Global Book Publishing Industry
The worldwide book industry was forecast to exceed revenue of $90 billion, reports MarketLine. The industry recorded yearly growth of 1% over the past four preceding years, and is expected to accelerate to a yearly rate of almost 4% between 2011 and 2016. Sales by music, video, books and stationery retailers represented the leading segment of the global book market in 2011, generating more than $50 billion and representing 56% of the overall market.
Individual readers are the main consumer base for the world’s book publishing market, with specific professional and student groups along with institutional buyers like libraries also creating demand, reports BizAcumen. Government and professional initiatives to promote educational and professional training, respectively, may further fuel book demand.
An obstacle to growth in the global book publishing market is the growing popularity of e-reader tablets like the Kindle, which is prompting consumers to buy books in digital format.
Challenges & Trends
- The economic recession has led to greater penetration of digital technology (e-books) due to their price advantage, reports Global Industry Analysts. E-books cost less to produce and distribute, negatively impacting traditional publishing margins. Reading habits were also affected by the recession, with consumers less interested in the celebrity autobiography/memoir sector. Demand for other book genres also witnessed a falling off, including maps, atlases and books on mind, well-being, and food and beverages.
- Book publishing related to maps and atlases witnessed erosion due to market penetration of satellite navigation systems, and GPRS. Increased availability of free online educative data eroded demand for hardback educative computer books. Meanwhile, demand for lighter reading options rose during the recession as readers seeking a does of escapism put down serious fiction and non-fiction to pick up lighter reading options such as romances and murder mysteries. Demand for books exploring current social and political issues also witnessed rising demand.
- The global book publishing market will continue to benefit from student demand for textbooks, educational books, and reference volumes. This demand is set to rise on the back of state spending on education, reports BizAcumen.
- Other trends such as middle-aged readers getting back to reading, and a rising number of women buying books and professionals seeking career help in books will fuel industry growth. In addition, popularity of self-improvement books and a growing numbers of parents reading to their children will also benefit the market.
Key Segments
Growth in the professional information sector – encompassing legal, business and STM publications – is going strong, according to Global Industry Analysts. Moving forward, self-publishing is set to expand, and larger companies will likely take over smaller outfits over the coming years.
Due to wider market penetration of electronic reading devices like tablet PCs and smartphones, the popularity of e-books is set to continue, with the digital publishing sector witnessing strong growth. Global Industry Analysts points to increased investment in adopting online and digital technologies and on-demand printing. One challenge to this sector involves content protection, with urgent need to implement an effective framework to avoid losing revenue.
The world’s e-book market is set to witness rapid growth in Japan and China, reports Dion Research. In Japan, e-book sales are forecast to maintain a yearly growth rate of 18% between 2009 and 2014.
Regional Market Share
- MarketLine estimates the EU book industry exceeded 1% yearly growth to reach $32 billion in 2011. Market growth is expected to accelerate to a yearly rate of almost 2% between 2011 and 2016 to exceed $35 billion. Sales by music, video, books and stationery retailers represented the leading market segment in 2011 in terms of value, generating almost $22 billion and accounting for over 68% of the total market.
- The Asia-Pacific market for books exceeded $29 billion in 2011, reports MarketLine. Having recorded 4% yearly growth for the four-year period ending 2011, the market is expected to reach yearly growth of 7% for the five-year period ending 2016, when it should be worth over $40 billion. Sales by music, video, books and stationery retailers led regional growth in 2011, reaching almost $23 billion to represent 77% of the market.
- According to MarketLine, the book market in the US declined at a rate of -3% yearly between 2007 and 2011, with revenue totalling over $22 billion. The market is set to reach almost 1% yearly growth between 2011 and 2016 to generate more than $23 billion. In 2011, sales by music, video, books and stationery retailers reached almost $12 billion, accounting for more than half the market.
Market Outlook
Global Industry Analysts predicts the cultural importance of reading will prevent the industry’s demise. Digital publishing, online technologies and on-demand printing will help limit production costs, while the industry also benefits from new promotional strategies, distribution channels and evolving business models.
Leading Industry Associations
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