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.
To remain ‘ahead’ of your competitors, request for a sample – https://www.factmr.com/connectus/sample?flag=S&rep_id=1226
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.
For critical insights on this market, request for methodology here – https://www.factmr.com/connectus/sample?flag=RM&rep_id=1226
“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.
Connect To an Expert – https://www.factmr.com/connectus/sample?flag=AE&rep_id=1226
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.
US Sales Office:
11140 Rockville Pike
Rockville, MD 20852
Tel: +1 (628) 251-1583