Anime Market Estimated To Witness High Growth Owing To Expanding Audience Base Globally
Anime refers to hand-drawn and computer animation originating from Japan. Key products in this market include TV shows, movies, music, video games and merchandise such as apparel, collectables, figures among others. Anime titles tell wide variety of stories in different genres for all age groups featuring activities such as mecha, school life, sports, magic etc. Viewership of anime content is consistently growing not only in Japan but globally, especially in North America and Europe due to availability of content across digital platforms and dubbed/subtitled versions.
The global anime market is estimated to be valued at US$ 37.31 Mn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Expanding audience base globally: Rising popularity of anime among young audience as well as entry of female viewers is driving growth of the market. Availability of content across streaming platforms and availability of dubs/subs in local languages is enabling outreach to global audience beyond Japan. This is a key driver contributing to market growth over the forecast period.
Rising popularity of anime: Exposure through streaming platforms and social media trends has made anime more mainstream and expanded audience base globally. Proliferation of fan clubs and conventions centered around popular anime titles point towards rising demand. This driver along with expanding audience base globally is expected to fuel market growth during forecast period.
SWOT Analysis
Strength: The anime industry has witnessed significant growth over the past decade due to the rising popularity of anime across various regions. Increased popularity and consumption of anime generate higher revenues for industry players. Furthermore, digitalization and availability of streaming platforms have enabled wider reach of anime content globally.
Weakness: Piracy issues hinder the overall revenue growth of the anime industry. Illegal downloading and streaming of anime content without any payments reduce the potential revenues. Cultural barriers and language issues pose challenges in newer regions.
Opportunity: Geographic expansion into relatively untapped regions such as Latin America and Middle East provides significant growth opportunities. Streaming platforms are exploring dubbed and subtitled content to attract viewers from these regions. Developing global fan base on social media aids in promotion of new anime releases and franchises.
Threats: Stiff competition from other entertainment industries such as live-action movies, web series, video games limits the potential market size for anime. Change in consumer preferences or emergence of newer entertainment formats can shift audiences. Copyright issues regarding adaptations of manga and light novels hinder the overall planning of new anime content.
Key Takeaways
The global Anime Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. Rising viewership of anime across regions during the COVID-19 pandemic has further accelerated the demand. The market size is projected to increase from US$ 37.31 Mn in 2024 to over US$ 70 Mn by 2031, exhibiting a CAGR of 7.8% during the forecast period.
Regional analysis: Japan has been the dominant region for anime globally with over 60% market share in 2024. Rising popularity of Japanese culture and availability of major anime streaming platforms have enabled strong viewership growth across other Asian countries. Countries including China, India, and Southeast Asian nations are projected to be fastest growing regional markets.
Key players: Key players operating in the anime market are Aggreko PLC, United Rentals, Inc., APR Energy, PLC, Caterpillar, Inc., Cummins, Inc., Hertz Equipment Rental Corporation, Generac Power Systems, and Rental Solutions & Services, LLC. These players are focused on expanding their streaming platforms and licensing agreements with leading producers to strengthen their market positions.
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