Photobook and Album Market Share, Size, Trends, Industry Analysis Report, By Product Type (Flush Mount, Lay Flat, Standard); By Size; By Application; By Region; Segment Forecast, 2024 – 2032
- Published Date:Feb-2024
- Pages: 118
- Format: PDF
- Report ID: PM4361
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global photobook and album market was valued at USD 3.47 billion in 2023 and is expected to grow at a CAGR of 3.7% during the forecast period.
The rapid increase in product usage by working professionals, including photographers, fashion designers, and artists to show their work and display their creativity, are primary factors boosting the market’s growth. With companies increasingly focusing on improving their printing techniques and incorporating innovative features and technologies into their photobook creation process that enables them to offer better quality, customization, and accessibility to customers, there is an increased demand for photobooks globally.
- For instance, in October 2023, Martha Stewart, announced the launch of its new line of customizable photo books that is specially designed for gifting to friends and family during the holidays. It is available in various themes ranging from recipe books to travel albums that allow customers to collect a large number of memories conveniently.
To Understand More About this Research: Request a Free Sample Report
The substantial rise in the number of weddings taking places across the globe and significant increase in number of photographers and videos shooters that help people capture the most important occasions of their lives, is further escalating the product’s demand. Also, the rising people’s spending capacity, which allows them to spend more on products like personalized photobooks and albums to preserve their important memories, is likely to boost the Photobook and Album Market growth. For instance, in January 2023, around 10 million marriages take place every year in India, and only in the month of November-December about 32 lakhs marriages took place.
However, increasing advancements in cloud storage technology that allow people to easily store their photographs in various digital formats such as smartphones, laptops, PCs, and tablets and rising costs of personalized and customized photobooks are key restraints.
Industry Dynamics
Growth Drivers
Rising smartphone penetration and introduction to photo capturing-related campaigns are driving global market growth.
The number of smartphone users globally and the rising usage of several photo-capturing applications like Snapchat and Instagram that result in a large number of digital photographs are key factors driving the global market growth. For instance, the number of smartphone users worldwide stood at around 6.92 billion, which accounts for 85.74% of the world’s total population, and the number of smartphone users is expected to grow substantially in the coming years.
In addition, numerous companies in the market are constantly focusing on the introduction of photo-capturing and sharing-related campaigns to increase the customer's interest in their product offerings, which are also likely to drive the market’s growth. For instance, in August 2023, Canon India announced the launch of a new social media campaign called “The Gatecrashers.” The campaign is for talking users on a creative journey to discover the art of candid photography to capture unique moments.
Report Segmentation
The market is primarily segmented based on product type, size, application, and region.
|
By Product Type |
By Size |
By Application |
By Region |
|
|
|
|
To Understand the Scope of this Report: Speak to Analyst
By Product Type Analysis
The flush mount segment accounted for the largest market share in 2023
The flush mount segment accounted for the largest market share. Segment’s dominance is attributable to the superior quality and durability of such types of photo books and albums, along with their ability to provide a clean and seamless look and luxurious feel to albums. In addition, flush mount albums are mainly used in weddings and other special events because of their durability and longevity as compared to other product types; thereby, the rising number of weddings globally drives segment market growth at a rapid pace. For instance, according to our findings, over 2.4 million weddings took place in the United States in 2022, which means more than 6,000 weddings every day. Also, over 2.24 million weddings are expected to happen in the United States in 2023.
The lay-flat segment is expected to grow at the highest growth rate on account of its ability to provide enhanced aesthetics and a higher level of customization that allows customers to personalize and design the layout of every page.
By Size Analysis
The landscape segment held the majority market share in 2023
The landscape segment held the majority of the revenue share. This dominance is attributable to its widespread adoption by professional photographers as it provides a much wider and higher visualization impact while viewing albums and photobooks over other sizes available in the market. Additionally, the rising proliferation of advancements in printing technology and growing innovations in photobooks and album design that led to the creation of high-quality and customizable landscape photobooks and albums is likely to foster segment growth.
