New York, USA, Sept. 05, 2023 (GLOBE NEWSWIRE) -- Office Supplies Market Overview
Market Research Future (MRFR) 's report highlights “Office Supplies Market Information By Product Type, Application, and Region, And Region - Forecast till 2032"; the market will achieve USD 161.8 Billion in 2032 at a 2.30% CAGR.
Drivers
Increasing Commercial Settings Worldwide to Boost Market Growth
One of the chief factors influencing the market is the expansion of commercial settings such as banks, schools, and corporate offices throughout the world. Additionally, governments from a number of nations are supporting the global development of commercial infrastructure. This is accelerating the market's expansion coupled with an increase in employment possibilities.
Opportunities
Booming E-Commerce Industry to offer Robust Opportunities
The market participants operating in the office supplies market are being given huge expansion chances by the increasing e-commerce sector. E-commerce platforms provide with a number of perks and advantages, such as simpler payment methods, increased user convenience, and relatively reduced prices. As a result, there has been a sharp increase in product sales online, particularly those of office supplies. As a result, a large number of top companies are advertising their office supply product offers on a variety of platforms in the internet market place. This promotes the expansion of the worldwide market by enabling manufacturers and retailers to market and sell their goods to a wider client base. As a result, consumers are switching from offline to online stores to purchase office business supplies.
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Restraints and Challenges
Increasing Use of Digital Platforms in Office to act as Market Restraints
The increasing usage of digital platforms in office, increase in remote work, competition from e-commerce, price sensitivity, and shift towards software solutions may impede the demand for workspace essentials thus hampering market growth.
Report Scope:
| Report Attribute | Details |
| Market Size 2032 | USD 161.8 Billion |
| CAGR | 2.30% (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increased commercial infrastructure will increase product demand |
Key Players: Eminent industry players profiled in the global office supplies market report include –
- The OPD Corporation (Florida, U.S.)
- Staples Inc. (Washington, U.S.)
- ACCO Brands Corporation (Illinois, U.S.)
- Shoplet (New York, U.S.)
- SASCO Brands (Heliopolis, Egypt)
- The 3M Company (Minnesota, U.S.)
- UCHIDA YOKO GLOBAL CO. LTD. (Shinkawa, Japan)
- Canon Inc. (Tokyo, Japan)
- Wesfarmers Limited (Perth, Australia)
- Tesco PLC (Welwyn Garden City, U.K.)
- Among others.
Market Segmentation
The global office supplies market is bifurcated based on product type and application.
By product type, others will lead the market over the forecast period due to the substantial consumer need for formal writing tools including pens, pencils, and paper as well as organizing stationery like calendars. Changes in consumer demand for writing implements and stationary created from eco-friendly materials like bamboo and recycled plastic will also help the market expand.
By application, educational institutions will domineer the market over the forecast period owing to the high need for numerous stationery products among schools & colleges for their routine teaching and administrative responsibilities, including pen, pencil, and others. Furthermore, divisional revenues are influenced by the global growth of the educational infrastructure
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COVID-19 Analysis
Office stationery supply demand has decreased as a result of the COVID-19 epidemic, since some firms have shut down or scaled back their activities. This is due to the fact that companies with closed doors or diminished capacity do not require as many office supplies. As more people prefer to buy office supplies online due to the COVID-19 epidemic, demand for internet businesses has increased. This is due to the fact that consumers are seeking for excuses not to visit stores, and online sellers provide a practical means of buying Office Stationery Supplies. A change in consumer tastes has also been brought on by the COVID-19 pandemic. Nowadays, customers are more inclined to choose sustainable and eco-friendly office supplies. This occurs as a result of customers' increased awareness of how their decisions affect the environment.
Regional Analysis
APAC to Command Office Supplies Market
In 2022, this market was headed by the Asia-Pacific Market (45.80%). Asia Pacific, a centre for global technology, has a strong need for contemporary office equipment. Modern communication technologies, digital office solutions, and smart gadgets fall under this category. The area's love of technology drives the need for appropriate office supplies.
Additionally, the Indian office supply industry was the one with the quickest growth in the Asia-Pacific area, while China's office supply market had the greatest market share. The rising disposable incomes of consumers, the expanding use of digital technology at work, and the rising demand for environmentally friendly goods are all contributing factors to the market development in Asia Pacific.
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North America to Have Admirable Growth in Office Supplies Market
The second-biggest market share is held by the office supplies market in North America. Organizations in North America place a high focus on the welfare of their workers. Therefore, there is currently a need for standing desks, the ergonomic office equipment, and other goods that improve employee wellbeing. Additionally, the North American office supply market in the US had the maximum market share, while the industry in Canada had the quickest rate of expansion. The increasing use of digital technology in the workplace, the rising demand for eco-friendly goods, and the rising disposable incomes of consumers are the main factors driving the expansion of the office supplies market in North America.
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