What is Museum Market?
The Museum Market refers to the industry that encompasses various types of museums, including art museums, history museums, science museums, cultural museums, and more. Museums play a crucial role in preserving and displaying historical artifacts, artworks, scientific exhibits, and cultural heritage for public education and enjoyment.
Museum Market Overview
The Museum market witnessed negative growth at a CAGR of -20.82 % during 2019-2022. The market was valued at USD 7485.47 Million in 2022 which is expected to reach USD 17233.98 Million in 2029. The COVID-19 pandemic had a significant impact on the industry. The 2020 UNESCO report estimated that nearly 90%, or an estimated 85,000 institutions, had been closed for varying lengths of time. With many museums facing closures, decline in visitor numbers and revenue streams posed financial challenges for museums.
The Global Museum Market is expected to grow in the forecast period and register a market value of USD 17233.98 million in 2029 at a CAGR of 13.24% during the forecast period. Museum market is propelled by rising number of tourism and their increasing interest in art, culture and history, increasing number of exhibition and events, membership and educational programs conduct by museums.
The rise in global tourism has contributed to increased museum visits. As per AECOM, 2021, there were around 29.5 million visitors in top 20 museums. The museums market experience growth and contribute significantly to the tourism and cultural sectors of many countries, with local residents, tourists and school groups being the main audience. Museums organize temporary exhibitions, special events, and interactive experiences to attract visitors and generate additional revenue. Museum revenues come from a variety of sources, including admissions, membership fees, educational programs, gift shop sales, and ticket sales. Each type of museum utilizes different exhibition techniques, interactive displays, educational programs, and marketing strategies to engage their target audience.
Growing interest in art, history and culture
In recent years, there has been a growing interest in art, culture, and history among visitors to museums, which has contributed to the growth of the museum market. Visitor Figures survey recorded 71 million annual museum visitors in 2021 up by 31% from an year earlier. Moreover, major museum institutions around the world have been experiencing increasing attendance rates. Additionally, visitors attract to museums that have collections that are unique or of high quality, or that offer a perspective on local or global history and culture.
Illicit trade of stolen collection of artefacts
Illicit trade of stolen and counterfeit collection of artefacts is a major issue which museum market face. According to U.S. Federal Bureau of investigation 50,000 pieces of artwork worth between USD 6 billion to USD 8 billion are stolen for black market each year around the world. In December 2021, a multi-year criminal investigation led to the seizure of 180 stolen antiquities valued at 70 million dollars from one of the worldâ€™s most prominent collectors of ancient art, who also received a life-long ban on acquiring antiquities.
Ticket sales accounts for USD 3188.80 Million in 2022
The number of visitors to museums directly affects revenue. Increased attendance, especially from tourists and local residents, leads to higher ticket sales and potentially more revenue from associated services such as guided tours, special exhibitions, and events.
Art Museums contribute the maximum share in Museum Market
Art museums primarily exhibit and preserve works of art, including paintings, sculptures, installations, and other forms of visual art. These museums often attract tourists interested in fine arts, art history, and cultural experiences. Art museums may showcase renowned artists, specific art movements, or collections from various periods and regions.
Europe has a rich cultural heritage, and the region is home to numerous prominent museums. Many art museums in Europe are home to iconic masterpieces that hold significant cultural and historical value. These artworks, such as Leonardo da Vinci's "Mona Lisa" at the Louvre in Paris or Michelangelo's "David" at the Accademia Gallery in Florence, have become symbols of artistic excellence and draw visitors from far and wide. The Asia Pacific region has seen significant growth in its museum industry in recent years. Countries like China, Japan, and South Korea have witnessed the establishment of new museums and the expansion of existing ones.
The Global Museum Market is highly competitive, with Leading 5 most visited museums in the market are Louvre, National Museum of China, Vatican Museum, The Metropolitan Museum of Arts, and British Museum. Louvre is the largest museum in the world, exhibited over an area of 72,735 square meters (782,910 square feet) with over 7 Million visitors in year 2022.
Leading museums in the Global Museum Market include:
National Museum of China
The Metropolitan Museum of Arts
Natural History of Museum
Recent Developments in the Museum Market
Segmentations in the Report
By Source of Revenue
By Type of Museum
By Age Group
Frequently Asked Questions
What is the expected market value of Museum Market in 2029?
Global Museum Market is expected to be valued at USD 17233.98 Million in 2029.
At what growth rate is Museum Market expected to grow in the forecast period?
During 2024-2029, Museum Market is expected to grow at CAGR of 13.24 %
Which Region dominates the Museum Market?
Europe contributes the largest revenue share in the Museum Market.
Which are the leading Museums in the Market?
The leading museums in Museum Market are Louvre, National Museum of China, Vatican Museum, The Metropolitan Museum of Arts, and British Museum.
At what rate will United Kingdom Museum Market Grow?
During 2024-2029, United Kingdom Museum Market is expected to grow at a CAGR of 16.87%.
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