Favorable demographic shifts and increasing discretionary spending will continue to drive demand for cookbooks.
Los Angeles, CA (PRWEB) October 31, 2011
Although cookbook publishers will compete with more online recipes over the next five years, emphasis on healthcare and heritage will continue to drive demand for cookbooks, according to IBISWorld, the nation’s largest publisher of industry research. More gift-giving related to higher discretionary spending will also elevate the average amount spent on each cookbook, further boosting industry revenue. In the five years to 2016, IBISWorld estimates that revenue will rise at a 2.7% annualized rate to $1.5 billion. Initial growth is forecast to be quicker, with a 4.1% revenue increase projected in 2012 as consumers continue to conserve money and eat in.
The Cookbook Publishing industry weathered the recession well as consumers splurged on cookbooks to eat and entertain at home instead of going out. Although external competition from online recipe sources is escalating, consumer demand for printed cookbooks continues to rise. Demand is also increasing due to demographic shifts as senior, immigrant and allergy-prone populations grow. Consequently, IBISWorld expects industry revenue to increase 2.2% per year on average to $1.3 billion in the five years to 2011. Helped by a gradual increase in consumer spending, the industry is anticipated to grow 4.2% in 2011 alone.
Although consumers can substitute online recipes for those in cookbooks, the internet is also a powerful complement to cookbooks, where publishers can provide tutorials and interactive features for recipes. Publishers are also building online communities around authors to strengthen relationships with at-home cooks and to create new revenue streams. Additionally, online bookstores have enhanced the visibility of cookbooks, particularly backlist titles. Fast search engines support online bookstores, enabling customers to locate cookbooks by title, author or keyword in only a few seconds. Online retailers now claim about one-quarter of the consumer trade-book market, which includes cookbooks. Spending on higher-quality books, technological development and marketing is projected to depress the industry's 9.5% profit margin through 2016.
According to IBISWorld analyst, Nima Samadi, over the next five years the Cookbook Publishing industry will face new challenges from mobile technologies. “Favorable demographic shifts and increasing discretionary spending will continue to drive demand for cookbooks,” says Samadi. “The aging population, steadily growing immigration rate and higher incidence of food allergies will continue to make up a large audience for cookbook publishers.” IBISWorld forecasts industry revenue to grow an annualized 2.7% to $1.5 billion in the five years to 2016.
For more information, download the full report from IBISWorld on the Cookbook Publishing industry
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