According to a latest report published by Fact.MR, the stationery market is forecast to register a sluggish outlook in the short-run, registering a CAGR of 2.2% to reach US$ 24 Bn. However, long-term forecast appears quite steady, with an expected valuation of US$ 30 Bn and a CAGR of 4% until 2031.
Historically, between 2016 and 2020, sales of stationery products reflected a CAGR of 2%, closing in at around US$ 20 Bn. Increased emphasis on digitization has expanded usage of gadgets such as smartphones, laptops and personal computers, which has significantly reduced demand for stationery products.
At the same time, heightened spending on primary, secondary and tertiary education programs across emerging economies has augmented demand for various stationery products, including pens, papers, pencils, etc. According to India Spend, in 2019-20, India spent US$ 88 billion of public funds on education. Likewise, nearly US$ 55 million were spent on public education in China.
Key Takeaways from Market Study:
- The global stationery market is anticipated to add 1.5x value by 2031 as compared to 2021.
- Demand for paper products to surge impressively, accounting for around 30% of the revenue share
- Sales of pens reached US$ 12 Bn in 2020, forecast to expand at a CAGR of 5% through 2031
- U.S to be an attractive market for stationery products, accounting for around 1/3rd of the revenue
- Chinese stationery sales reached US$ 19 Bn as of 2020, forecast to expand further until 2031
“Presenting sustainable and eco-friendly variants of oil paints, crayons, sketch pens, watercolours, and paintbrushes have aided global manufacturers to gain an edge in the fast-moving market throughout the forecast period.” comments the Fact.MR analyst.
How are Rising Educational Programs Fueling Demand for Stationery?
Rising inclination towards higher education is fuelling demand for different types of stationery products. Additionally, encouraging government initiatives have boosted the educational sector in recent years which is prospective to direct the market on a positive track.
Growth is expected to remain especially concentrated across the developing world, particularly in Asia. Countries such as India and China are extensively investing in primary, secondary and tertiary educational programs to cater to the requirements of an ever expanding millennial population.