The global photobook and album market size was valued at USD 3.36 billion in 2021 and USD 3.41 billion in 2022. The market is expected to reach USD 4.42 billion by 2029 with a CAGR of 3.75% during the forecast period. Rising usage of the product for clicking pictures by photographers, fashion designers, artists, and other types of photos is anticipated to drive market growth. Married couples keeping photos of their weddings as a souvenir is expected to propel the market course. The trend of having pregnancy photoshoots to remember the time is expected to facilitate market development. Fortune Business Insights™ shares this information in its report titled “Photobook and Album Market, 2023-2030.”
Shutdown of Various Destinations During Pandemic Affected Market Growth
Due to COVID-19, there was shutdown of wedding venues and other travel destinations worldwide due to lockdown limitations. Companies faced problems in managing operational costs due to rising prices and shortage of raw materials that limited the market growth for photobook and album.
Flush Mount to Dictate Due to Rising Consumer Preferences
On the basis of the product type, the market is segmented into flush mount, lay-flat, and standard. Flush mount accounts for the large part due to consumer preferences such as wedding photographers, photo studios, and professionals offering flush mount books to their clients. Lay-flat segment is also expected to show significant growth due to its cost-effectiveness and soft quality covers of the albums.
Square Segment to Govern the Segment Due to High Easy Resizability
Based on size, the market is categorized into square, portrait, and landscape. The square segment is anticipated to hold a major part during the forecast period owing to high popularity of square books for placing photographs.
Regionally, the market is studied across South America, North America, Europe, Asia Pacific, and the Middle East & Africa.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Drivers and Restraints
Increasing Smartphone Penetration to Boost Market Trajectory
Deep penetration of smartphones is anticipated to drive the photobook and album market growth. Capturing of videos and photographs on smartphones is becoming essential globally which is anticipated to create demand for photobook and albums. Integration of AI-based photo printing applications, such as Snapfish, Shutterfly, and others, is expected to pose opportunities for the market growth. Increasing number of weddings globally is expected to propel market development. Albums covering memories of pregnancy stages, such as baby showers, ultrasound, baby bump journey, and gender reveal parties’ photoshoots, are anticipated to create opportunities for the market.
However, high cost of the product is estimated to limit the market growth.
North America to Dominate Market Share due to Increasing Usage of Photobooks to Capture Life Moments
North America is expected to dominate the photobook and album market share due to its population using photographs to capture their life moments. The region reached a valuation of USD 1.29 billion in 2021 due to increasing demand for photo albums. Tradition of gift-giving amongst Gen Z and millennials is expected to fuel the growth for the product amongst consumers.
Europe is also expected to witness considerable market growth due to the presence of exotic destinations, pre-wedding shoots, and anniversaries.
Asia Pacific is anticipated to have a steady growth due to increasing number of festive celebrations and pre and post wedding shoots. Increasing number of festivals and rising tourism in countries, such as Japan, Singapore, and Thailand, will propel the market growth.
Key Industry Development
October 2021– Shutterfly LLC is an American photography that offers personalized products. It launched a new collection with Marie Kondo. The collection has photo books, ornaments, calendars, and home décor items with clean and elevated aesthetics, which are inspired by wabi-sabi.
List of Key Players Profiled in the Report
- Shutterfly, LLC. (U.S.)
- Photobook Worldwide (Malaysia)
- Claranova (France)
- Fujifilm Corporation (Japan)
- PikPerfect (Switzerland)
- Folio Albums Ltd. (U.K.)
- MILK Tailor Made Books Ltd. (New Zealand)