Back to College Products Market Is Expected to Reach $686.1 Bn by 2030

By PRNewswire
January 18, 2022

Allied Market Research published a report, titled, “Back to College Products Market by Product Type (Electronics, Stationery, Clothing, and Others) and Distribution Channel (Supermarkets & Hypermarkets, Mass Merchandiser, Specialty Stores, and Online Sales Channel): Global Opportunity Analysis and Industry Forecast, 2021–2030″. According to the report, the global back to college products industry generated $280.5 billion in 2020, and is anticipated to generate $686.1 billion by 2030, witnessing a CAGR of 9.8% from 2021 to 2030.

Prime determinants of growth

Rise in government expenditure & emphasis on education, innovation in back to college products, and increase in urbanizationdrive the growth of the global back to college products market. However,rise in the cost of raw material and packaging hinders the market growth to some extent. On the other hand, increase in popularity of online shopping and surge in trend of social media & digital marketing are presenting new opportunities in the coming years.

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Covid-19 Scenario

The outbreak of the COVID-19 pandemic witnessed a negative impact on the back to college products market, owing to decline in sale of stationary products.
The implementation of lockdown led to closure to colleges around the world. Classes were shifted online, which caused a reduction in the sale of clothes, shoes, lunch boxes, water bottles, and back to college supplies.

The stationerysegment to maintain its leadership status throughout the forecast period

Based on product type, the stationery segment held the highest market share in 2020, accounting for more than one-third of the global back to college products market, and is estimated to maintain its leadership status throughout the forecast period.Stationery items have evolved from their initial usage and now modified with technology, which has positively impacted the growth of the stationery market. Moreover, the electronics segment is projected to manifest the highest CAGR of 10.6% from 2021 to 2030, owing to increase in penetration of electronic items.

The specialty stores segment to maintain its lead position during the forecast period

Based on distribution channel, the specialty storessegment accounted for the largest share in 2020, contributing to more than one-third of the global back to college products market, and is projected to maintain its lead position during the forecast period. Specialty stores provide high service quality and detail product specification & expert guidance to the consumers, which boost the sale of these products. However, the online sales channel segment is expected to portray the largest CAGR of 10.6% from 2021 to 2030. This is attributed to due to rapid increase in mobile users across the globe, rise in e-commerce sales, improvements in logistics services, and ease in payment options.

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North America to maintain its dominance by 2030

Based on region, North America held the highest market share in terms of revenue in 2020, accounting for more than one-third of the global back to college products market. Reopening of colleges led to a sudden increase in sales of back to college products in the latter half of 2020. These sales have continued in 2021, as colleges continue to remain open and students going to college on a regular basis. However, the Asia-Pacific region is expected to witness the fastest CAGR of 10.6% from 2021 to 2030. In 2021, colleges have reopened in Asia-Pacific region, which led to an increase in the sale of stationery notebooks, backpacks, and water bottles.

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