organic pigments in existing and developing application segments has been rising continuously for the last few years. This trend is expected to grow owing to the technical properties and cost-effectiveness of such pigments in printing.
Furthermore, it is estimated that the demand for organic pigments for printing applications will grow substantially in APAC. Moreover, the superior properties of organic pigments, such as non-toxicity, good color strength, and cost-effectiveness, are expected to fuel their demand, which will have a positive impact on the global photo printing market during the forecast period.
Issues related to printed photographs is a challenge that affects market growth. With the emergence of high-resolution smartphone cameras and the availability of photo-sharing apps, many people prefer to store photos digitally or post them online rather than print them. This has led to a decline in demand for photo printing, which poses a big challenge for market players.
In addition, the growth of e-commerce has had a negative effect on traditional photo printing labs. Furthermore, e-commerce photo printing services typically offer a broad range of customization choices, including photo books and custom-made gifts, which further entices customers away from traditional printed photos. Hence, these factors may impede the growth of the global photo printing 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 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 15 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 offline segment is estimated to witness significant growth during the forecast period. Products sold in traditional or brick-and-mortar stores are called retail sales. Even in the digital age, a significant proportion of consumers prefer to shop in these stores. Photo printing products are mainly sold in retail formats, such as specialty stores, hypermarkets, supermarkets, convenience stores, clubs, and department stores.
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The offline segment was the largest segment and was valued at USD 11,355.54 million in 2018. Retail stores play a very important role in product purchases because many customers still prefer an in-store buying experience. Furthermore, improvements in the supply chain network have enabled the offline distribution channel to act as a catalyst for the growth of the photo printing market. Hence, such factors are expected to boost the growth of the market segment during the forecast period.
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APAC is estimated to contribute 41% 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. Growing demand for mobile phones and tablets in various countries including India, China, Japan, Korea, and Thailand is expected to boost photo printing demand in the region APAC. The growing popularity of smartphone applications for capturing and sharing photos is identified as a key factor driving the growth of the photo printing market in the region.
Furthermore, the rising innovations in digital cameras by manufacturers, such as Sony Corp. and Panasonic Corp., have enabled consumers to directly print their photos on albums, merchandise, wall decor, mugs, cards, and gifts. Thus, such factors are expected to drive the growth of the photo printing market in APAC during the forecast period
In 2020, the outbreak of the COVID-19 pandemic negatively affected the photo printing market in APAC. 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, most festivals and special occasions resumed in 2022 without restrictions on gatherings, which allowed people to enjoy with their loved ones and take photographs. This has further contributed to a recovery in the photo printing market in APAC, which is expected to drive the growth of the market in the region during the forecast period.
The photo printing 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 Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 14.68% |
Market Growth 2024-2028 |
USD 26,010.12 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
13.79 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 41% |
Key countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Adorama Camera Inc., Amazon.com Inc., American Greetings Corp., Card Factory Plc, Cimpress Plc, Circle Graphics Inc., Digitalab Ltd., District Photo Inc., Eastman Kodak Co., FUJIFILM Corp., Hallmark Card Inc., Millers Professional Imaging Co., Nations Photo Lab, ProDPI, Saal Digital Corp., Shutterfly Inc., Tesco Plc, Walgreens Boots Alliance Inc., and Walmart 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, and 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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