According to a new report published by Allied Market Research, titled, “Back to College Products Market by Product Type and 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.
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.
The market is classified on the basis of product type, distribution channel, and region. By product type, the market is segmented into electronics, stationery, clothing, and others. Rise in disposable income with increase in government initiatives resulted into highest revenue generation in 2020.
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.
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.
Improvement in economic conditions and increase in disposable income are substantial factors that propel the growth of the back to college products market. Improved lifestyle and rise in buying power of consumers are the major impacts of high disposable income. A substantial number of consumers with high disposable income have been spending on back to college products including electronics and stationery.
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.
The change in consumer lifestyle in the developing countries due to urbanization has led to an increase in the demand for innovative products. This provides manufacturers an opportunity to launch new &innovative products and increase their market size. For instance, in the developing countries, urbanization takes place at a great pace and influences the lifestyle and buying behavior of the consumers. Increase in the number of working people has increased the sale of back to college products.
Engaged stakeholders in the back to college products industry use a wide variety of marketing strategies to increase their product penetration among consumers. These strategies include celebrity endorsements, organizing events, and social media marketing. Furthermore, leading players in the industry now heavily invest on digital platforms to market their products, which drive the market growth. Thus, adoption of new marketing strategies and increased demand for back to college supplies are anticipated to open new growth avenues for the market.
The major players that operate in the back to college products industry are ACCO Brands, Apple Inc., Dell, Faber-Castell, FabUniforms, Hewlett-Packard Company (HP), ITC Ltd., Lenovo (Beijing) Ltd., Maped, Mitsubishi Pencil Co. Ltd, Perry Uniform, and WH Smith PLC.
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 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 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 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%.