The global Books Market size is expected to reach USD 164.22 billion by 2030, expanding at a CAGR of 1.9% during the forecast period, according to a new report by Grand View Research, Inc. Increasing consumer expenditure on books, fueled by rising incomes and interest, as well as ongoing format improvements that have improved the entire reading experience, are among the primary reasons driving the book business forward. Independent publishers have been on a rise in the recent past. According to Linchpin SEO, there were approximately 69,709 independent publishers in the book industry as of 2020. In response to the apparent monopoly in traditional publishing, excluded individuals have turned to independent publishers not associated with large publishing houses.
While traditional publishing companies seek to corner
the market, independent publishers provide an opportunity for diversity and
inclusion among authors and niches. These publishers are smaller and, in some
cases, completely digital and that is the key behind their numbers increasing
year on year. Along with this, most large publishers are privately owned. So,
it is difficult to assess the number of books being sold globally and the
revenue that is generated from it.
The growing trend of the reverse supply chain, also
known as re-commerce, offers new opportunities for selling used books.
Re-commerce exemplifies the growing trend toward transforming consumption
through reuse. Thus, re-commerce retailers such as Momox, reBuy, and Quoka.de
are the biggest drivers of the industry. While printed books are irreversibly
on a path of decline, it remains an extremely large market for print. Business
model changes have shifted control over the value chain to authors and
retailers, making demand unpredictable. Digital production inkjet print
technology opens the window for book manufacturers to respond to compressed
patterns of demand through labor and inventory cost savings.
Offset and digital production printing will coexist
for the foreseeable future, but few book manufacturers will be able to justify
reinvestment in offset printing technology; most will not have a choice but to
invest in digital production printing systems if they are to survive and grow.
A changing retail distribution landscape will further force the adoption of
more automated and flexible book printing and manufacturing. As booksellers
adapt to online business models in a fraught global economic moment, 2021 could
determine whether independent bookstores survive. Owners say that it is not
just their solvency at stake but also the role of books across global
communities.
In terms of the supply chain, the production process
in the entire industry has slowed due to the coronavirus outbreak. For
instance, Amazon has been experiencing changes in its ability to ship products
worldwide from the U.S. This has affected Kindle Direct Publishing’s ability to
fulfill orders for proof and author copies.
Related Press Release@ Books Market Report
Books Market Report Highlights
- North America is expected to contribute a majority of the share to
become the largest division in the global revenue in 2021. The existence
of a high number of independent publishers and publishing companies in the
region is expected to spur regional market growth. A wide network of
wholesalers and distributors around the region also makes it easier for
readers to find books in various forms
- The fantasy segment is projected to register growth during the
forecast period with a CAGR of 2.3% from 2022 to 2030. For many readers,
literary fiction provides a much-needed escape from everyday life. This
effect is even more pronounced in the fantasy genre, where—untethered from
scientific and societal laws are limited only by their imagination—fantasy
authors explore themes by creating their worlds
- During the forecast period, the local book shops segment is
expected to account for the largest market share. Independent bookstores
play an important role in the communities they serve, serving a safe haven
for children after school to a fun way for a group of friends to spend a
Saturday afternoon. According to an article released by indigo9digital,
the number of independent bookshops in the United States declined by 40%
between the mid-1990s and 2009.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
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Email: sales@grandviewresearch.com
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