“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.
Dubai, United Arab Emirates -- (SBWIRE) -- 11/17/2020 -- The art supplies market is poised to witness growth at a steady 4.5% CAGR throughout the projected period, 2020-2030. The growth can be primarily attributed to the growing number of student enrolments in colleges and schools and government initiatives to develop academic institutions.
"The unprecedented influence of COVID-19 is likely to have short-term effects on the art supplies market. Though due to the growing popularity of leisure artwork, rising number of households with children require art supplies, this assures the significant upsurge over the assessment period." says the Fact.MR report.
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Art Supplies Market - Key Takeaways
By sales channel, online shopping is gaining traction in the global market during 2020-2030.
Based on product type, the writing pens category will exhibit dominance, by capturing half of the market share over the forecast period.
Based on end-user, the household category will assist the global market growth foreseen in the market.
North America will remain dominant in the global scenario, trailed by East Asia with one-fourth of the market share.
Art Supplies Market - Driving Factors
Rising literacy rates in emerging nations and the penetration of e-Commerce sales will generate a surge in the art supplies market expansion.
Growing focus on extra circular activities in academic institutions will fuel the market growth over the assessment period.
Eco-friendly aspects and innovative product offerings concerning writing pens will fuel demand during 2020-2030.
Art Supplies Market - Constraints
The higher cost of some of the art supplies particularly in developing nations poses a potential threat to the growth of the global market.
Export and import of art supplies in various nations worldwide have been affected, resulting in decreasing sales of art-related products, hurting market growth.
Anticipated Market Impact by COVID-19 Outbreak
COVID-19 pandemic has affected the art supplies market players adversely in terms of the supply side, triggering slumping sales of art supplies. Conversely, amid the decline in offline sales, increasing the use of virtual technologies is likely to improve online shopping amid customer, and this is anticipated to progressively boost the sales of art supplies.
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Major companies identified in the Art Supplies market are Faber Castell AG, Newell Brands Inc., Camlin Group Ltd., SOCIETE BIC, F.I.L.A. Group, STAEDTLER Mars GmbH & Co. KG, Maped Helix, Pentel Co. Ltd., Mitsubishi Pencil Co., Ltd, Pilot Pen Company, Tombow Pencil Co., Ltd., and ITC Limited.
More on the Report
The FACT.MR's market research report provides in-depth insights into the Art Supplies market. The market is scrutinized based on product type (pencils and accessories [graphite pencils, erasers, sharpeners, mechanical, pencils, and pencil leads], writing pens [fineliners, ballpoint pens, rollerballs, and refills], coloring products [color pencils, fiber tip pens, fineliners, crayons, chalks, and oil pastels, and paints], markers [highlighters, universal pens, whiteboard markers, flipchart markers, and dry markers), and other art supplies), end user (institutional [schools, colleges, ad other industries, offices, and other commercial institutions] and household), and sales channel (stationery stores, department stores, supermarkets/hypermarkets, online sales, and other sales channel), across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)).
Media Release: https://www.factmr.com/media-release/1650/art-supplies-market-trends