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The global office supplies market size was USD 127.3 billion in 2020. The market is projected to rise from USD 130.5 billion in 2021 to USD 149.4 billion by 2028 at a CAGR rate of 1.9% in the 2021-2028 period. The global impact of COVID-19 has been staggering and unprecedented, with office supplies witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global office supplies market share exhibited a lower growth of 58.56% in 2020 than the average year-on-year growth during 2017-2019. The rise in CAGR is attributable to this market’s growth and product demand, returning to pre-pandemic levels once the pandemic is over.

Resource：fortune business insights

https://www.fortunebusinessinsights.com/office-supplies-market-106626

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Key Market Insights

Businesses essentially use computers, printers, and other administration-purpose staples to carry out written communication, bookkeeping, and data storage activities. Evolving global corporate sector is mainly supporting the demand for such products. Nowadays, key companies focus on ensuring quality, affordability, and on-time delivery of the products to maintain their position in the global office supply market place. For instance, in October 2021, ODP Corporation owned Office Depot, a business’s solutions, stationeries, and technology provider, launched ’20 Minute Pickup Promise’, an in-store and curb-side product pickup service to timely delivery business stationeries in the United States.

Covid-19 Impact

Lack of In-Office Presence amid COVID-19 Pandemic to Hamper the Market

Nowadays, due to coronavirus infection spread, professionals hesitate to visit official settings. This has significantly lowered the official settings’ need for equipment and stationeries, hampering the office supplies market growth. Additionally, shutting down commercial settings such as enterprises and educational institutions due to COVID-19 related lockdown restrictions in many countries worldwide has severely impacted the product demand among such settings. However, increasing professionals’ demand for the work from home style is accelerating companies’ sales revenues from the home office equipment & stationeries. According to the data presented by the Office of National Statistics, Government of the U.K. (ONS), between April 2019 and April 2020, the U.K. population’s demand for office desks for remote work-purpose rose by more than 438%.

Latest Trends

loT-based Office Stationeries is a Prominent Trend

Increasing consumer preference for loT-based chairs, desks, smart projectors, and other office supplies will offer newer opportunities for companies in the administration-purpose equipment industry. Additionally, regular companies’ efforts in offering sustainable & recycled material-based office supplies are creating newer avenues for industry growth. For instance, in April 2021, BIC Corporation, a U.S.-based school stationery maker, introduced a range of recycled plastic material-based school goods, including ball pens, pencils, permanent markers, and correction tapes in the U.S. Besides, evolving renovation and decoration trends among the worldwide business corporations will upsurge the official-purpose products demand.

Driving Factors

Growing Commercial Infrastructural Settings to Upsurge Product Demand

Commercial settings such as corporate workplaces, educational institutions, banks, and others regularly use computers, desks, and other goods to carry out their official work. Therefore, growing commercial, infrastructural settings will support the product demand worldwide. For instance, from January 2021 to June 2021, JLL India, a real estate developer, reported a new supply of official-purpose spaces in India to 25.11 million Sq. Ft., a 75% jump over the previous year. Furthermore, governmental assistance in developing commercial, infrastructural settings in many countries worldwide further supports the products’ consumption rate. For instance, in July 2020, the Government of the U.S. reintroduced its America School Act (H.R.2) to offer a fund of USD 100,000 million to help & modernize low-income and high need communities over five years.

Rising Number of Working Professionals to Ease the Product Demand

Growing awareness regarding the availability of such products among businesses and corporate professionals is further driving the product demand. Additionally, increasing worldwide populations’ emphasis on education & literacy and rising job opportunities support market growth. According to the statistical data presented by the U.S. Bureau of Labor Statistics, in September 2021, the number of hired professionals in the U.S. reached 6.5 million, 4.4% up over the previous month.

Restraining Factors

Higher Cost of Raw Material Supplies to Impact the Market Growth

The higher cost of raw material supplies poses challenges to the companies in procuring activities, thereby impacting their business revenues. Additionally, increasing adoption of the advanced technology-based ERP digital platforms such as Quickbooks, Xero Accounting, and others among the organizations for communication & bookkeeping purposes will decline the consumer demand for the pen, pencil, and other traditional stationeries hampering the industry growth. Besides, huge competition among the organization staple retailers, office supplies wholesalers and office supplies organizers is hampering the organizational staples market growth.

Segmentation

The worldwide office supplies market analysis is based on various segments such as desk, filing, binding, computer printer supplies, and others. Others segment include various products such as writing stationeries, calendars, planners, organizers, clips & fasteners, and tapes & adhesives. Others’ segments hold a major market share due to the large consumer demand for organizational stationeries, calendars and writing stationeries such as pens, pencils, papers, and others for official purposes. Additionally, shifting consumer demand towards pens & papers made of eco-friendly materials such as recycled plastic and bamboo will surge the segmental growth.

The desk stationeries segment will grow faster with the key companies’ regular introduction of innovative technology- based desk stationeries such as table & chair furniture. For instance, in May 2021, Xiaomi Corporation launched ‘Backrobo,’ a smart official-purpose chair in the Chinese market. Additionally, the rising demand for ergonomically designed chairs among the worldwide remote working populations will further support the desk stationeries segmental growth. Students regularly use papers, files and folders to complete their project submission activities. Therefore, growing education & literacy awareness among the worldwide middle & lower-income population groups are driving the filling & binding stationeries’ segmental growth. Advancement in digital printing technology and computer equipment technology upgradation is mainly fueling the computer/printer stationeries segmental growth.

Educational Institutions’ Segment to Lead the Market

The worldwide organizational stationery and goods industry is segregated into enterprises, households, educational institutions, and others. Educational institutions’ segment holds a major market share owing to the large demand for the different kinds of stationeries such as pen, pencil, and others among schools & colleges for their daily teaching & administration activities. Additionally, growing school & college infrastructural settings worldwide drive segmental revenues. The enterprises’ segment will grow faster because of the growing number of official & organizational establishments worldwide.

Additionally, evolving start-up culture among the young entrepreneurs & business professionals is skyrocketing the product demand among such a segment. The household segment is mainly driven by the growing popularity of the work-from-home working style among corporate professionals. Others segment include various application areas such as grocery stores and supermarkets. Growing awareness regarding the accounting & bookkeeping activities among the small & medium-sized grocery retailers is supporting the official-purpose staples demand among such retailers thereby, driving the others’ segmental growth.

Product Innovation and Expansion are the Prominent Strategies Accelerating the Market

Nowadays, staples and office depot companies keenly focus on offering high-quality and innovative office supplies online to increase their revenues from such products. Additionally, they focus on enhancing their supply chain efficiencies to scale their business in the newer markets. For instance, in October 2020, Office Depot, a corporate stationeries & solutions provider, partnered with CommerceHub, a leading e-commerce enabling platform, to improve its supply chains’ efficiency in the European market.