Middle East Gift Card And Incentive Card Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 19.66 Billion |
| Market Size (2029) | USD 51.42 Billion |
| CAGR (2024 - 2029) | 21.20 % |
| Market Concentration | Low |
Major Players.webp "Middle East Gift Card And Incentive Card Market Major Players")
*Disclaimer: Major Players sorted in no particular order |
Middle East Gift Card And Incentive Card Market Analysis
The Middle East Gift Card And Incentive Card Market size is estimated at USD 19.66 billion in 2024, and is expected to reach USD 51.42 billion by 2029, growing at a CAGR of 21.20% during the forecast period (2024-2029).
The Middle Eastern gift card and incentive card market is witnessing significant expansion, driven by the region's digital transformation and the increasing prominence of e-commerce. The United Arab Emirates and Saudi Arabia contribute most to this growth, with a rising adoption of digital payment methods and mobile wallets. Gift cards are gaining popularity for personal gifting and corporate applications, such as employee recognition and customer loyalty initiatives.
The surge in online shopping has amplified the demand for digital gift cards, particularly for online purchases. Moreover, cultural and religious events like Eid and Ramadan contribute to the growing acceptance of gift cards as a practical and versatile option.
Corporate demand is also a key growth driver, with retail, hospitality, and financial services companies increasingly using incentive cards to motivate employees and engage customers. Local and international players, such as Amazon, Carrefour, and regional banks, serve the market, offering diverse card options.
However, the market faces challenges, including regulatory complexities and the need for more localized offerings. Despite this, the Middle East gift card and incentive card market is expected to expand further, driven by technological advancements, consumer acceptance, and the growing importance of corporate incentive programs.
Middle East Gift Card And Incentive Card Market Trends
Gradual Shift Toward Online Channels in the Middle East Gift Card Market
The Middle Eastern gift card and incentive card market has experienced a gradual increase in the adoption of online channels in recent years. Traditionally, offline channels have dominated this market, driven by a strong preference for physical shopping experiences and tangible gift cards, particularly for personal gifting during cultural and religious occasions. However, the region's increasing digitalization is influencing consumer behavior toward online platforms, with the growth of e-commerce and the expanding use of mobile wallets serving as key drivers of this trend.
Online gift cards are gaining popularity due to their convenience and accessibility, especially among younger, tech-savvy consumers who value the flexibility of digital transactions. This trend indicates a steady shift toward online shopping, reflecting broader changes in consumer habits. Despite the rise in online channels, offline channels maintain a strong presence, highlighting the enduring cultural significance of physical gifting in the Middle East. As digital solutions evolve, the market is expected to gradually shift toward online gift card usage, while offline preferences exert substantial influence.
The UAE Gift Card and Incentive Card Market Experiences Significant Growth
The UAE gift card and incentive card market has experienced significant growth in recent years, driven by the country's robust retail industry and increasing consumer preference for flexible gifting options. This market encompasses various gift card types, including open-loop and closed-loop cards, catering to various retail segments and consumer needs.
The UAE gift card and incentive card market has been characterized by technological advancements, with digital and mobile gift cards gaining popularity. The market has also seen a rise in corporate gifting and employee incentive programs, contributing to its expansion. Retailers and financial institutions in the United Arab Emirates have been developing innovative gift card solutions to meet evolving consumer demands.
The UAE e-commerce gift card and incentive card market has witnessed rapid growth, aligning with the country's booming e-commerce industry. The increasing adoption of online shopping platforms and digital payment methods has particularly boosted this segment. E-gift cards have become increasingly popular, offering convenience and instant delivery options for both individual consumers and businesses looking for efficient gifting solutions in the digital space.
Middle East Gift Card And Incentive Card Industry Overview
The Middle Eastern gift card and incentive card market is fragmented, with several prominent companies competing for market share. Key players include Carrefour SA, T Choithram & Sons, Sharaf DG LLC, Damas International Ltd, and Landmark Group.
