The US$ 16.9 Bn global photo printing and merchandise market will barely reach US$ 22 Bn in the next 10 years, exhibiting a sluggish CAGR of 2.6% over 2018–2028. The market may experience a slight thrust, as 3D printing emerges as a popularly adopted technology and the base of smartphone owners and app-users expands across the globe.
The photo printing & merchandise industry goes ‘Online’
Instant Kiosks segment covers a range of self-operated automated phone booths and kiosks, where users can walk in and get their photos clicked within a few seconds. This distribution channel is only used for photo print applications. Over the Counter segment covers small unorganized photo studios having hired photographers for clicking photos of individuals. This distribution channel is however expected to witness a major decline, losing a significant market share during the forecast period. Over the Counter channel is anticipated to witness sluggish growth through 2028, despite accounting for over 15% share of the total market revenue.
Retail distribution channel will reportedly continue to hold more than 25% value share by 2028 end, representing one of the key segments in the photo printing and merchandise market. A few of the leading companies in retail sector include Walmart Stores, Inc. and Target Corporation, which design, print, and sell photo print and merchandise products in retail. Among retail giants, Target Corporation have a dedicated photo labs in their stores for printing photos on paper or any merchandise. Individual retail shops that sell photo print and related products, also fall under the retail category.
The report highlights highest growth potential existing in the already dominating segment, online distribution channel, which includes selling of photo products or printing via an online medium using company websites or mobile-based applications. This segment will possibly account for around 55% market value share by 2028 end. A few companies spearheading the online photo printing and merchandise sector, include Snapfish, Cimpress N.V., Bay Photo Inc., and Shutterfly, Inc.
Expansion of Ecommerce sector pinpoints growth of developing regions
North America and Western Europe have been identified to be the key regional markets for photo printing and merchandise over the forecast period. While North America is foreseen to lose its value share, Western Europe is anticipated to encounter with attractive opportunities contributing to its increased market share of over 25% by 2028 end, as estimated by the report.
China and other developing Asian economies, along with South East Asian countries, are presumed to witness significant growth opportunities in near future. This growth has been primarily attributed to the flourishing Ecommerce sector. Booming use of smartphones and growing popularity of smartphone applications for capturing and sharing of photos is identified to be another key factor boosting the market growth. In addition, constantly improving broadband infrastructure and wireless connectivity networks will fuel the growth of market in next few years.
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