Global Art Supplies Market: Key Insights and Opportunities Expected to Grow Till 2028
A recent FactMR study foretells the art supplies market to record an expansion at 4.5% CAGR over the forecast period (2018-2028).
[UKPRwire, Tue Dec 25 2018] A growing demand for promotional products such as t-shirts, outerwear and calendars offered by companies to both employees and customers is expected to boost the†Art Supplies Market. A survey conducted by the Advertising Specialty Institute in 2016 estimated that 50% of all U.S. consumers owned promotional art supplies. Companies are anticipated to use writing instruments for a number of promotional purposes that should benefit the global art supplies market.
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Art supplies continue to witness lucrative opportunities across countries on the backdrop of increasing number of independent art professionals worldwide. Moreover, growth in the prevalence of recreational arts sector has influenced the demand for art supplies. This has encouraged manufacturers to come up with innovative products in the market. The trending convergence of pens, which have more adoption rate, are further anticipated to create remunerative growth opportunities for the art supplies market.
Increasing popularity of auctions, exhibitions and arts shows, and the money associated with them has impacted the art supplies manufacturing sectors, creating demand for luxury and premium art supplies.† Increasing demand for colorsí segment is creating opportunity for pencil colors and crayons. Art supplies continue to witness increased traction in schools and residences end use sectors. However, growth in independent professionalsí end use sector is also expected to be impressive.
Schools account for a significant share of the overall demand for art supplies. Use of pencils, pens, notebooks, whiteboards, markers, etc. for art purposes in schools have been a major contributor to the art supplies market. Increasing focus on art and crafts as an important extra-curricular activity apart from sports is another factor that is boosting the demand for art supplies in school end-use sector.
Increasing use of energy-efficient technologies by art supply manufacturers and rising demand for sustainable and biodegradable plastic products are factors expected to fuel demand for art supply market, specifically in regions such as Europe and North America, over the forecast period. In addition, manufacturers also have options to use sustainable packaging as companies have become more conscious towards environment friendly products.
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Pens segment is expected to be valued at US$ 31,668.0 Mn by 2028 and is projected to register a CAGR of 4.5% over the forecast period. Furthermore, the segment is also the leading contributor to the overall art supplies market. This segment accounts for 74.3% market share in overall art supplies market in terms of product type and will continue to maintain its significant market share in the forecast years.
In terms of value, residences segments is anticipated to register CAGR of 5.2% over the forecast period. Independent professional end-user segment is also growing rapidly owing to the rise in art auctions, exhibitions and shows.
Stationery shops are expected to remain the fastest growing sales channel even during the forecast period. Online sales channel is estimated to grow at a high CAGR of 4.4% among others. This is attributed to the increasing number of people using internet and smartphones for shopping varied products, such as groceries and fast moving consumer goods (art supplies). On the basis of region, Asia Pacific except Japan (APEJ) region is projected to remain dominant throughout the forecast period. Pens segment is estimated to account for the highest market share of 78% in the APEJ market by 2018 end.
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