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Tempera Paint Market 2024: Key Trends, Industry Insights, and Growth Outlook
Tempera Paint Market 2024
According to The Business Research Company's, The tempera paint market size has grown strongly in recent years. It will grow from $4.45 billion in 2023 to $4.83 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to longstanding artistic traditions and cultural practices that favor the use of tempera paints, growth in investments in art education and training programs, shifts in artistic movements, and growth in cultural heritage preservation.
The tempera paint market size is expected to see strong growth in the next few years. It will grow to $6.77 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to growth of the do-it-yourself (DIY) and craft movement, rise in emphasis on cultural diversity inclusivity, increasing awareness of health and environmental concerns associated with traditional painting materials, and growing art therapy programs. Major trends in the forecast period include innovation in tempera paint formulations, integration of tempera painting techniques with other artistic mediums, digitalization of art creation, and integration of art education programs in schools and community centers.
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Market Drivers and Trends:
The increasing demand for artwork is expected to propel the tempera paint market going forward. Artwork refers to any creative expression or piece of visual art, including paintings, sculptures, drawings, photographs, and digital creations. A growing appreciation for cultural expression, interior decoration trends, and the rise of online art marketplaces boost the demand for artwork practices. Tempera paint enhances artistic expression by providing artists a versatile and vibrant medium for precise detailing and layering. It is ideal for creating intricate and colorful artworks across various styles and genres. For instance, in April 2023, according to a report published by Art Basel, a Switzerland-based art fair company, global art sales rose by 3% year-on-year to approximately $67.8 billion in 2022, exceeding pre-pandemic levels. The United States maintained its top position, accounting for 45% of global sales, while the UK saw a 5% increase in sales to reach $11.9 billion. Therefore, an increasing demand for artwork is driving the tempera paint market.
Major companies operating in the tempera paint market are focused on retail distribution partnerships to expand their distribution networks and reach a wider customer base. Strategic distribution partnerships with art retailers enable tempera paint brands to capitalize on partner expertise, accessing established customer bases through joint marketing, co-branded promotions, and unique product offerings. For instance, in September 2022, Arteza LLC, a US-based art supply company specializing in tempera paint art and crafts, entered a distribution partnership with Jo-Ann Stores LLC, a US-based retail chain company. Through this partnership, Arteza will offer a curated selection of its best-selling art supplies in JOANN stores nationwide, including acrylic paints, watercolor paints, brush pens, and sketchbooks. The products will be prominently displayed in dedicated Arteza sections within JOANN's art supply aisles, providing a convenient shopping experience for artists and crafters.
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Major Key Players of the Market:
Dixon Ticonderoga Company, Faber-Castell AG, Crayola LLC, Pelikan Group GmbH, Utrecht Art Supplies Inc., Arteza LLC, Royal Talens, Winsor And Newton Ltd, Tri-Art Manufacturing Co. Inc., Jack Richeson And Co. Inc., Royal And Langnickel Brush Manufacturing Inc., Chroma Pty Ltd., Handy Art Inc., VAN AKEN INTERNATIONAL, Sargent Art Inc, Colart Group, Reeves And Poole Group, Rich Art Color Company, Liquitex, DOMS Industries Limited, Stone Sapphire India Pvt Ltd, M. Graham And Co., Prang Co.
Tempera Paint Market 2024 Key Insights:
• The tempera paint market size is expected to see strong growth in the next few years. It will grow to $6.77 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%.
• Tempera Paint Market Thrives Amidst Rising Demand For Artwork
• Tempera Paint Brands Riding The Wave Of Retail Partnerships
• North America was the largest region in the tempera paint market in 2023
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