Print on Demand Market to Reach $64.3 Billion, by 2032 at 26.4% CAGR: Allied Market Research
Thursday, October 19, 2023
The global print on demand market is driven by factors such as an inclination toward fashion apparel and unique products, the rise in disposable income, and the positive influence of the entertainment industry.
NEW CASTLE, Del., Oct. 11, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Print on Demand Market by Component (Software and Service), by Product (Apparel, Home Decor, Drinkware, Accessories, Others), and End-user (Businesses and Individuals): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the print on demand industry generated $6.4 billion in 2022, and is projected to reach $64.3 billion by 2032, witnessing a CAGR of 26.4 % from 2023 to 2032.
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The print on demand (PoD) business model enables individuals and businesses to create personalized products without the need for storing inventory or owning production facilities. With PoD solutions and services, sellers upload their designs to online platforms, customers place orders for products featuring these designs, and the PoD providers take care of production, packaging, and direct shipping to the customers. This approach offers several advantages, including lower initial expenses, reduced inventory risks, and the ability to offer a wide range of highly customized products. Its popularity stems from its scalability, global reach, and suitability for e-commerce, making it an attractive option for businesses and startups looking to enhance and expand their offerings through personalized services.
Prime determinants of growth
The inclination toward fashion apparel and unique products and the rise in disposable income are driving the growth of the print on demand industry. In addition, the positive influence of the entertainment industry is fueling the growth of the market. However, lack of control and transparency for the artists and creators and challenges in printing on various kinds of fabric limit the growth of this market. Conversely, growing e-commerce penetration and sales are anticipated to provide numerous opportunities for the expansion of the market during the forecast period.
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Report coverage & details:
Report Coverage
Details
Forecast Period
2023-2032
Base Year 2022
Market Size in 2022
$6.4 Billion
Market Size in 2032
$64.3 Billion
CAGR 26.4 %
No. of Pages in Report 265
Segments covered Component, Product, End User and Region.
Drivers The inclination toward fashion apparel and
unique products
The rise in disposable income
The positive influence of the entertainment
industry
Opportunities Growing e-commerce penetration and sales
Restraints Lack of control and transparency for the artists
and creators
Challenges in printing on various kinds of
fabric
Covid-19 Scenario
-- The COVID-19 pandemic had a significant impact on print on demand market
owing to the growing demand for personalized products. In addition,
demand for digital designs for print-on-demand products, such as
downloadable art prints and digital planners increased during the
pandemic.
-- In addition, more customers opted for Internet purchasing due to
lockdowns, limitations, and concerns about visiting physical stores. As
a result, this resulted in e-commerce sector growth, including the print
on demand market as people sought ways to shop for personalized items
without leaving their homes. These factors have propelled the growth of
print on demand solutions among industries.
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The software segment to maintain its leadership status throughout the forecast period
Based on component, the software segment held the highest market share in 2022, accounting for more than two-thirds of the print on demand market revenue and is estimated to maintain its leadership status throughout the forecast period. As it offers a range of significant benefits that streamline and enhance the customization and distribution of products. However, the service segment is expected to portray the largest CAGR of 29.1% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. The increasing adoption of managed web services in several organizations provides convenience, expertise, and all-time support, allowing organizations to focus on their core business functions
The apparel segment to maintain its lead position during the forecast period
Based on product, the apparel segment accounted for the largest share in 2022, contributing to more than two-fifths of the print on demand market revenue and is expected to dominate the market revenue throughout the forecast timeframe. Printing on demand for apparel products enables entrepreneurs to build unique designs, graphics, or slogans for different clothing such as t-shirts, hoodies, hats, and more. These factors further drive the demand for this segment in the global market. However, the home decor segment is expected to portray the largest CAGR of 29.7% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. The growth of the segment of home decor is mainly driven by providing soft furnishings and kitchenware that showcase personalized and customized decoration products.
The businesses segment to maintain its leadership status throughout the forecast period
Based on end user, the businesses segment held the highest market share in 2022, accounting for nearly three-fourths of the print on demand market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the increasing usage of print on demand solutions and services in various businesses. However, the individual's segment is projected to manifest the highest CAGR of 30.2% from 2023 to 2032. The increasing demand for effective print on demand services among individuals is further expected to propel global market growth.
North America region to maintain its dominance by 2032
Based on region, the North America segment held the highest market share in terms of revenue in 2022, accounting for more than one-third of the print on demand market revenue. Businesses in this area are embracing these solutions at an increasing rate which is anticipated to propel the growth of the market, which is further anticipated to propel the growth of the market in this region. However, Asia-Pacific is expected to witness the fastest CAGR of 29.7% from 2023 to 2032, and is likely to enhance the market growth during the forecast period. The presence of strong government policies regarding privacy and security in this region has been driving the growth of the global market.
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Leading Market Players: -
-- VistaPrint
-- Zazzle, Inc.
-- Printify, Inc.
-- CustomCat
-- Gelato
-- Teelaunch
-- Prodigi Group
-- Canva
-- Redbubble Group
-- Gooten
The report provides a detailed analysis of these key players in the print on demand market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research
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