Virtual Video Call Parties Become Popular amidst Coronavirus Pandemic
Birthday parties are getting a makeover amid the coronavirus (COVID-19) pandemic. Though it is challenging to stay cheerful amidst the lockdown period, individuals are taking to video conferencing apps to celebrate their birthdays. Homemakers are transforming their living rooms into fairytale-themed parties with the help of toys, Barbie props, and party balloons to cheer their children. Thematic virtual video call parties are becoming increasingly commonplace for individuals amidst the coronavirus outbreak, which has helped in the growth of the party balloon market.
Family and friends are dedicating personalized birthday songs through video conferencing and using party props such as balloons, tiaras, and paper garlands to enhance their party themes. Since most restaurants and pubs are shut down amidst the ongoing COVID-19 era, individuals are buying balloons and other cost-efficient party décor to enhance their video conferencing party appeal. Hence, companies in the party balloon market are increasing their production capacities to meet customer demands.
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Online Party Shops Being Highly Preferred by Individuals Hosting Events
The booming wedding planning and event management business worldwide is a key deciding factor for the exponential growth of the party balloon market. Attractive balloon installations have become the highlight of most birthday parties and events. End users are opting for innovative color combinations in party balloon installations to lure customers in malls and events by encouraging them to participate in activities. Hot party trends such as orb balloons have become a style statement for individuals hosting festive events and birthdays.
e-Commerce holds promising potentials for maximizing the business of party balloons. For instance, LENZO— an Australia-based online party shop, deals in the business of party balloons, decorations, and partyware products by becoming the one-stop shop for buyers. Online party shops in the party balloon market are increasing efforts to accommodate event management and food & beverage (F&B) services in their portfolio to boost the sales of party products.
Innovative Party Themes Add Illusion of Luxe for Commercial Events
Monochromatic and pretty-in-pastel party themes are increasingly becoming innovative party trends for individuals. Pantone LLC, best known for its proprietary color matching system, has highlighted the concept of Pantone Color of the Year, which has been sensationalized in popular news outlets. Similarly, event managers in the party balloon market are advising commercial workplaces about color coordination for conducting recreational activities for its employees. Award functions and festive occasions are prime highlight of commercial workplaces and bolstering the sales of party balloons and other decorations.
Foil party balloons are being highly preferred by individuals who desire to give a fancy yet chic touch to their party theme. Several startups in the party balloon market are stepping into the business of event planning to assure eye-glazing festive party set ups. One or two color palette party themes are becoming a way that give the illusion of luxe at events.
Sustainable and Reusable Party Décor Helps Reduce Environmental Footprint
The party balloon market is estimated to progress at a modest CAGR of ~5% during the forecast period. However, growing awareness about balloon littering is anticipated to hurt the sales of party balloons. It has been commonly observed that party balloons are not efficiently recycled and many a times do not reach landfills, thus ending up in rivers and seas causing pollution. Hence, manufacturers are increasing their production capabilities to produce biodegradable party balloons to efficiently decompose and prevent them from adding to the already high environmental footprint.
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Sustainable and reusable party décor is the highlight among individuals who are environment conscious. Hence, manufacturers in the party balloon market are focusing on developing materials that help in producing reusable balloons.
Growing Corporate Culture in Asia Pacific Boosts Market Growth
The concept of blue balloon décor en masse is being highly publicized by popular wedding and event management companies. This concept is expected to grow popular in 2020. New trends such as gender neutral party ideas and circus theme birthday party themes are expected to fuel the demand for foil and latex party balloons. On the other hand, rise of the corporate culture is another key driver boosting the growth for the party balloon market, which is anticipated to reach US$ 2.4 Bn mark by 2030.
Cost-effective decorative material is becoming a mandate in small and medium enterprises (SMEs). This trend is most prominent in countries of Asia Pacific, since the party balloon market in the region is expected to generate the highest revenue and grow at a rapid rate during the assessment period.
Extravagant Wedding Themes Translate into Revenue Opportunities for Party Balloon Manufacturers
In order to capitalize on revenue opportunities, manufacturers in the party balloon market are increasing their focus on wedding balloon décor installations. After zeroing down on important wedding preparations such as F&B services and wedding dresses, individuals move toward finer details such as wedding decorations. Thus, manufacturers are identifying specific needs of individuals for pearl-themed weddings that add glamour and grandeur to events. Other breakout wedding themes include balloon ceilings and textured balloon décor that help to enhance the aesthetic appeal of venues.
