According to a new report, Back to College Products Market by Product Type & Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030 “The global back to college products market size was valued at $280.5 billion in 2020, and is projected to reach $686.1 billion by 2030, registering a CAGR of 9.8% from 2021 to 2030.”
The stationery segment leads in terms of market share in 2020 and is expected to retain its dominance during the forecast period. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Most of the countries are in their developing phase. To progress, the youth of these countries need to be educated to contribute to the development process. Thus, the governments of various countries emphasize on education and education initiatives to increase the literacy rate. However, major portion of population still lives in rural areas with no colleges or sources of education present.
To overcome this challenge, governments spend significant amount of money and resources on the development of educational infrastructure with a focus on education and skill development. Moreover, many NGOs aid these government endeavors by providing students with college supplies to facilitate education. These efforts taken by the government and by NGOs to promote education are anticipated to foster the demand for back to college products, thus contributing toward the market growth.
By distribution channel, the market is categorized into supermarkets &hypermarkets,mass merchandiser, specialty stores, and online sales channel. The specialty stores were the highest revenue contributor in 2020, due to wide variety of products available in the stores.
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Region wise, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America contributed the highest revenue in 2020 and is expected to dominate the market during the forecast period.
The COVID-19 pandemic had a negative impact on the back to college products market growth. The supply chain disruption had a negative impacton the back to college products market.
Population growth, rise in incomes in developing countries, and urbanization have all contributed to an increase in the global back to college products production. The rise in consumer awareness for education drives the growth of back to college products during the forecast period.
The government of various nations continuously take initiatives to promote the importance of education. The governments provide free back to college products to the students who cannot afford to buy. The free education system in rural areas, which prevails in developing countries, provides lucrative opportunities for the growth and development of back to college products market.
Key Market Players Profiled In The Report:
• ACCO Brands
• Apple Inc.
• Hewlett-Packard Company (HP)
• ITC Ltd.
• Lenovo (Beijing) Ltd.
• Mitsubishi Pencil Co. Ltd
• Perry Uniform
• WH Smith PLC.
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Key findings of the study
• The global back to college products market size was valued at $280.5 billion in 2020, and is projected to reach $686.1 billion by 2030, registering a CAGR of 9.8% from 2021 to 2030.
• By distribution channel,the specialty stores segment was the highest contributor to the market, with $96.8 billion in 2020, and is estimated to reach $235.9 billion by 2030, at a CAGR of 9.8% during the forecast period.
• By product type, the stationery segment was the highest contributor to the market, with $96.3 billion in 2020, and is estimated to reach $230.6 billion by 2030, at a CAGR of 9.6% during the forecast period.
• By region, North America was the highest revenue contributor, accounting for $96.0 billion in 2020, and is estimated to reach $226.6 billion by 2030, with a CAGR of 9.5%.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.