By Application Analysis
The personal segment is expected to witness the highest market growth over the forecasted period.
The personal segment is expected to grow at the highest market growth rate. This growth is due to the increasing penetration of digital photography among individuals because they have access to high-quality cameras in their smartphones coupled with the development and introduction of enhanced design tools that allow individuals to easily create high-quality photo books without any need for design expertise.
The professional segment led the market. Segment’s growth is driven by the growing prevalence of celebrating various occasions and events that boost the need for professional photographers. Additionally, the rising awareness among professional artists and photographers towards the use and adoption of photobooks as a tangible representation of their creativity and work could open growth opportunities for the market.
Regional Insights
North America region dominated the global market share in 2023.
The North American region dominated the global market share. The region’s growth is attributable to the robust presence of some of the leading market companies and a larger population involved in photography and blogging activities who often need photobooks and albums. For instance, according to IBS World, there are 290,102 people in the United States employed in the photography industry as of 2022, and the number of people employed in the industry has been growing at a CAGR of 3.7% over the last few years.
The Asia Pacific region is anticipated to emerge as the fastest growing region, owing to a drastic increase in the number of smart device users such as smartphones, tablets, and innovative cameras. Moreover, the significantly larger population across various APAC countries that led to the increasing number of weddings and events taking place is positively influencing the region’s growth. For instance, as per a Business Standard, there will be 750 million smartphone users in India in 2021, and the country will have 1 billion smartphone users by 2026. The total cumulative shipments of smartphones in the country are expected to reach 1.77 billion by 2026.
Key Market Players & Competitive Insights
The market is highly fragmented in nature, with the presence of various regional and international market players who are constantly developing advanced strategies to make their presence stronger in the market. Major companies in the market are competing on various factors, such as improving the quality of printing and materials, developing customized options, technological innovations, and competitive prices, which help them gain a competitive edge in the market and consolidate their position. For instance, in December 2023, MixPlaces announced the official launch of its new innovative wall art and photobook builder. The company leverages technology to enhance users’ cherished moments and turn them into beautiful stories.
Some of the major players operating in the global market include:
- Advanced Photo Lab
- Albelli
- Asuka Book
- Canvera Digital Technologies Pvt. Ltd.
- Folio Albums Ltd.
- Kolo
- Midwest Photographic Resource Center Inc.
- Mixbook
- Moleskine S.p.A.
- Nations Photo Lab
- photo
- Photobox Group
- Reischling Press Inc.
- Shutterfly Inc.
- Snapfish
Recent Developments
- In December 2023, a Romanian wildlife photographer unveiled a new photo book that is mainly dedicated to species from all around the world.
- In April 2023, PetSmart announced that they have teamed up with a leading photobook brand, Mixbook, for an exclusive collection of pet-themed templates. The new collection will feature design templates such as stickers and graphics to capture the essence of the special relationship between pets and their humans.
Photobook and Album Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2024 |
USD 3.59 billion |
|
Revenue Forecast in 2032 |
USD 4.82 billion |
|
CAGR |
3.7% from 2024 – 2032 |
|
Base year |
2023 |
|
Historical data |
2019 – 2022 |
|
Forecast period |
2024 – 2032 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
|
Segments Covered |
By Product Type, By Size, By Application, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
|
Customization |
Report customization as per your requirements with respect to countries, regions, and segmentation. |
FAQ's
Midwest Photographic Resource Center, Canvera Digital Technologies, Advanced Photo Lab are the key companies in Photobook and Album Market.
The global photobook and album market is expected to grow at a CAGR of 3.7% during the forecast period.
The Photobook and Album Market report covering key segments are product type, size, application, and region
Growing trend of personalized and memorable keepsakes are the key driving factors in Photobook and Album Market.
Photobook and Album Market Size Worth $ 4.82 Billion By 2032 | CAGR: 3.7%
