According to a report by Grand View Research, the global promotional products market size was valued at USD 63.8 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.6% from 2021 to 2028. The increasing demand for promotional products from various end-use industries such as healthcare, consumer goods, and retail, among others, is expected to drive market growth over the forecast period.
The report also notes that the popularity of eco-friendly and sustainable promotional products is increasing, driven by rising consumer awareness about the environment and the need for sustainable products. Promotional products made from recycled materials, biodegradable materials, and other sustainable materials are gaining popularity, and companies are increasingly using these products as part of their corporate social responsibility initiatives.
In terms of product type, apparel and accessories dominated the market in 2020, accounting for over 30% of the total revenue. This is due to the high demand for promotional clothing items, such as t-shirts, caps, and bags, among others. Other popular product categories include writing instruments, drinkware, and tech products.
Geographically, North America dominated the market in 2020, accounting for over 40% of the total revenue. However, Asia Pacific is expected to witness the highest CAGR over the forecast period, driven by the growth of various end-use industries in the region and the increasing demand for promotional products.
Overall, the promotional products industry is expected to continue growing over the coming years, driven by the increasing demand for eco-friendly and sustainable products, the popularity of apparel and accessories, and the growth of various end-use industries around the world.
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