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Non-Fiction Books Market Trends, Segment Growth & Future Outlook to 2033
Non-Fiction Books Global Market Report 2024
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According to The Business Research Company's, The non-fiction books market size has grown steadily in recent years. It will grow from $14.62 billion in 2023 to $15.1 billion in 2024 at a compound annual growth rate (CAGR) of 3.3%. The growth in the historic period can be attributed to educational curriculum, biographies and memoirs, self-help and personal development, cultural and social relevance, research and professional development.
The non-fiction books market size is expected to see steady growth in the next few years. It will grow to $16.94 billion in 2028 at a compound annual growth rate (CAGR) of 2.9%. The growth in the forecast period can be attributed to diversity and inclusivity, science and technology advancements, mental health and wellbeing, data-driven publishing, sustainability and eco-friendly publishing. Major trends in the forecast period include narrative non-fiction, political and social commentary, multimedia and interactive content, local and niche topics, hybrid formats.
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Market Drivers and Trends:
The adoption of an online sales platform is expected to propel the non-fiction books market growth during the forecast period. With the increasing adoption and access to internet services globally, the number of digital buyers keeps increasing every year. Online platforms create significant value by enabling communication and trade. Besides, these online platforms have modest operating costs. Bookstores are investing more in online sales channels with the onset of coronavirus and people staying indoors. Online bookstores have also set up a display area of books about health knowledge targeting the epidemic, with a general discount of 20% to 30%. Therefore, the volume of books being sold through online bookstores is higher than traditional bookstores.
Print-on-demand orders will create lucrative opportunities for leading vendors operating in the market as this helps in printing books that are of demand and that meet the exact needs of the market. Print-on-demand offers many advantages to the market and remains an important option that overcomes risking investment over a big press run by allowing authors to offer a print book. The demand for the idea/book is tested using the print-on-demand option and also the investment that could have been spent on a press run for other crucial steps like cover design and editing is saved thereby saving costs of inventory management. African government is committed to using green technologies and innovative solutions to help protect our planet and print-on-demand is one among them. In August 2021, BookBaby, a leading self-publishing service provider based in the United States, is expanding production with a new investment in an HP Indigo 100K Digital Press, providing more digital printing firepower to accelerate its growth in the publishing market. HP Indigo digital presses have made it possible for individuals and small publishers to print one-of-a-kind books in an efficient manner, thereby supporting the modern Print on a Demand publishing model.
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Major Key Players of the Market:
HarperCollins Publishers LLC, Bloomsbury Publishing plc, Scholastic Corporation, Pearson plc, McGraw Hill LLC, Penguin Random House LLC, Hachette Livre S.A., Thomson Reuters Corporation, Elsevier B.V., Andrews McMeel Publishing LLC, The Experiment LLC, Storey Publishing LLC, Diversion Books LLC, Chronicle Books LLC, Simon & Schuster Inc., Hachette Book Group Inc., Macmillan Publishers Limited, W. W. Norton & Company Inc., Yale University Press, The University of Chicago Press, Oxford University Press, Cambridge University Press, Princeton University Press, University of California Press, Beacon Press, Basic Books Inc., Da Capo Press Inc., PublicAffairs LLC, St. Martin's Press LLC, The University of Michigan Press, University of Minnesota Press, The University of North Carolina Press, University of Pennsylvania Press, University of Texas Press, University of Virginia Press, University Press of Florida, University Press of Kansas, University Press of Kentucky, University Press of Mississippi, University Press of New England
Non-Fiction Books Market 2024 Key Insights:
• The non-fiction books market size is expected to see steady growth in the next few years. It will grow to $16.94 billion in 2028 at a compound annual growth rate (CAGR) of 2.9%.
• Online Sales Platforms Driving Growth In The Non-Fiction Books Market
• Print-On-Demand Innovations Creating Lucrative Opportunities In The Non-Fiction Books Market
• Asia-Pacific was the largest region in the non-fiction books market in 2023
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