Carrefour SA utilizes its extensive retail network to offer a wide range of gift card options. T.Choithram & Sons provides gift and loyalty solutions throughout the Gulf Cooperation Council (GCC) region. Sharaf DG LLC focuses on electronic and retail gift cards, aiming to improve customer engagement. Damas International Ltd, a prominent jeweler, offers high-end gift card options. Landmark Group, with its diverse portfolio of retail brands, provides a variety of gift and incentive card options to meet different consumer preferences.
Middle East Gift Card And Incentive Card Market Leaders
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Carrefour SA
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T Choithram & Sons
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Sharaf DG LLC
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Damas International Ltd
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Landmark Group
*Disclaimer: Major Players sorted in no particular order
Middle East Gift Card And Incentive Card Market News
- January 2024: Choithrams expanded its presence in Dubai by opening eight 24-hour convenience stores within Rove Hotels. This strategic move caters to tourists and residents, enhancing the company's reach across the city. The expansion aligns with Choithrams' mission to become the region's preferred retail brand, offering fresh food and essential items in prime locations.
- May 2023: Carrefour entered the Israeli market by opening 50 stores through a franchise agreement with Electra Consumer Products. The stores offer a wide range of products, including over 400 Carrefour-branded items with kosher certification. This expansion aims to assist Israeli consumers amid the ongoing cost-of-living crisis. Carrefour plans to continue its growth in Israel, targeting the opening of 100 additional stores by 2024.
Middle East Gift Card And 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
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 The Cultural Significance Of Gifting During Religious And Social Occasions Drives Demand For Gift Cards, Especially Through Offline Channels.
- 4.2.2 The Expansion Of Retail Chains And Shopping Malls In The Region Boosts The Availability And Variety Of Gift Cards, Both Online And Offline.
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4.3 Market Restraints
- 4.3.1 In Many Parts Of The Middle East, Cash Is Still Preferred Over Gift Cards, Particularly For Certain Cultural And Religious Occasions, Limiting The Market'S Growth Potential.
- 4.3.2 Differences In Regulations Across Middle Eastern Countries Can Complicate The Distribution And Redemption Of Gift Cards, Particularly For Cross-Border Transactions.
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4.4 FUTURE TRENDS AND MARKET OPPORTUNITIES
- 4.4.1 Increased Corporate Focus On Employee Engagement And Loyalty In The Middle East Boosts Demand For Incentive Cards, Creating Opportunities For Tailored Solutions.
- 4.4.2 E-commerce Growth Drives Opportunities For Advanced Digital Gift Cards, Targeting Tech-Savvy Consumers With Personalized And Sophisticated Offerings.
- 4.5 Key Gifting Market Trends Shaping the Card Space in the Middle Eastern Market
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4.6 Industry Attractiveness - Porter's Five Forces Analysis
- 4.6.1 Threat of New Entrants
- 4.6.2 Bargainning Power of Buyers
- 4.6.3 Bargainning Power of Suppliers
- 4.6.4 Threat of Substitutes
- 4.6.5 Intensity of Competitive Rivalry
- 4.7 Insights into Latest Technological Innovations and Recent Trends in the Industry
- 4.8 Insights on Government Regulations in the Industry
- 4.9 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 By Product Type
- 5.1.1 Food and Beverages
- 5.1.2 Personal Care (Apparel, Beauty Products, and Footwear)
- 5.1.3 Books and Media Products
- 5.1.4 Consumer Electronics
- 5.1.5 Restaurants and Bars
- 5.1.6 Other Product Types
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5.2 By User Type
- 5.2.1 Individual
- 5.2.2 Corporate
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5.3 By Distribution Channel
- 5.3.1 Online
- 5.3.2 Offline
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5.4 By Country
- 5.4.1 United Arab Emirates
- 5.4.2 Saudi Arabia
- 5.4.3 Qatar
- 5.4.4 Other Countries
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
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6.2 Company Profiles
- 6.2.1 Carrefour SA
- 6.2.2 T Choithram & Sons
- 6.2.3 Sharaf DG LLC
- 6.2.4 Damas International Ltd
- 6.2.5 Landmark Group
- 6.2.6 Spinneys
- 6.2.7 Emke Group
- 6.2.8 Inter Ikea Systems BV
- 6.2.9 Shufersal Ltd
- 6.2.10 Super-Pharm (Israel) Ltd*
- *List Not Exhaustive
7. DISCLAIMER AND ABOUT US
** Subject To AvailablityMiddle East Gift Card And Incentive Card Industry Segmentation
The Middle Eastern gift card and incentive card market involves issuing and managing prepaid cards used for gifts or incentives. It includes physical and digital cards issued by retailers, banks, and specialized firms, catering to diverse consumer and corporate needs across the region.
