The global stationery products market is poised for significant growth, with a projected market size exceeding USD 148 billion by 2028, up from USD 109 billion in 2022. The market is expected to register a compound annual growth rate (CAGR) of 5.41% from 2023 to 2028. Several key factors are driving the expansion of the market.
Key Drivers:
- Rising Literacy Rates and Education: The increasing literacy rates worldwide and the growing number of young individuals pursuing higher education are major drivers of market growth. Educational institutes’ demand for stationery products, including notebooks, pens, pencils, and more, contributes significantly to the market.
- Startup Boom: The surge in startup companies, with over 1,200 founded in 2018 alone, is driving employment growth and fueling the demand for office supplies and stationery products in these businesses.
- Government Initiatives: Government programs aimed at expanding the number of schools and colleges, especially in urban and rural areas, directly contribute to market expansion. Initiatives to promote education and literacy boost stationery product demand.
- Luxury Pen Market: The rising discretionary income of consumers is driving the demand for luxury pens, creating new growth opportunities in the stationery market.
- Globalization: Multinational corporations’ expansion, particularly in emerging markets like India, is supporting market growth. These businesses drive demand for stationery products in their operations.
Source: Business Wire
