Oct 14, 2019
The Art Supplies Market to Gather Rapid Momentum in an Era of Digitalized Art- Reveals Fact.MR
by Team Fact.MR
Fact.MR delivers vital insights on the art supplies market in its published report, which provides global industry analysis, size, share, growth, trends for the forecast period 2019-2029. In terms of revenue, the global art supplies market is projected to grow at a CAGR of ~ 4% during the forecast period, owing to numerous factors, which Fact.MR offers through insights and forecasts in this report.
In the modern age, where the usage and dependability on technology has surged, the possibility of using traditional art supplies has dwindled. However, the reality is far from this assumption surrounding the art supplies market. As evident, in following the pursuit of art, experienced as well as novice have shown a tendency to explore their creative potential by using traditional art supplies. The possibility of replacement of art supplies with modern day technology is nowhere on the horizon. By observing common trends followed by consumers on social media, the orientation in the art supplies market is shifting towards usage of innovative products such as fluorescent colors. Companies in the art supplies market are trying to address these shifting consumer preferences, by introducing new product lines and restructuring their existing product lines.
Sales of Art Supplies Through Stationary Shops to Exhibit more than 4% Growth Annually
Fact.MR opines that sales of art supplies via stationery shops is more than 40% in the global art supplies market. The sale via stationary shops is going to dominate the art supplies market in comparison with other sales channels. Digital platforms amalgamating art supplies manufacturers and social media platforms, have become a tool for consumers as well as marketers to showcase and expand their art supplies merchandises, which in turn is likely to boost the art supplies market. The number of people engaging with the brands on social media and other digital platforms has increased dramatically. The shift in focus from inexpensive to quality products has been an important transition in Western countries that will boost the future market value of the art supplies market. To reinforce the brand loyalty in western countries, some companies have chosen to showcase their portfolio to be environmentally sustainable. This is evident with Société BIC SA, one of the leading players in the art supplies market that has formed a partnership with Loop to reduce the packaging waste involved in consumer products.
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Developing Countries to Present New Opportunities in the Art Supplies Market
As is evident with the proliferation of art supplies manufacturers, companies have focused their efforts for expansion of distribution channels in developing countries such as India and Kenya among others. Companies have collaborated with local suppliers and distributors to push through barriers for sales. The strengthening of these sales channels in these developing countries will bolster the position of these companies in the art supplies market. The APEJ region is estimated to account for the highest market share in the global art supplies market in 2019 and is projected to increase massively during the forecast period. This remarkable growth is spearheaded by the rapidly growing economies in China and India.
Corporate Gift Giving to Act as a Growth Lever
The corporate gifting sector has seen multiple changes in the recent years. Companies have shown to gift employees with useful products, usually consisting of stationery kits, to help facilitate their corporate and personal lives. The corporate gifting stationary is customized and branded for the company. The proliferation of this type of corporate gifting has immensely benefited the sale of art supplies in the corporate environments. Corporate gifting manufacturers are going in for customized solutions in pens, which has benefited art supplies market.