Office Supply Market Experiencing Resilient Growth Due to Factors such as Digitalization and eCommerce Expansion | Future Market Insights Inc.

NEWARK, Del, April 08, 2024 (GLOBE NEWSWIRE) -- Estimated that the market for office supplies will be valued at US$ 174.4 billion in 2024, and is predicted to rise at a CAGR of 2.4% from 2024 to 2034. By 2034, the market is expected to reach a value of US$ 221.0 billion.

The market for office supplies is being driven by the increasing integration and automation of various processes that have resulted in a higher demand for electronic devices, furniture, and other supplies that aid in the efficient functioning of offices. This has also led to suppliers expanding their service capabilities by including non-core office supplies. The closure of small supply stores due to digitalization has shifted the focus to determining prices based on factors such as geographic coverage and distribution assurance, thereby spurring growth in the office supply market. The expansion of commercial settings such as banks, schools, and corporate offices worldwide, along with government support for global commercial infrastructure development, are also significant factors influencing the market.

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The office supplies industry has experienced a significant shift towards online purchasing and ordering, which has accelerated its growth. Flexible office setups and shared workspaces have also increased demand, resulting in the growth of technology-focused office supplies. E-commerce has further augmented the market's growth by providing benefits such as digital payment methods, consumer convenience, and lower costs.

“The office supply market is set to grow due to remote work, flexible office setups, and e-commerce. Manufacturers and vendors can expand their product offerings through online channels. Technology-focused office supplies and shared workspaces will drive further growth” says Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights

Key Takeaways from the Market Study

• The office supplies industry attained a market size of US$ 174.4 billion in 2024, which increased to US$ 221.0 billion in 2034. The market grew at a CAGR of 2.4% over this period.
• Based on the product type, the desk segment is projected to acquire a market share of 33% in 2024.
• South Korea is one of the most promising countries in the market. The CAGR for the market in South Korea is anticipated to be 4.4% over the forecast period.
  
  

Competitive Strategies Used by Market Players

Office supply companies like Staple and Office Depot are focusing on providing top-quality and innovative office supplies through online platforms to boost their revenue. Many of these companies have also launched eco-friendly products to attract more customers and improve their overall product range.

However, the office supplies industry faces tough competition from e-commerce giants, supercentres, and other players. Despite the challenges, SOLO, a premium Indian brand, has successfully ventured into the global office stationery and supplies market. By offering high-quality, innovative, and internationally recognized products, SOLO has become the go-to brand for premium stationery in India and beyond.

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New Developments

• In 2022, SOLO became the first Indian brand to enter the global office stationery and supplies market offering high-quality, innovative, and international standards products that paved the way for the brand to become India's top option for premium stationary markets.
• In 2022, IC announced and signed an agreement to acquire 100% shares of InKbox, the leading brand of high-quality semi-permanent tattoos. The acquisition will make BIC a leader in the Do-It-yourself creative industry. The fast-growing digitally native brand with an outstanding growth track record.

Key Players are:

• The OPD Corporation
• Staples Inc, ACCO Brands Corporation
• Shoplet, SASCO Brands
• The 3M Company (Minnesota, USA)
• Canon Inc. (Tokyo, Japan)
• Tesco PLC (Welwyn Garden City, UK)
• UCHIDA YOKO GLOBAL CO. LTD. (Shinkawa, Japan)
• Wesfarmers Limited (Perth, Australia)

Country-wise Analysis

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Key Segmentations:

By Product:

• Desk
• Filling
• Binding
• Computer/Printer
• Others
  

By Application:

• Enterprises
• Household
• Educational Institutions
• Others

By Region:

• North America
• Latin America
• Asia Pacific
• MEA
• Europe
  
  

Author

Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.

Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.

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