Photo Printing And Merchandise Market Is Driven By Increasing Digitalization And Urbanization Globally
According to a new market research report published by Credence Research “Global Photo Printing and Merchandise Market (Product Type (Photo Printing, Merchandise Printing); Module (Film Printing, Digital Printing); Mode of Printing (Desktop, Mobile); Distribution Channel(Instant Kiosk, Over the Counter, Retail, Online)) – Growth, Future Prospects and Competitive Analysis,2019 - 2027”, the overall photo printing and merchandise market worldwide was valued at US$ 22.20 Bn in 2018 and is set to grow with a CAGR of 7.1 % during the forecast period.
The global market for photo printing and merchandise is driven by increasing global digitalization and urbanization. Digitalization has expanded e-commerce business by growing product options. While urbanization has contributed to technological advancement by introducing new innovations, such as 3D printing, which are also market-driven. In addition, the growing trend of gifting printed cups, t-shirts, boxes and other products among consumers is another factor driving the growth of the market.
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Asia-Pacific is projected to be the fastest growing country, with CAGR rising by more than 7% over the forecast period. The demand in the area is led by an increase in the number of customers due to the increase in disposable income among them. In addition, the growing growth of e-commerce in the region has increased customer demand for printed goods. Likewise, increasing demand for 3D images from customers has driven vendors to introduce advanced technologies and innovative products.
Some of the prominent players operating in the photo printing and merchandise market include Cimpress N.V., Eastman Kodak Company, Walgreens Co., Mpix, Shutterfly, Inc., Amazon Prints, Snapfish, Digitalab, AdoramaPix Inc., and BayPhoto, Inc., among others.