Introduction to the gift card holders Market
The gift card industry is a seemingly niche market, driven mostly by innovations in custom solutions. However, the gift card market has been registering steady growth for the last couple of decades. A quick look at market research reports available in the public domain predict the market to reach nearly US$ 700 Bn, by the end of 2024. Although the numbers seem unlikely and exaggerated, one thing is certain – the gift card market is expected to continue growing at a steady pace during the forecast period.
The global gift card holders market is expected to grow on the backdrop of change in consumer spending and shopping habits. Gift card holders are designed to impart a fresh and attractive appearance, while offering the flexibility of customization. Manufacturers in the gift card holders market compete in terms of their custom offerings, and this is expected to ensure a high level of competition in the market. The outlook for growth of the global gift card holders market is therefore expected to remain positive during the forecast period.
The Dynamics of Gift Card Holders Market
The rapid growth of modern retail and ecommerce portals is expected to be the key driver for growth of the gift cards market, which in turn will propel demand for gift card holders. Furthermore, large retail chains such as Walmart are also expected to be significantly influential. Manufacturers of gift card holders are expected to focus more on their bespoke offerings to cater to changing habits and consumer spending capabilities. The developing countries in the Asia Pacific region are expected to be key growth contributors to the global gift card holders market.
Manufacturers of gift card holders are expected to tap into the lucrative opportunities created by the ecommerce sector. In addition, the use of gift cards is not only limited to consumers, but it also booming in the corporate sector. Gift card holders are used regularly by gift card providers for brand advertising. Brand advertising has been proved to be a key component of success for companies operating in the modern market scenario. Therefore, manufacturers of gift card holders are expected to look for options such as embossing and high-quality printability to cater to branding requirements of companies. Furthermore, sales of gift card holders increase during festive occasions and it is this opportunity that brands are expected to exclusively target.
Gift Card Holders Market: Regional Outlook
Developing countries in the Asia Pacific region are expected to witness growth in demand for gift card holders at a healthy CAGR. However, it is the North America and Europe markets which are expected to dominate the global gift card holders market in terms of value generated, during the forecast period. This is attributed to the sheer size of the retail and ecommerce sector in the regions. Growth in penetration of ecommerce in the Asia Pacific countries is expected to speed up growth in usage of gift card holders. The process is expected to be slow at first but will eventually gain traction as gift cards become more commonplace in countries in the region.
Gift Card Holders Market: Key Players
The global gift card holders market is fragmented in nature with a large number of small-scale manufacturers. Some of the key players operating in the global gift card holders market include –
- Gold Valley Industrial Limited
- Prestar Packaging, Inc.