Middle East Gift Card & Incentive Card Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 7.00 % |
| Market Concentration | Medium |
Major Players.webp "Middle East Gift Card and Incentive Card Market Major Players")
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Middle East Gift Card & Incentive Card Market Analysis
Middle East Gift Card and Incentive Card Market has generated a revenue of USD 27 billion in the current year and is poised to achieve a CAGR of 7% for the forecast period.
The Middle East Gift Card and Incentive Card Market were moderately affected by COVID-19 as it accelerated the cashless system that was propelled during the Pandemic. The COVID crisis accelerated digitalization by forcing merchants, programs, and customers to adapt to lockdown restrictions. Adoption of e-Gift cards increased by over 250% in the first quarters of 2020, compared to the same period in 2019.
The gift card market in the Middle East region has witnessed strong growth over the last few years. Adoption of the gift card has increased across retail and corporate segments with a range of use cases that go beyond 'gifting'. One of the factors driving growth is the e-commerce market. Merchants are incentivizing customers for shopping online and offering gift cards to increase sales and drive customer loyalty. The vast majority of the population is working class, with smartphones and a high internet penetration rate. The retail landscape is well diversified from high-end to mass retail brands, with a large representation of international brands, together with locally-developed concepts. In 2020, the growth of digital gift cards was further expanded, with a shift to digital standing now at over 90% of the customers' redemption in the B2B programmes. The COVID crisis accelerated further digitalisation by forcing merchants, programmes and customers to adapt to lockdown restrictions. Adoption of e-Gift cards have increased by over 250% in the first quarters of 2020, compared to the same period in 2019.
Middle East Gift Card & Incentive Card Market Trends
This section covers the major market trends shaping the Middle East Gift Card & Incentive Card Market according to our research experts:
Rise in E-Commerce in the Middle East Region
The strong growth in the e-commerce sector primarily supported the overall gift card industry during 2020, a trend expected to continue over the forecast period. Increasing smartphone penetration and consumers' inclination towards online shopping have positively impacted the e-commerce sector. In Middle-East, the growth in the e-commerce market is one of the factors driving gift card market growth in the country. With growing online sales the spending on gift cards is also likely to increase in the country. Corporates and individual customers have both identified various ways to use Gift cards and Incentive cards over the last several months; from traditional incentives and rewards to sending Eidiya or just helping the ones in need during the pandemic.
COVID-19 Boosted the Adaptation of Digitalization in Middle East
Customers have adapted very quickly to the 'new normal' by redeeming or purchasing gift cards. Due to the closure of restaurants and bars, customers spent heavily on groceries and other supermarket purchases; As work from home and online schooling became the new norm, people had to reorganize their houses in a short span of time; New devices, gaming, and streaming options were, of course, popular; fashion and lifestyle are still listed in the top categories with a clear shift on beauty products. Some categories were seriously impacted: travel, experiences, transportation, jewelry, and F&B. However, in the second part of the year, it can be seen that staycations and experiences are catching up again. The UAE's ex-pat population immediately found the benefits of sending digital gift cards to their relatives in their country of origin with a click of a button and without any fees associated with it. In conclusion, customers were highly adaptive and willing to use gift cards across countries, currencies, and brands.
Middle East Gift Card & Incentive Card Industry Overview
The Middle East Gift Card and Incentive Card Market are moderately consolidated in nature. Some of the major players operating currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets. Major players in the sector including Carrefour SA, Consumer Co-operative Union (CCU), Landmark Group, Damas International Ltd., and Sharaf DG LLC, among others are profiled in the report.
Middle East Gift Card & Incentive Card Market Leaders
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Carrefour SA
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Consumer Co-operative Union (CCU)
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Landmark Group
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Damas International Ltd
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T Choithram & Sons
*Disclaimer: Major Players sorted in no particular order
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Middle East Gift Card & Incentive Card Market News
- In September 2022, YOUGotaGift, a leading of digital giftcard marketplace in the Middle East, launched the multi-brand e-Gift card named HappyYOU. The gift card can be redeemed at all the partner brands of YOUGotaGift located in Saudi Arabia, Oman, Qatar, the UAE, Egypt, Bahrain, and Kuwait.
