Analysis of Art Supplies market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The art supplies market is poised to expand 1.6X in terms of value, and is foreseen to expand at a CAGR of 4.5% during the forecast period of 2020-2030. Several economies being shutdown has led to shortages of art supplies as the COVID-19 pandemic is taking a toll on the global movement of goods, from wholesale distribution to retail stores, and the manufacturing industry. As a result, the import and export of art supplies in several countries across the world has been hit, resulting in declining sales of art-related products.
However, industry players are focusing on maintaining strong relationships with dealers and suppliers to ensure uninterrupted access to products that their customers rely upon. This, in turn, is anticipated to boost the expansion of the art supplies market size during the forecast duration.
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Increasing trend of online shopping is influencing manufacturers in the art supplies market to collaborate with online service providers, brand consultants, and marketing agencies, to offer their products through online channels of distribution. Such collaborations with e-Commerce players are expected to accelerate the demand for art supplies. Moreover, consumers’ propensity to spend on luxury art supplies is encouraging manufacturers to develop high quality products, as cost has now become a secondary option while purchasing art supplies.
On the other hand, the educational movement in emerging countries for the development of skilled and capable workforce is supplementing the need for pencils, pens, markers, and other art supplies. Further, increasing focus on extra circular activities in academic institutions is expected to drive the growth of the art supplies market during the forecast period.
Among all the art supplies product types, writing pens are expected to capture more than 50% of the market share in 2020. Factors such as increasing literacy rate, initiatives taken by governments to develop academic institutions, and rising number of student enrollments in schools and colleges are driving the sales of writing pens.
In addition, manufacturers are focusing on offering innovative writing instruments that have multipurpose use cases. For instance, Pilot Corporation launched the Frixion Series of erasable ballpoint pens. Such developments of products are expected to strengthen the market for writing pens in the future.
Moreover, art supplies market players are focusing on using natural and recyclable material for the manufacturing of pens, which has further increased the demand for pens, globally. Owing to the above-mentioned facts, environmentally-friendly aspects and innovative product offering related to writing pens will drive demand over the forecast period.
North America will dominate the global art supplies market share in 2020, accounting for more than 35% of the market share in terms of value, followed by East Asia with 1/4 of the share. However, North America, with the most COVID-19 cases, and being a key region for art supplies, coupled with a high number art supplies companies, has witnessed a negative impact on sales in 2020.
Moreover, with growing popularity of innovative art supplies in developed countries, especially among millennials and generation Z, is foreseen to create a plethora of opportunities for players operating in the art supplies market.
During the course of the forecast period, North America is envisioned to sustain its lead in the global art supplies market. Factors such as continuous launch of new products and high spending power of consumers will keep this region as the most attractive market for art supplies market during the forecast period.
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The global art supplies market is highly fragmented in nature, with the presence of a large number of local and regional players. Some of the prominent market players are Newell Brands, Pilot Corporation, Staedtler Mars GmbH, and Mitsubishi Pencil Co., Ltd, among others. These market players are concentrating on product launches in order to broaden their market footprints. An example of such product launches is: In 2019, Staedtler introduced its Concrete Ballpoint pen, which is made of matt chrome metal, in collaboration with the Nuremberg Institute of Technology.
The COVID-19 pandemic continues to spread around the world, and hardly any industry has escaped its effects since the outbreak. It has affected the market in different ways, and also had a huge impact on the art supplies market supply chain, resulting in considerable slowdown in the growth of these products. North America is one of the prominent regions for art supplies, and will see a maximum fall in demand, as it is the most affected region by the outbreak.
However, amid the downturn for offline sales of art supplies, growing use of virtual technologies will enhance online shopping among consumers, and this is expected to gradually increase the sales of art supplies. As per the recent report published by Fact.MR, it is estimated that, the art supplies market demand curve will start showing positive signs by the third quarter of 2020, as various institutions such as schools, colleges, and other academics institutions are being reopened.
The Analyst’s Viewpoint
“The unprecedented impact of COVID-19 will have short-term implications on the art supplies market. However, as a result of growing number of households with children and increasing popularity of leisure artwork, demand for art supplies is bound to increase substantially during the forecast period."
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The recent global art supplies market report by Fact.MR offers a 10-year forecast from 2020 to 2030. The report elaborates on the key drivers, restraints, opportunities, and threats to the expansion of the global art supplies market. A detailed segmental analysis based on product type, end user, and sales channel, and region has been provided in the report.
Regional analysis in terms of supply chain analysis, business execution, and market value analysis provides an in-depth perspective about the future scope of the global art supplies market. In addition, a separate section on the market structure has also been provided. This section provides detailed analysis of key market players and their strategies for expansion in the global art supplies market.
FactMR’s study has done the segmentation of the art supplies market on the basis of product type, end user, and sales channel, across several regions.
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Art Supplies Market is Expected to Grow at 4.5% CAGR
Writing Pens are Expected to Capture more than 50% of the Market Share
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