Office Supplies Market to Expand with Significant Revenue of USD 273.9 Billion by 2024
According to a recent report published by KD Market Insights, titled, Office Supplies Market 2018: Market Size, Trends, Opportunity, Forecast 2018-2024, “the global office supplies market accounted for USD 235.3 Billion in 2018 and is estimated to reach USD 273.9 Billion by 2024. Moreover, it is anticipated to flourish at a CAGR of 2.7% during the forecast period i.e. 2019-2024.
The global office supplies market has been segmented based on product type and distribution channel. Based on the product type, this market has been segmented into writing supplies, calendars, planners, organizers, clips & fasteners, tape & adhesives, computer & printer supplies, and others. The market value of global office supplies market for computer & printer supplies segment is expected to rise at a CAGR of 3.1% over the forecast period. Further, the global office supplies market for computer & printer supplies segment is expected to reach USD 83.9 Billion by the end of 2024.
In the distribution channel segment, the office supplies market is sub-segmented into online stores, supermarket & hypermarket, stationery stores and others.
Rising Sales of Computer & Printer Segment
The computer & printer supplies segment is likely to continue with its exponential growth in upcoming years. Due to industrial automation and IT integration, the demand for paper-based products is on the decline in developed markets, which is providing an immense growth opportunity for the computer & printer supplies manufacturers over the upcoming years. Apart from this, the users are switching from tri-colour cartridges to ink-cartridges for a higher quality printing, which has resulted in increasing adoption of printing supplies. Further, this factor is anticipated to positively impacting the growth of the printing supplies segment over the upcoming years.
Growing E-commerce Marketplace in Office Supplies
In an era of online purchasing, the office supplies market is increasingly putting its product offerings on the online platform with the help of e-tailers. The office supplies sector is pursuing benefits from the growing e-commerce marketplace. The manufacturers and retailers are increasing their standards by selling their products using the online sales channel. Apart from this, the manufacturers and retailers are raising the bar for their other digital capabilities. They are focusing on various online media formats, which includes mobile-based applications and social networking sites, in order to expand their digital presence, which is enabling these manufacturers and retailers to endorse and sell their products to a larger number of customers.
In terms of geography, the office supplies market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific accounts for the major share of the global office supplies market.
In terms of value, Asia Pacific office supplies market is expected to reach USD 121.2 Billion by the end of 2024 from USD 101.4 Billion in 2018. The market value of Asia Pacific office supplies market is expected to rise at a CAGR of 3.2% over the projected period. In addition to this, Asia Pacific office supplies market value is projected to witness a Y-O-Y growth of 3.9% in 2024 as compared to previous years.
The report also covers detailed competitive analysis of major market players of global office supplies market, such as Staples, Inc., Office Depot Inc., Tesco PLC, Stanley Bostitch, Faber-Castell, The Hewlett-Packard Company, Kokuyo, Canon Inc., Dell Inc., A.T. Cross Company and other major & niche players. The office supplies market is witnessing a wide range of industry activities such as acquisition, partnership, product launch and expansion across the globe. For instance, in March 2018, Office Depot, Inc. acquired a leading New Mexico dealer Sandia Office Supply. Its acquisition by office depot is letting the company to expand their footprint in the nation.
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