- In March 2021, the Commercial Bank of Dubai (CBD) entered into a strategic partnership with Samsung to issue the first virtual Samsung Pay Gift Card. The Samsung Pay Gift Card is a virtual MasterCard, which can be added on the Samsung Pay digital wallet to make retail purchases at Samsung Pay terminals.
Middle East Gift Card & Incentive Card Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Defination
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
- 2.1 Study Deliverables
- 2.2 Study Assumptions
- 2.3 Analysis Methodology
- 2.4 Research Phases
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
- 4.4 Key Gifting Market Trends Shaping the Card Space in Middle East Market
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4.5 Industry Attractiveness- Porter's Five Forces Analysis
- 4.5.1 Threat of New Entrants
- 4.5.2 Bargainning Power of Buyers
- 4.5.3 Bargainning Power of Suppliers
- 4.5.4 Threat of Substitutes
- 4.5.5 Intensity of Competative Rivalry
- 4.6 Insights into Latest Technological Innovations and Recent Trends in the Industry
- 4.7 Insights on Government Regulations in the Industry
- 4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 By Product Type
- 5.1.1 Food & Beverages
- 5.1.2 Personal Care (Apparel, Beauty products, & Footwear)
- 5.1.3 Books & Media Products
- 5.1.4 Consumer Electronics
- 5.1.5 Restaurants & Bars
- 5.1.6 Others
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5.2 By Distribution Channel
- 5.2.1 Online
- 5.2.2 Offline
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5.3 By User Type
- 5.3.1 Individual
- 5.3.2 Corporate
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
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6.2 Company Profiles
- 6.2.1 Carrefour SA
- 6.2.2 Landmark Group
- 6.2.3 Damas International Ltd
- 6.2.4 T Choithram & Sons
- 6.2.5 Emke Group
- 6.2.6 Sharaf DG LLC
- 6.2.7 Inter Ikea Systems BV
- 6.2.8 Shufersal Ltd
- 6.2.9 Super-Pharm (Israel) Ltd*
- *List Not Exhaustive
7. FUTURE TRENDS AND MARKET OPPORTUNITIES
8. DISCLAIMER AND ABOUT US
Middle East Gift Card & Incentive Card Industry Segmentation
A gift card is a prepaid debit card that contains a specific amount of money available to use for a variety of purchases. Incentive Card is distributed for loyalty, award, incentive, or promotional purposes and funded by a business, and not available for purchase by the general public. Middle East Gift Card and Incentive Card Market Is Segmented By Product Type (Food & Beverages, Personal Care (Apparel, Beaty products & Footwear), Books & Media Products, Consumer Electronics, Restaurants & Bars, Others), By Distribution Channel (Online and Offline), and By User Type (Individual and Corporate). The report offers market size and forecasts for the Middle East Gift Card and Incentive Card Market in value (USD Billion) for all the above segments.
| By Product Type | Food & Beverages |
| Personal Care (Apparel, Beauty products, & Footwear) | |
| Books & Media Products | |
| Consumer Electronics | |
| Restaurants & Bars | |
| Others | |
| By Distribution Channel | Online |
| Offline | |
| By User Type | Individual |
| Corporate |
Middle East Gift Card & Incentive Card Market Research FAQs
What is the current Middle East Gift Card and Incentive Card Market size?
The Middle East Gift Card and Incentive Card Market is projected to register a CAGR of 7% during the forecast period (2024-2029)
Who are the key players in Middle East Gift Card and Incentive Card Market?
Carrefour SA, Consumer Co-operative Union (CCU), Landmark Group, Damas International Ltd and T Choithram & Sons are the major companies operating in the Middle East Gift Card and Incentive Card Market.
What years does this Middle East Gift Card and Incentive Card Market cover?
The report covers the Middle East Gift Card and Incentive Card Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Middle East Gift Card and Incentive Card Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Middle East Gift Card and Incentive Card Industry Report
Statistics for the 2024 Middle East Gift Card and Incentive Card market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Middle East Gift Card and Incentive Card analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
