Advancement in recreational arts sectors and escalating number of art professionals have led to the surge in demand for art supplies. In the latest market research report by Fact.MR, art supplies market in Asia Pacific is expected to witness a robust growth in the coming years, being the highly populous continent. Rapid economic growth in developing countries such as China, Indonesia, and India is one of the driving factors of art supplies market in the Asia Pacific region. With growing population, exhibitions, auctions, and art shows are gaining increasing popularity in this region, thereby influencing the growth of art supplies market.
Art supplies market in Asia Pacific is gaining high traction from schools, owing to growing importance of art and crafts as extra-curricular activity. In addition, promotional products such as calendars and t-shirts offered by brands and companies are estimated to lift the art supplies market. Moreover, growing focus of manufacturers in developing innovative and environmentally sustainable products is likely to fuel the market across Asia Pacific. Availability of wide range of products across several distribution channels will possibly the key driving force for art supplies market in the coming years.
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According to the Fact.MR’s study, Asia Pacific will continue to dominate global art supplies market, accounting for the highest revenue share over the assessment period, 2018-2028. Around 78% of the sales of art supplies in the Asia Pacific region is likely to be contributed by pens segment.
The Fact.MR’s study forecasts the global art supplies market to surpass a value of US$ 40Bn by 2028-end, expanding at a moderate CAGR of 4.5% during the forecast period. Adoption of advanced technologies by art supplies manufacturers in respond to growing demand for biodegradable products is anticipated to fuel the market growth, especially in developed nations of North America and Europe.
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On the basis of product type, pens will remain the leading revenue contributor, accounting for 74% of the overall share of global art supplies market. The demand for pens is likely to be robust over the forecast period and estimated to be valued over US$ 30Bn by the end of 2028.
With 40% of revenue share, stationery shops is likely to maintain its dominance in the global art supplies market in terms of sales channel. However, online sales is expected to expand at significant rate over the forecast period, owing to growing number of online shoppers. Further, increasing penetration of social media and other digital platforms has become instrumental for marketers to promote their products to a larger audience, which is likely to boost the art supplies market globally. In addition, customers are shifting from inexpensive products and focusing more on quality and brands which is expected to elevate the demand for luxury art supplies.
The end-use of art supplies are likely to remain concentrated among residences and independent professionals. The Fact.MR’s study foretells the residences segment to register the highest CAGR of 5.2% during the forecast period. Demand for art supplies from schools and offices is further likely to augment the growth of the market.
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