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Children and Young Adult Books, Market Opportunities, Global Insights, Trends 2024
Children and Young Adult Books, Global Market Overview, Trends, Forecast 2024
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According to The Business Research Company's, The children and young adult books market size has grown steadily in recent years. It will grow from $11.76 billion in 2023 to $12.06 billion in 2024 at a compound annual growth rate (CAGR) of 2.6%. The growth in the historic period can be attributed to growth and growth in the young adult population, increasing early childhood reading and increase in book charities and government initiatives.
The children and young adult books market size is expected to see steady growth in the next few years. It will grow to $13.25 billion in 2028 at a compound annual growth rate (CAGR) of 2.4%. The growth in the forecast period can be attributed to rising ebooks and audiobooks, increasing penetration of digital technology and growing preference for independent bookstores . Major trends in the forecast period include offering personalized storybook, focusing on integrating popular video games into books, offer their books under a subscription model. companies should also look at investing in separate self-publishing platform for authors, print on demand services and invest in increasing mergers and acquisitions.
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Market Drivers and Trends:
The increase in the disposable income of consumers contributed to the growth of the children and the youth-adult books market. An increase in disposable income boosts consumer purchasing power and increases the probability of consumer spending in leisure activities including reading books. For instance, the national median family income in the US for the fiscal year 2021 was $79,900, an increase from $78,500 in the fiscal year 2020. Therefore, the increase in the disposable income of consumers drove the growth of the children and young adult books market.
Books publishing companies are increasingly implementing personalized storybooks that allow inserting children's names, and interests in the story. Most of companies are publishing personalized bedtime storybooks. For instance, Wonderbly publishes a personalized story that lets the children imagine themselves doing some extraordinary things, and it also publishes a book for each age group accordingly. Bookyboo is another company that provides personalized books for children.
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Major Key Players of the Market:
Penguin Random House, Hachette Livre, Holtzbrinck Publishing Group, HarperCollins Publishers, Scholastic, Phoenix Publishing & Media Inc., Simon & Schuster, Oxford University Press, McGraw-Hill Education, Bonnier Group, Tulika Books, Amar Chitra Katha, Katha, Duckbill, Pratham Books, Puffin Books, Speaking Tiger, Walker Books, EK Books, Allen & Unwin, Ford Street Publishing, MidnightSun Publishing, Wombat Books, Pan Macmillan Australia, Big Sky Publishing, Penguin Random House Australia, Hinkler Books, New Holland Publishers, Shogakukan Inc., Fukuinkan Shoten Publishers Inc., Iwasaki Publishing Co. Ltd., Kaisei-Sha Publishing Company Ltd., China Publishing Group, Zhejiang University Press Co. Ltd., China Agriculture Press, Dolphin Books, Anhui Time Anime Company Limited, Commercial Press International and the Children's Fun Publishing House, Bloomsbury Publishing, Hachette UK (Holdings) Limited, Magink Publishing House, Gallimard Jeunesse, Editorial Planeta, Meshcheryakov Publishing House, Mozaika-Sintez Education Publishing House (Russia), Albatros Publishing House Co. Inc., Znak Spoleczny Instytut Wydawniczy, Scholastic Inc., Penguin Random House Audio, Thomson Reuters, TCK Publishing, SAGE Publications, Hachette Book Group, Little Bee Books, Houghton Mifflin Harcourt, Wiley, Cengage, Austin Macauley Publishers, Kalimat Publishing and Distribution, Medina Publishing, Zamzam Publishing (UAE), Kadi and Ramadi, Katara Publishing House, Hamad Bin Khalifa University Press, Roza Publishing House, Dar Al Watad, Lusail Publishing House, Mars Publishing House, Obeikan Bookshop, Macmillan South Africa (Pty) Ltd., Oxford University Press Southern Africa (Pty) Ltd. (South Africa), New Africa Books (Pty) Ltd, Saray Publishing, Al Arabi Publishing and Distribution, Literamed Publications Limited, Grace Springs Africa Publishers, Ilupeju.
Children and Young Adult Books Market 2024 Key Insights:
• The children and young adult books market size is expected to see steady growth in the next few years. It will grow to $13.25 billion in 2028 at a compound annual growth rate (CAGR) of 2.4%.
• Rising Disposable Income Boosts Children And Young Adult Books Market
• Rise Of Personalized Storybooks To Cater Younger Population
• Asia-Pacific was the largest region in the children and young adult books market in 2023
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The Business Research Company ( https://www.thebusinessresearchcompany.com ) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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