Orb balloons and large party balloon décor displays are being tailored according to the preferences of the wedding couple. Manufacturers in the party balloon market are capitalizing on the trend of celebrity-style weddings that individuals are opting for as a result of social media influence.
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Lucrative offers by online party shops amidst the coronavirus pandemic involve free shipping on buy now products to prevent products from becoming obsolete. Social media had primarily influenced wedding décor and birthday party themes. However, eco-friendly and substitute products such as paper chain garlands, streamers, and pompoms are replacing balloons in order to reduce environmental waste from ending up in landfills. Hence, companies in the party balloon market should collaborate with event planners providing party rental services that use foil party balloons, and increase production capacities for biodegradable and reusable balloons. They should focus on individuality at weddings to meet decoration demands of couples.
Party Balloon Market: Overview
· Party balloons are decoration materials used at birthday parties, weddings, corporate functions, school events, and for other festive gatherings. Party balloons are mostly made of natural latex, tapped from rubber trees, and can be filled with air, helium, water, or any other suitable liquid or gas. The rubber's elasticity makes the volume adjustable.
Party Balloon Market: Regional Overview
· Asia Pacific accounted for the highest share of the market in 2019, and is likely to be the leading region for the party balloon market, owing to the presence of a dominant consumer base in the region
· Availability of raw materials and a large consumer base have resulted in the expansion of the balloon production sector in the region; however, major share of the market is unorganized in the region. Expansion of corporate culture is propelling the commercial segment of the party balloon market in Asia Pacific. Increasing usage of balloons for advertisements has been a key driving factor for the commercial segment.
Party Balloon: Market Trends
· Action taken by environmentalists has prompted manufacturers to develop eco-friendly 100% latex balloons, which do not impact marine and wildlife. The trend for party balloons is shifting toward balloons of various shapes and sizes with latex materials instead of foil or plastic.
· Moreover, demand for low-cost products has increased in developing countries, which has fueled the demand for latex balloons. Cartoon character-printed balloons and message-printed balloons are gaining popularity. Additionally, a large number of players provide options to customers to order custom-printed balloons as per their requirement.
Party Balloon Market: Drivers, Opportunities, and Restraints
· Celebration of festivals is a major aspect of human society and balloons are used in large volumes for decoration. Moreover, balloons have been a major decoration element in Western (Europe and North America) society. Party balloons are cost-effective and can be utilized in creative ways as per the occasion. Birthdays, weddings, and anniversaries are common occasions across the globe that account for a major share of the global party balloon market. The culture of celebration of such occasions in developing and developed nations is driving the market for party balloons.
· Demand for environment-friendly balloons has been increasing globally; thus, manufacturers are focusing on the development of clean latex balloons without harmful chemical treatment. A large number of manufacturers has already begun manufacturing 100% latex balloons, which they claim are biodegradable and environment-friendly. This is likely to boost the demand for party balloons and is projected to create significant opportunities for manufacturers and distributors during the forecast period.
· The COVID-19 pandemic has led to restrictions on social gatherings in most countries, which is likely to drastically reduce the demand for balloons in the market. Demand is anticipated to remain sluggish for 2020 and during a few months of 2021.
· Many environmentalists consider balloons as a source of environment pollution. Additionally, when balloons end up floating in waterways, animals often mistake them for colorful prey, such as jellyfish, and eat them. This factor is also projected to hinder the growth of the party balloon market during the forecast period.
Party Balloon Market: Competition Landscape
· Competition in the global party balloon market is very high. A large number of small- and large-scale manufacturers are present in the market. Companies are opting for various strategies to increase their market share through mergers & acquisitions, and product innovation and development.
· Key players operating in the party balloon market are
o Amscan Inc.
o Buttericks Leco AB
o CTI Industries
o Folat B.V.
o Galaxy Balloon Inc.
o Gemar Srl
o Lufi Expressz
o Maple City Rubber
o Melloc Handelsgesellschaft und Agentur GmbH
o Passatgummi Schreven GmbH & Co KG
o Pioneer Worldwide
o Progressive Balloons Inc
o Rubek Balloons
o TAILLOON Balloons
o Wisa Enschede B.V.
o Xiong County Hengli Latex Products Co., etc.