New York, March 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Children and Young Adult Books Global Market Report 2022" - https://www.reportlinker.com/p06243794/?utm_source=GNW
com, China South Publishing & Media Group, Bungeishunju, Planeta, Sanoma Media, Pearson, McGraw-Hill Education, Wolters Kluwer, Reed Elsevier, Grupo Planeta, ThomsonReuters, Scholastic, Cengage, Springer Science and Business Media, Shueisha, Wiley, Houghton Mifflin Harcourt, Gakken and Oxford University Press.
The global children and young adult books market is expected to grow from $10.82 billion in 2021 to $11.34 billion in 2022 at a compound annual growth rate (CAGR) of 4.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $13.02 billion in 2026 at a CAGR of 3.5%.
The children and young adult books market consists of revenues generated by entities (organizations, sole traders, or partnerships) that carry out design, editing, and marketing activities necessary for producing and distributing children and young adult books.These establishments may publish books in print, electronic, or audio form.
Only goods and services traded between entities or sold to end consumers are included.
The main types of children and young adult books are print books, ebooks, and audiobooks.An audiobook is a spoken version of a book that has been published in electronic form.
The children and young adult books are distributed through online distribution, offline distribution channels and are used by children (2 to 10 years), adolescents (11 to 17 years), young adults (18 to 25 years).
Asia Pacific was the largest region in the children and young adult books market in 2021.North America was the second largest region in the children and young adult books market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increase in the disposable income of consumers contributed to the growth of the children and the youth-adult books market.An increase in disposable income boosts consumer purchasing power and increases the probability of consumer spending in leisure activities including reading books.
For instance, the national median family income in the US for the fiscal year 2021 was $79,900, an increase from $78,500 in the fiscal year 2020. Therefore, the increase in the disposable income of consumers drove the children and the youth-adult market.
The increase of online book piracy in book publishing is a major challenge in the children and young adult books market.For many years, online piracy has been on the rise all over the world.
Online piracy consumes nearly a quarter of global Internet bandwidth.Online piracy, which is frequently regarded as a victimless crime by the ’pirates,’ results in billions of dollars in lost revenue.
It harms the entire media industry, not just artists, creators, publishers, and distributors.In 2020, more than 130 billion visits were made to piracy websites.
The United States, Russia, and China are the countries with the most visitors to piracy websites. The increase of online book piracy negatively impacts the children and the young adult book market.
Books publishing companies are increasingly implementing personalized storybooks that allow inserting children’s names, interests in the story.Most of the companies are publishing personalized bedtime storybooks.
For instance, Wonderbly publishes a personalized story that lets the children imagine themselves doing some extraordinary things, and it also publishes a book for each age group accordingly. Bookyboo is another company that provides personalized books for children.
In April 2019, Canadian book wholesaler, Book Depot has acquired Kidsbooks, a children’s book publisher for an undisclosed amount.Kidsbooks focused on publishing activity books, board books, sound books, and novelty books and has about 1000 titles.
Book Depot also purchased the intellectual property of Rainstorm publishing.
The countries covered in the children and young adult books market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06243794/?utm_source=GNW
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