Global Office Supplies Market is expected to foresee significant growth. APAC to lead the growth!
- Himanshu Patni
- July 13, 2023
- CONSUMER GOODS, NEWS
- 0 Comments
Office supplies are consumables and equipment regularly used in offices by businesses and other organizations, by individuals engaged in written communications, recordkeeping or bookkeeping, janitorial and cleaning, and for storage of supplies or data. According to CB Insights, in December 2022, there were around 1183 billion dollar startups. One of the key drivers of market expansion is the rising literacy rates around the world and the rising number of young people that are leaning toward higher education. Moreover, the market is expanding due to the sudden rise in start-ups that helped in developing the field of office supplies. In 2022, there were almost 900 unicorn startups in the world, valued at more than USD 3.5 trillion combined. As a result, growing employment in these industries has a considerable impact on the market expansion.
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The Office Supplies Market is expected to grow at a steady rate of around 2% owing to the rise of the computer/printer stationery market. This is primarily driven by improvements in digital printing technology and computer equipment technology. Also, the high adoption of computers in multinational companies is due to digitalization that hits the corporate sector. For instance, on 26 October 2022, International Data Corporation (IDC) Spending Guide estimated worldwide digital transformation investments reaching USD 3.4 trillion in 2026.
Based on product type, the office supplies market is segmented into desk supplies, filing supplies, binding supplies, computer/printer supplies, and others. The filing supplies segment is expected to grow with a significant CAGR during the forecast period. Papers, files, and folders are frequently used by students to complete project submission tasks. Therefore, the filling stationery’s segmental growth is being driven by rising awareness of education and literacy among the world’s middle and lower-income population segments.
Based on application, the office supplies market is divided into enterprises, household, educational institution, and others. Among these, educational institution held a significant market share in 2020. This is mainly due to the demand for various types of stationery, including pens, pencils, and others, among schools and colleges for their regular administrative and teaching tasks, the category of educational institutions maintains a significant market growth. Additionally, segmental sales are driven by the expansion of school and college infrastructure globally.
For a better understanding of the market adoption of the Office supplies industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC held with a significant share of the market in 2020. This is mainly due to the high consumption of different kinds of official-purpose equipment. Government programs have increased the number of schools and colleges in both urban and rural areas, which has a direct impact on the expansion of the market. The expansion of the market is also thought to be significantly influenced by globalization. Multinational corporations have grown in a number of nations as a result, which affects the expansion of the market in that area. As per the Economic Times 2022, at least 14,000 new startups recognized in India, up 20 times in five years.
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Some of the major players operating in the market include Office Depot, LLC.; Staples, Inc.; ACCO Brands; Shoplet; SASCO; 3M; Canon Inc.; WESFARMERS LIMITED; UCHIDA YOKO GLOBAL LIMITED; Tesco PLC.
Global Office Supplies Market Segmentation
Market Insight, by Product Type
· Desk Supplies
· Filing Supplies
· Binding Supplies
· Computer/Printer Supplies
· Others
Market Insight, by Application
· Enterprises
· Household
· Educational Institution
· Others
Market Insight, by Region
· North America
o The U.S.
o Canada
o Rest of North America
· Europe
o Germany
o The United Kingdom
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
· Office Depot, LLC.
· Staples, Inc.
· ACCO Brands,
· Shoplet
· SASCO
· 3M
· Canon Inc.
· WESFARMERS LIMITED
· UCHIDA YOKO GLOBAL LIMITED
· Tesco PLC.