Posted On: 2018-08-08
Rising Population, Increasing Number of Education Enrolments along with Sri Lankan Government Goals to Achieve 100% Literacy Rate by 2020 Would Surge the Demand for Sri Lanka Stationery Market During the Forecast Period - 6Wresearch
The Stationery Market in Sri Lanka is at a growing stage. Several upcoming government schemes related to education along with growing population are expected to drive the demand for stationery items in Sri Lanka over the coming years. Sri Lanka possesses a literacy rate of 93% and the government has further devised an objective to achieve 100% literacy rate in the country by 2020, which would pave the way for the healthy growth of the stationery market in Sri Lanka during the forecast period.
According to 6Wresearch, Sri Lanka Stationery Market revenues are projected to grow at a CAGR of 9.3% during 2018-24. Ongoing projects such as $2,900 million General Education Modernization (GEM) Project and $100 million Accelerating Higher Education Expansion and Development Operation (AHEAD) Project to upsurge the education system of the country in near future would further strengthen the education system of the country, leading to a rise in the stationery market of Sri Lanka during the forecast period. Moreover, most of the capital expenditure in 2017 was particularly allotted to the upgradation and improvement of school buildings and other related infrastructure. The government has undertaken a target to upgrade 500 schools of total 3,577 primary schools and 250 schools of 1,000 secondary schools. The above-mentioned factors would help the Sri Lanka stationery market to register healthy growth over the coming years.
According to Ravi Bhandari, Manager, Research and Consulting, 6Wresearch, "Exercise notebooks and copier paper under the paper stationery category are the key revenue-generating segments in the overall Sri Lanka Stationery Market on account of their wide variety of applications across various domains at different levels. Premium paper stationery items such as executive notepads, diaries, and spiral notebooks are other key revenue generating segments in the Sri Lanka Paper stationery market."
"Contrary to this, the non-paper stationery market is dominated by direct fill pens and pencils. Other key generating segments include ball pens, erasers, and sharpeners. Adhesives, technical instruments, art stationery, and pencil boxes occupy minute fractions in the overall Sri Lanka non-paper stationery market. The rising number of schools in the country would boost the stationery market over the coming years," Ravi further added.
According to Devesh Kumar, Research Associate, Research and Consulting, 6Wresearch, "By regions, the Western province holds the highest revenue share in the overall Sri Lanka Stationery Market and is projected to maintain its dominance during the forecast period. The upcoming government schemes and plans in the education sector along with the cooperation of foreign entities such as UNICEF would further help the stationery market to grow in the country over the coming years.
"Sri Lanka paper stationery market is dominated by well-established international brands and the copier paper segment under this category is majorly import based. However, Sri Lanka Non-Paper Stationery Market is driven majorly by local players and international brands constitute only a small portion of the segment," Srishti Aggarwal, Research Associate, Research and Consulting, 6Wresearch, further added.
Some of the major companies in Sri Lanka Paper Stationery Market include - J.K. Paper Ltd., PrintXcel Private Limited, Double-A Pulp and Paper Company Limited, whereas in Non-Paper Stationery segment Atlas Axillia (Pvt.) Ltd, Nalaka Stationery, Srinko Enterprises (Pvt) Ltd, Linc Pens, Faber-Castell and Hindustan Pencils Limited are the key players.
Sri Lanka Stationery Market (2018-2024) provides an in-depth analysis with 108 figures and 24 tables covered in more than 170 pages. The report estimates and forecasts the overall Sri Lanka Stationery Market by types, end-user applications, and provinces. The report also offers insights on competitive landscape, market share by companies, companies benchmarking, company profiles, market drivers and restraints.