Photo printing services include photo printing on paper with all standard sizes from 3X3* to 30X120* and other fine arts prints. Merchandise refers to any type of goods, which includes commercial or personal products and commodities that are sold to common public and businesses. An instant kiosk is a self-operated automated phone booth and kiosk wherein users can walk in and get their photos cleaned. All the retail giants such as Wal-Mart Stores, Inc. and Target Corporation (which have photo lab in their store to print photo on paper or any merchandises) and retail shops (sell photo print products) come under this category.
Market Statistics:
The global photo printing and merchandise market is expected to surpass US$ 22,895 Mn in terms of value by the end of 2028.
Market Driver
Growing shift towards online photo sharing is expected to propel the global photo printing and merchandise market during the forecast period. Rising number of smartphones and enhanced broadband and wireless connectivity has led to increased preference for online photo sharing across various platforms. This, in turn, is expected to drive growth of the global photo printing and merchandise market during the forecast period. For instance, according to Coherent Market Insights’ analysis, in 2011, over 1.75 Bn photos were uploaded per week, globally on Facebook, which is an online social media and social networking website.
Market Opportunity
Rising integration of artificial intelligence can present lucrative growth opportunities. Artificial intelligence is an advanced technology that exhibits similar performance and traits to human minds. Many key players are increasingly adopting artificial intelligence and incorporating it with digital printing technology. This, in turn, enhances photo quality and offer predictive maintenance. Major companies in the market can capitalize on these opportunities and gain a competitive edge in the market.
Global Photo Printing and Merchandise Market: Recent Developments
- In May 2020, cardfactory opened a new store in Flintshire Retail Park in North Wales U.K. This store has helped the company to increase their retail business in photo printing and merchandise market.
- In May 2020, WhiteWall entered partnership Leica Stores.The main objective of these partnership is to increase WhiteWall’s visibility in the photo printing and merchandise market.
- In June 2020 Kodak ,a global technology company entered partnership with Dataline Solutions, a graphics production and Multi Press software company to increase the digital production workflow in the printing industry.
Market Restraints
High cost associated with installation and maintenance of self-printing kiosks is expected to hamper the global photo printing and merchandise market growth over the forecast period. The initial installation cost of self-prating kiosks is significantly high. Furthermore, operational and maintenance of the same is high, which in turn, is expected to hamper the global photo printing and merchandise market growth over the forecast period.
Global Photo Printing and Merchandise Market - Impact of Coronavirus (Covid-19) Pandemic
The global photo printing and merchandise market witnessed sharp decline in growth due to the outbreak of COVID-19 pandemic in December 2019. Following the outbreak in China, governments of many countries adopted strict lockdown policies, in order to curb the spread of the virus. With stringent regulations on physical distancing, many industries had to temporarily shut down their operations. Global supply chain industry also witness significant disruption due to travel ban and regulations regarding international trade. These adversities hindered growth of the market significantly in the early months of 2020. However, the market is expected to regain its traction with several countries lifting the travel bans and relaxing physical distancing regulations.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/photo-printing-and-merchandise-market-4787
Key Takeaways:
- The global photo printing and merchandise market was valued at US$ 18,838 Mn in 2020 and is forecast to reach a value of US$ 22,895 Mn by 2028 at a CAGR of 2.6% between 2021 and 2028, owing due to increasing utilization of smartphones and tablets.
- The Film Printing segment was valued US$ 5,854 Mn in 2020 and is expected to witness a CAGR of 0.7% over the forecast period. This is owing due increasing social media platforms and e-commerce retail channels.
Market Trends
Key players in the market are focused on emerging regions such as Asia Pacific, MEA, and Latin America with advanced and multi-purpose printers. For instance, in March 2014, MCC Group Inc., an Africa-based imaging and electronics company, partnered with Dai Nippon Printing, which is a Japan-based image technology company, in order to introduced photo printer machines and enhance its presence across various sectors such as system integration and others, primarily in the market in India.
Key players in the market are focused on research and development activities, in order to innovate novel products and gain a competitive edge in the market. For instance, In February 2017, Winning Photos, a subsidiary of Eastman Kodak Company, launched the Kodak Winning Fotos app and website. This platform is expected to serve as an online community for photographers, industry leaders, and others. Furthermore, in January 2017, Eastman Kodak Company introduced the Kodak Reel Film app, which offers quick access to movies projected on real film. The app also offers showtimes, images, summaries, and theatre locations. It also offers information on movies captured on Kodak Motion Picture Film along with options to share through social media accounts.
Competitive Section
Key players operating in the global photo printing and merchandise market are Eastman Kodak Company, Mpix, Market Evolution, AdoramaPix LCC, Cimpress N.V., Digitalab, Shutterfly, Inc., Bay Photo Inc., and Snapfish.
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