PUBLISHER: Grand View Research | PRODUCT CODE: 1092489
PUBLISHER: Grand View Research | PRODUCT CODE: 1092489
The global print on demand market size is anticipated to reach USD 39.40 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 26.1% from 2022 to 2030. Print-on-demand is a technology that enables artists, designers, writers, and numerous entrepreneurs to sell custom-designed products by collaborating with white-label product suppliers. It eliminates the need of maintaining an inventory as after the confirmation of a sale the supplier takes care of the order including from printing to shipping. With the increasing demand for personalized products, the growth of the print-on-demand industry is expected to rise in near future.
In the initial emergence of the COVID-19 in 2020, almost every industry was affected due to restrictions imposed on business operations and processes. However, some of the industries were able to recover immediately owing to the adoption of online business models and changing preference of the consumers to buy goods from online retail platforms over local stores. For instance, according to IBM's U.S. Retail Index 2020 report, the COVID-19 has narrowed this gap by approximately five years. This in turn is expected to boost the demand for print-on-demand services.
The market has also benefitted from growing investments and the shift from brick-and-mortar business models to online business models, which, in turn, are driving the print on demand market growth. With the rapidly changing consumption patterns among global consumers and preference for hybrid shopping. Among all other generations, Gen Z majorly prefers hybrid shopping. For instance, according to IBM's U.S. Retail Index data published in September 2021, approximately 36% of the Gen Z population prefers the hybrid shopping method.