|07-27-2018 05:24 PM CET - Advertising, Media Consulting, Marketing Research||
Art Supplies Market to register high revenue growth at 4.5% CAGR during 2018 to 2028
Press release from: Fact.MR
In an era filled with touchscreen computers, tablets and smartphones, buying actual art supplies could be a rare sight. However, this is far from the truth as art supplies market can never truly be completely replaced by modern technology as true art lovers will always prefer real art as opposed to the virtual one. The art supplies market is projected to cross US$ 40 billion by 2028.
Revenue share of stationery shops in the art supplies market is more than 40% in the art supplies market by sales channel and is predicted to remain the key sales channel throughout the duration of the forecast period. Digital platforms amalgamate art supplies manufacturers and social networking sites have become a tool for consumers as well as a marketers to expose and expand their art supplies products which are likely to boost art supplies market. The number of people engaging in social networking sites and other digital platforms has increased dramatically.
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The report specifically talks about art supplies that are available in the market, which include pens, pencils, colors, highlighters and markers for end users such as school, residences, industries, offices, independent professionals and others reaching the consumers via sales channels, such as stationery shops, departmental stores, supermarket/hypermarket, online sales and other sales channels, across the globe.
Increasing number of online shoppers are positively influencing the growth of Art Supplies Market
The pervasiveness of e-commerce has led many art supplies manufacturers to offer their products through these portals. Thus, Online Sales are expected to be the fastest growing sales channel in the forecast period contributing to the increase in sales in art supplies market. The shift in focus from inexpensive to quality products is an important transition that will boost the demand for luxury art supplies in the forecast period. The cost has now become a secondary option while purchasing art supplies. People are focusing more on the quality and brand of the art supplies.
The APEJ region is estimated to account for the highest market share in the art supplies market in 2017 and this share is expected to grow at a massive rate, causing the APEJ market to grab even higher market share in art supplies market by the end of 2028. This highly populous continent is spearheaded by the rapid economic growth in China, India, and Indonesia and customers in these countries will continue to demand maximum art supplies.
Fact.MR has profiled some of the most prominent companies active in the art supplies market such as Faber-Castell Aktiengesellschaft, Kokuyo Camlin Ltd., F.I.L.A. (Fabbrica Italiana Lapis ed Affini S.p.A.), Société BIC SA, Hallmark Cards, Inc., Maped, STAEDTLER Mars GmbH & Co. KG, Pedilite, Pentel Co., Ltd., Pilot Corporation, Newell Brands Inc, ITC Limited, Pelikan International Corporation Berhad, Linc Pen & Plastics Ltd., and Mitsubishi Pencil Co., Ltd. Some of the major strategies adopted by key players in the market include product innovation, mergers & acquisitions and expansion. For example, in 2015, Cello group sold its remaining equity in Cello Pens to BIC. Pursuant to acquisition, BIC holds 100% equity in Cello pens.
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Fact.MR has provided some insightful information related to the art supplies market through various frameworks and illustrations. Some of the USPs of report on art supplies market include supply chain, cost structure, brand mapping, pricing analysis, forecast factors, consumer sentiment analysis, top countries in retail and their retail sales growth, regulatory framework, porter’s five forces analysis, pest analysis, forecast scenario, investment feasibility matrix, competitor footprint matrix, opportunity analysis, product lifecycle, and wheel of fortuneTM.
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This release was published on openPR.
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