NEWARK, Del., April 8, 2024 (Globe Newswire) — The office supplies market is estimated at $174.4 billion in 2024 and is expected to grow rapidly. CAGR 2.4% From 2024 to 2034. By 2034, the market is expected to reach the following values: 221 billion USD.
The office supplies market is driven by the increasing integration and automation of various processes, resulting in increased demand for electronic equipment, furniture, and other consumables that aid in the efficient functioning of offices. This has also led suppliers to expand their service capabilities to include non-core office supplies. The closure of small consumables stores due to digitalization has spurred the growth of the office supplies market as the focus has shifted to determining prices based on factors such as geographic coverage and distribution guarantees. Expansion of commercial establishments such as banks, schools, corporate offices, etc. across the world and government support for global commercial infrastructure development are also important factors influencing the market.
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The office supplies industry is experiencing a major shift to online purchasing and ordering, and its growth is accelerating. Flexible office settings and shared workspaces are also increasing demand, resulting in growth in technology-focused office supplies. E-commerce has further fueled the market growth by offering advantages such as digital payment methods, consumer convenience, and cost reduction.
“The office supplies market is expected to grow due to remote work, flexible office settings, and e-commerce. Manufacturers and vendors can expand their product offerings through online channels.Technology-focused office supplies and shared workspaces drive further growth” said Sneha Verghese, Senior Consultant, Consumer Goods and Products, Future Market Insights.
Key points from market research
- The office supplies industry reached a market size of USD 174.4 billion in 2024, increasing to USD 221 billion in 2034. During this period, the market grew at a CAGR of 2.4%.
- Based on product type, the desk segment is projected to capture 33% market share in 2024.
- South Korea is one of the most promising countries in the market. Her CAGR for the Korean market is expected to be 4.4% during the forecast period.
Competitive strategies used by market participants
Office supply companies like Staple and Office Depot are focused on providing the highest quality, innovative office supplies and increasing revenue through online platforms. Many of these companies are also launching eco-friendly products to attract more customers and improve their overall product range.
However, the office supplies industry faces stiff competition from e-commerce giants, supercenters, and other players. Despite the challenges, Indian luxury brand SOLO has successfully entered the global office stationery and office supplies market. By offering high quality, innovative and internationally recognized products, SOLO has become the go-to brand for premium stationery in India and abroad.
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new developments
- In 2022, SOLO will become the first Indian brand to enter the global office stationery and supplies market, offering high quality, innovative and international standard products, paving the way to become India's top choice in the luxury stationery market. I did.
- In 2022, IC announced and signed an agreement to acquire 100% stake in InKbox, a leading brand of high-quality semi-permanent tattoos. With this acquisition, BIC will become a leader in the DIY creative industry. A fast-growing, digitally native brand with an outstanding growth track record.
The major players are:
- OPD Co., Ltd.
- Staples Inc, ACCO Brands Corporation
- Shoplet, SASCO brand
- 3M Company (Minnesota, USA)
- Canon Inc. (Tokyo)
- Tesco PLC (Welwyn Garden City, UK)
- Uchida Yoko Global Co., Ltd. (Shinkawa, Japan)
- Wesfarmers Limited (Perth, Australia)
Country analysis
| Country | CAGR (2024-2034) | |
| America | 2.7% | |
| England | 3.4% | |
| China | 2.9% | |
| Japan | 3.9% | |
| South Korea | 4.4% | |
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Main segmentation:
By product:
- desk
- filling
- binding
- PC/Printer
- others
By application:
- company
- home
- educational institution
- others
By region:
- North America
- latin america
- Asia Pacific
- M.E.A.
- Europe
author
Sneha Varghese, Senior Consultant, Consumer Products and Commodities, has over 6 years of experience in the market research and consulting industry. She has worked on over 200 of her research questions on consumer retail products.
Her work primarily focuses on driving strategic decision making, cross-functional business operations, technology project planning and management, and successful implementation. She has helped produce insightful and relevant analysis of food and beverage market reports and research, including consumer market, retail, and manufacturer research perspectives. She is also involved in several food magazine and magazine bulletins.
Explore FMI's extensive and continuing reach in the consumer products space.
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