Pune, India, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The global art & craft tools market size was USD 3.48 billion in 2022 and is expected to expand from USD 3.61 billion in 2023 to USD 5.44 billion by 2030, exhibiting a CAGR of 6.04% over the study period.
Art and craft tools cover an array of products such as paper crafts, cutting tools, drawing & painting tools, and decorative items. Numerous market players are keen to introduce eco-friendly products to boost product sales and attract eco-conscious consumers.
Fortune Business Insights™ provides this information in its research report, titled “Art & Craft Tools Market, 2023-2030”.
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List of Key Players Profiled in the Art & Craft Tools Market:
- Crayola LLC (U.S.)
- Newell Brands (U.S.)
- Kokuyo Camlin Ltd. (India)
- STAEDTLER Mars GmbH & Co. KG (Germany)
- Fabbrica Italiana Lapis ed Affini S.p.A (Italy)
- Fiskars Group (Finland)
- Hindustan Pencils Pvt. Ltd. (India)
- Maped (France)
- Mont Marte Pty Ltd. (Australia)
- Pelikan International Corporation Berhad (Malaysia)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 6.04% |
| 2030 Value Projection | USD 5.44 Billion |
| Market Size in 2022 | USD 3.48 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 167 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Art & Craft Tools Market Growth Drivers | Accelerating Demand for Various Artwork and Evolving Art & Craft Supply Industry to Propel Market Growth |
| Growing Interest in Art & Craft Activities to Boost Product Demand |
Report Coverage:
The report provides an in-depth coverage of the major market trends. It further delves into the key factors driving the industry expansion over the forthcoming years. Some of the other aspects include an account of the pivotal strategies deployed by leading industry participants in strengthening the positions of their businesses.
Drivers and Restraints:
Surging Artwork Demand to Drive Industry Expansion
The art & craft tools market growth is being driven by the surging demand for a range of artwork such as sculpture, painting, drawing, and abstract art. The rising product demand contributes to the launch of art supplies focused on artwork promotion.
However, the soaring popularity of digital art may hinder the art & craft tools industry expansion.
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COVID-19 Impact:
Market Growth Affected Due to Disruptions in the Supply Chain
The pandemic negatively affected the art & craft tools industry expansion considering the disruptions in supply chain. Amid the pandemic, the market recorded difficulties in the supply of raw materials and transport. The period also registered an increase in the adoption of digital and virtual art tools, further hindering market growth.
Segmentation:
Drawing & Painting Tools Segment Held Dominating Share Driven by Rising Popularity of DIY Painting
On the basis of type, the market is segregated into paper crafts & decorative items, cutting tools, drawing & painting tools, and others. The drawing & painting tools segment registered key market share in 2022. The rise is driven by the soaring popularity of home improvement and DIY painting projects.
Household Segment to Lead Driven by Soaring Popularity of DIY Projects
On the basis of application, the market is fragmented into household, educational institute, office, and others. The household segment is set to register dominant share over the forecast period. This can be credited to the surging DIY product demand in households for home decoration.
Hypermarket/Supermarket Segment to Record the Largest Share Impelled by their Expansion across Various Countries
By distribution channel, the market is subdivided into online store, convenience store, hypermarket/supermarket, and specialty store. The hypermarket/supermarket segment is poised to register the largest market share over the estimated period. The dominance can be credited to the escalating expansion of hypermarkets and supermarkets across various countries.
Based on geography, the market for art & craft tools has been subdivided into Europe, North America, Asia Pacific, South America, and the Middle East & Africa.
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Regional Insights:
North America to Register Major Share Owing to Rising Product Demand in Art & Craft Institutions
North America art & craft tools market share is slated to hold the leading position in the market. This can be attributed to the soaring product demand in art and craft institutes in the region.
Asia Pacific market is anticipated to expand at a significant CAGR over the study period. The expansion can be attributed to the surging product demand from educational institutes and changing lifestyles in the region.
Competitive Landscape:
Leading Companies Enter Partnership Deals to Increase Product Reach
Major art & craft tools market participants are centered on entering collaborations and partnership deals for strengthening their industry footings. These companies are keen to deploy a series of strategic initiatives for increasing the reach of their products. Some of these steps include the development and launch of new products.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of Parent Market
- Supply Chain and Regulatory Analysis
- Industry SWOT Analysis
- Qualitative Analysis (In Relation to COVID-19)
- Impact of COVID-19
- Supply Chain Challenges due to COVID
- Potential Opportunities due to COVID
- Global Art & Craft Tools Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Drawing & Painting Tools
- Cutting Tools
- Paper Crafts & Decorative Items
- Others
- Market Analysis, Insights and Forecast – By Application
- Household
- Educational Institute
- Office
- Others
- Market Analysis, Insights and Forecast – By Distribution Channel
- Convenience Store
- Hypermarket/Supermarket
- Online Store
- Specialty Store
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
TOC Continued...!
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Key Industry Development:
- February 2023 – Michaels, a U.S. arts and crafts retail chain, introduced an online marketplace for third-party vendors to sell arts and crafts supplies.
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