The printed wedding merchandise market size was valued at USD 11.76 billion in 2023 and is expected to be worth USD 12.38 billion in 2024. The market is projected to reach USD 19.94 billion by 2032, recording a CAGR of 6.14% during the forecast period.
The number of weddings is growing every year, which has fueled the demand for elaborate and customized pre-wedding and post-wedding photoshoots. This factor is expected to fuel the sales of printed wedding merchandise to help couples make unforgettable memories during their wedding. Governments across the world are also extending their support to weddings, which will further propel the product demand.
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Segmentation:
Option for Customization Boosted Demand for Photobooks & Albums
By type, the market is divided into photobooks & albums (flush-mount, matted, parent/gift albums, and others), personalized wedding calendars, custom photo mugs, photo frames, wedding invitations, and others. The photobooks & albums segment dominated the market in 2023 as these products offer customers the option to personalize their photos with the help of different concepts and designs.
Glossy Wedding Merch Gained Notable Traction Due to Increasing Need for Luxurious Wedding Experiences
Based on print type, the market is segmented into glossy, luster, textured, silk, and others. The glossy segment dominated the printed wedding merchandise market share in 2023 as customers are seeking luxurious and elegant wedding experiences, and a glossy finish offers wedding pictures a sophisticated look.
Demand for Affordable Merchandise Increased Due to Rising Lower- and Middle-Class Population
By category, the market is segmented into economy, premium, and luxury. The economy segment dominated the market in 2023 as the lower- and middle-class population is growing at a notable pace, increasing the demand for affordable wedding merchandise.
With respect to region, the market covers North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading types, print types, and prominent market players. It has also focused on the latest market trends and the key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Technological Innovations and Preference for Destination Weddings to Accelerate Market Growth
Printing technologies are undergoing technological advancements to improve the overall quality and accessibility of wedding photography. Technological innovations, such as 3D printing, giclée printing, and HD photo printing significantly enhance the quality of photos by offering detailed and vibrant prints. Moreover, customers are preferring destination weddings at exotic and visually stunning locations, which will further improve the adoption of printed wedding merchandise.
However, increasing use of cloud storage solutions to store vast volume of photos has decreased the need for physical wedding albums, thereby slowing the printed wedding merchandise market growth.
Regional Insights:
Asia Pacific Dominated Global Market Owing to Growing Network of Wedding Photo Studios
Asia Pacific captured the largest market share in 2023 as the region is witnessing a notable growth in the number of wedding photo studios. Moreover, countries, such as India and China are seeing a commendable increase in the number of weddings every year, which will foster the regional market’s growth.
Europe might showcase promising growth in the coming years as several married couples are demanding premium wedding photography services.
Competitive Landscape:
Market Leaders to Execute Rebranding Strategies to Strengthen Brand Value
Some of the key companies operating in this market are focusing on strengthening their brand value by executing various growth strategies, such as rebranding. Rebranding can help market players expand their customer base and accelerate their growth.
Notable Industry Development:
May 2024: PikPerfect, a Swiss photo products company, announced the launch of its its new Do-It-Yourself (DIY) service that uses Artificial Intelligence (AI) to provide customers with personalized photobooks.
LIST OF KEY COMPANIES PROFILED IN THE REPORT
CEWE Group (Germany)
Cimpress (Ireland)
Fujifilm Holdings Corporation (Japan)
Mixbook (U.S.)
ProLab (India)
Photojaanic (India)
Silamba Colour Lab (India)
Smartphoto Group (Belgium)
Shutterfly (U.S.)
Ultraa Albums (India)
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