Specialty Stores Segment to Dominate South and Central America Luxury Pens Market during 2021-2028
According to The Insight Partners market research study on “South and Central America Water Luxury Pens Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Product Type, Distribution Channel and Country” is expected to reach US$ 171.56 million by 2028 from US$ 127.86 million in 2021. The market is estimated to grow at a CAGR of 4.3% from 2021 to 2028. The report provides trends prevailing in the South and Central America luxury pens market along with the drivers and restraints pertaining to the market growth. Incrementing interest for luxury writing products amongst consumers and increase in brand consciousness related to luxury pens are major factors driving the growth of the South and Central America luxury pens market. However, high operational costs together with shifting focus on digitization may hinder the growth of South and Central America luxury pens market.
In South and Central America, Brazil has reported a huge number of COVID-19 cases, which led to the discontinuation of several business operations, including luxury pens manufacturing. The shuttering of office, schools, and colleges during the pandemic period, along with significant fall in the production of luxury stationery items, has severely impacted the demand for luxury pens in South and Central America. However, as the economies are planning to revive their operations, the demand for luxury pens is expected to rise in the region. However, the focus over just-in-time production is another concerning factor hindering the market growth. In addition to the increasing literacy rates in emerging countries, the growing prominence of luxury fountain pens and significant investment by prominent manufacturers in new product launch would continue to boost the growth for the luxury pens market in South and Central America in the coming years.
The market for South and Central America luxury pens is segmented into product type, distribution channel and country. Based on product type, the market is segmented into ball point pens, fountain pens, roller ball pens, multifunctional pens and others. In 2020, the ball point pens segment held the largest share in South and Central America luxury pens market. Based on distribution channel, the South and Central America luxury pens market is divided into supermarkets and hypermarkets, specialty stores, online retail and others. The specialty stores segment is expected to be the fastest growing segment over the forecast period. Based on country, the South and Central America luxury pens market is divided into Brazil, Argentina and rest of South and Central America. In 2020, Brazil held the largest share in South and Central America luxury pens market. Furthermore, in this present scenario of COVID 19 pandemic, the South and Central America luxury pens market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the South and Central America countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for luxury pens.
A. T. Cross Co. LLC; Faber-Castell; Hugo Boss; Montblanc International; Fisher Space Pen; Bentley Motors; Parker; and Waterman are some of the leading companies in the South and Central America luxury pens market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.