Art Supply Stores in the US - Industry Market Research Report

Art Supply Stores in the US - Industry Market Research Report
Art Supply Stores in the US

Companies in the industry sell a diverse range of art products, such as art mediums, canvases and surfaces, art tools and accessories and sculpting and modeling supplies. Due to its fragmented nature, the industry is not solely driven by product-specific trends, but rather by broad macroeconomic variables. Rising per capita disposable income has boosted demand throughout the entire retail industry. But industry enterprises have been experiencing mounting competition from big-box retailers and online competitors, limiting gains from increased spending. As a result, industry revenue is anticipated to decrease at a CAGR of 2.8% to $854.5 million in 2023, including a decrease of 0.6% in 2023 as profit falls to 3.6%. Additionally, in 2020 alone, industry revenue plummeted 10.8% due to economic slowdowns and temporary store closures as a result of the pandemic.

The industry comprises specialty stores that sell art supplies, specifically for professional artists, art students and art hobbyists.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.