The Middle Eastern gift card and incentive card market is segmented into product type, user type, distribution channel, and country. By product type, the market is segmented into food and beverages, personal care (including apparel, beauty products, and footwear), books and media products, consumer electronics, restaurants and bars, and other types. By user type, the market is segmented into individual and corporate. By distribution channel, the market is segmented into online and offline. By country, the market is segmented into the United Arab Emirates, Saudi Arabia, Qatar, and other countries. The report offers market size and forecasts in terms of value (USD) for all the above segments.
| By Product Type | Food and Beverages |
| Personal Care (Apparel, Beauty Products, and Footwear) | |
| Books and Media Products | |
| Consumer Electronics | |
| Restaurants and Bars | |
| Other Product Types | |
| By User Type | Individual |
| Corporate | |
| By Distribution Channel | Online |
| Offline | |
| By Country | United Arab Emirates |
| Saudi Arabia | |
| Qatar | |
| Other Countries |
Middle East Gift Card And Incentive Card Market Research FAQs
How big is the Middle East Gift Card And Incentive Card Market?
The Middle East Gift Card And Incentive Card Market size is expected to reach USD 19.66 billion in 2024 and grow at a CAGR of 21.20% to reach USD 51.42 billion by 2029.
What is the current Middle East Gift Card And Incentive Card Market size?
In 2024, the Middle East Gift Card And Incentive Card Market size is expected to reach USD 19.66 billion.
Who are the key players in Middle East Gift Card And Incentive Card Market?
Carrefour SA, T Choithram & Sons, Sharaf DG LLC, Damas International Ltd and Landmark Group 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, and what was the market size in 2023?
In 2023, the Middle East Gift Card And Incentive Card Market size was estimated at USD 15.49 billion. 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
The Middle East Gift Card and Incentive Card Market is experiencing significant growth, driven by various product types such as food and beverages, personal care, books and media products, consumer electronics, and restaurants and bars. This industry analysis provides a comprehensive market overview, highlighting key market trends and industry statistics. The market segmentation includes both online and offline distribution channels, catering to individual and corporate user types.
Industry reports indicate a positive market forecast, supported by detailed market research and market data. The industry size and market value are projected to expand, with market leaders playing a crucial role in this growth. The market growth is further substantiated by industry sales and market predictions.
The report offers an in-depth industry outlook, presenting an industry overview that includes market segmentation and market review. The industry research covers historical trends and future projections, ensuring a thorough understanding of the market dynamics. This market analysis also includes a report example and a report PDF, providing valuable insights for research companies.
The industry information and market outlook are essential for understanding the market trends and market forecast. The growth rate of the market is a key indicator of its potential, and the industry trends highlight the evolving consumer preferences and technological advancements. The market value and market growth are crucial for stakeholders to make informed decisions.
In conclusion, this comprehensive industry analysis and market research offer a detailed market overview, supported by industry statistics and market data. The market forecast and market predictions provide a clear industry outlook, ensuring that stakeholders are well-informed about the market growth and industry trends. This report serves as a valuable resource for understanding the Middle East Gift Card and Incentive Card Market, with insights into market segmentation, industry size, and market value.
