Aug 20, 2020
Art Supplies Market to Cross US$ 65 Bn by 2030; Demand to Witness Marginal Decline in Near Term amidst COVID-19 Pandemic
by Team Fact.MR
The spread of COVID-19 is resulting in declining sales as the number of consumers are staying indoors, which ultimately reduces the sales of art supplies. In addition, declining demand from end users owing to the shutdown of schools, colleges, and offices, coupled with decrease in production capacity, is expected to affect the art supplies market. However, the market is expected to show better growth ahead, with the reopening of most institutions across the world.
The pervasiveness of e-Commerce has led many art manufacturers to offer their products through this channel. e-Commerce has been steadily progressing over the years, especially in urban centers. Online sales of art supplies is providing the much-needed boost to sustain the momentum of the global art supplies market.
The global art supplies market is projected to expand at a CAGR of 4.5% over the forecast period of 2020-2030, and cross a valuation of US$ 65 Bn by 2030.
Key Takeaways from Art Supplies Market Study
- The global art supplies market is projected to create an absolute $ opportunity of more than US$ 25 billion during the forecast period (2020 – 2030).
- By product type, the writing pens segment is expected to dominate the global market in terms of value. It is set to hold a share-wide market dominance with over 50% of the total market value by the end of forecast period.
- By end user, the household segment is projected to expand at a value CAGR of over 5%, and is expected to be valued 1.1X more than the institutional segment by the end of 2020.
- North America is projected to hold maximum share in the global art supplies market, and is expected to grow 3X more than South Asia & Oceania by the end of the forecast period.
- By sales channel, stationery stores are projected to surpass a market valuation of US$ 25 billion by the end of 2030.
“The ongoing COVID-19 pandemic has hit market players adversely on the supply side, causing declining sales of art supplies. However, increasing literacy rates in developing countries and penetration of e-Commerce sales will create a surge in the growth of the art supplies market,” says a Fact.MR analyst.
New Product Launches to Enhance Market Resiliency
Key players in the art supplies market are Newell Brands Inc., Faber Castell AG, Camlin Group Ltd., F.I.L.A. Group, SOCIETE BIC, Maped Helix, STAEDTLER Mars GmbH & Co. KG, Pentel Co. Ltd., Pilot Pen Company, Mitsubishi Pencil Co., Ltd, ITC Limited, and Tombow Pencil Co., Ltd., among others. On the manufacturers and suppliers front, the market continues to remain highly fragmented, with many organized players accounting for a sizeable revenue share. The competition legroom in the art supplies market is being dominated by multiple product launches. For instance,
- In 2020, for the U.S. market, Societe BIC launched its latest BIC coloring line for children. This product line includes crayons that are break-proof, ultra-washable markers with a durable tip, and colored pencils that are break-resistant and splinter-free.
- In 2020, Pilot Corporation introduced a ballpoint pen dubbed the "V Cone Knock." This uses a water-based ink that prevents drooling, and its close pen tip eliminates the distance between the tip of the pen and the ball to avoid drying or leakage of water-based ink while not writing.
Find More Valuable Insights on Art Supplies Market
Fact.MR, in its new offering, presents an unbiased analysis of the global art supplies market, presenting historical demand data (2015-2020) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the art supplies market on the basis of product type (pencils and accessories [graphite pencils, erasers, sharpeners, mechanical, pencils, and pencil leads], writing pens [fineliners, ballpoint pens, rollerballs, and refills], coloring products [color pencils, fiber tip pens, fineliners, crayons, chalks, and oil pastels, and paints], markers [highlighters, universal pens, whiteboard markers, flipchart markers, and dry markers), and other art supplies), end user (institutional [schools, colleges, ad other industries, offices, and other commercial institutions] and household), and sales channel (stationery stores, department stores, supermarkets/hypermarkets, online sales, and other sales channel), across six regions.
>>> To Get more insights on art supplies market, visit- https://www.factmr.com/report/1226/art-supplies-market
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Retail and consumer goods analysts at Fact.MR have been categorically tracking the broader sub-industries to keep themselves abreast of the recent happenings in the market. Our practical approach to product design and pricing strategy contributes to the growth of businesses that are struggling to hit the ‘move-the-needle’ bottom line. With unmatched analytical diligence, the team at Fact.MR helps organizations design product differentiation strategies and introduce exclusive product(s) to their existing portfolio. For more retail domain insights, visit here.