DUBLIN, Nov. 28, 2023 /PRNewswire/ -- The "India Stationery Market 2023-2029: Market Forecast By Types (Paper Stationery, Non-Paper Stationery), By Applications (Educational Stationery, Office Stationery, Other Applications), By Regions (North, West, South, East), and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
India's Stationery Market has witnessed a remarkable growth of 75.22% in value shipments in 2022 compared to the previous year, showcasing a significant upward trend. However, there has been a slight decrease in the Compound Annual Growth Rate (CAGR), recording a -0.21% in 2022 over the span from 2017. This growth trajectory is indicative of the evolving dynamics in the Indian stationery sector.
The Herfindahl-Hirschman Index (HHI), a measure of market competitiveness, has seen a notable increase from 2549 in 2017 to 5288 in 2022. This change suggests a less competitive market with fewer players dominating the landscape. This shift can be attributed to India's increasing reliance on domestic production, moving away from a heavy dependence on imports. The import factor remained constant at 0.04 from 2017 to 2022, reflecting this strategic shift towards bolstering local production capabilities.
On the global front, China has been a dominant player in the market, securing the largest market share of 72.27% in 2022 with a shipment value of 4.28 million USD. The competitive pricing offered by China, below the average market price, has been a significant factor in its market dominance. Back in 2017, China held a 45.22% market share, which has substantially grown over the years.
The Indian Stationery Market's growth before the COVID-19 pandemic was primarily fueled by an increasing number of students enrolling in schools and the expansion of offices and banks across the nation, driving a higher demand for stationery products. However, the COVID-19 pandemic in 2020 posed challenges, leading to a decline in market revenues. The closure of educational institutions and a decrease in office space supply significantly affected the demand for stationery products in both the educational and corporate sectors.
Looking ahead, the India stationery market is projected to grow at a CAGR of 8.2% during 2023-2029. This optimistic forecast is supported by the country's commitment to enhancing education levels and the expected growth in the education sector, projected to reach $225 billion by FY25. Initiatives like the Nordic chain of schools planning to open 25 schools by March 2024 and Singapore's global school foundation's investment of approximately $550 million in India's school education sector by 2026 are testament to this growth potential.
The COVID-19 pandemic, while having an initial negative impact, also opened avenues for growth in certain segments. With the shift to remote work and online learning, there was an increase in demand for home office supplies and a surge in popularity for art and craft supplies.
The Indian stationery market is characterized by a competitive and diverse landscape, with leading companies such as ITC Limited, Navneet Education Limited, and Kokuyo Camlin Limited playing significant roles. The market is also governed by stringent government regulations set by the Bureau of Indian Standards (BIS) and influenced by the implementation of Goods and Services Tax (GST) regulations.
In conclusion, the India Stationery Market is poised for continued growth and transformation, driven by domestic production focus, evolving market dynamics, and a supportive regulatory environment.
Market by Types
In 2022, paper stationery acquired the highest revenue share in the India stationery market owing to its wide-ranging applications in offices and the educational sector.
Market by Applications
The educational sector held the majority of the revenue share in the India stationery market in 2022, owing to the widespread utilization of stationery in various educational applications. A similar segment will attain enormous growth in the Stationery Market in India.
Market by Regions
The northern region dominated the revenue share in the Indian stationery market in 2022, owing to its high population density and a significant number of educational institutions in the area.
Key Attractiveness of the Report
India Stationery Market Company Profiles
Market Scope and Segmentation
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