Recovery in mobile phone sales has raised hopes of a steady revival in packaging activities, according to a latest study by ESOMAR-certified firm, Future Market Insights (FMI). The study estimates a bullish 5.6% CAGR outlook for the Mobile Phone Accessories Packaging market, with sales rising steadily in 2021.
Despite environmental concerns, plastic packaging will continue to be ubiquitous as smartphone manufacturer focus on reducing end-cost to consumers. The latest study by FMI analyses mobile phone accessory packaging sales in over 20+ high-growth markets, helping manufacturers, suppliers, and stakeholders in the value chain to make informed decisions.
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According to the Europe Statistical Survey, in 2019 almost three quarters (73 %) of the EU-27 adult population used a mobile device such as a mobile phone or portable computer (including laptops and tablets) to connect to the internet when away from home or work, while the corresponding share among young people aged 16-29 years stood at 93 %. The data represents the huge growth scope for the mobile phone accessories packaging manufacturers around the world.
In terms of revenue, the global mobile phone accessories packaging market is estimated to grow by 1.3x during the forecast period paving new paths for the key market players.
Key Takeaways
- High demand for clear view boxes being witnessed in all major markets
- PET to remain highly sought-after material for mobile phone accessories packaging manufacturers
- Asia Pacific ex. Japan is expected to remain in the leading position with nearly 50% of the market share
- US will be the second largest market, holding over 83% market share in this region
- Germany to remain the epicentre in Western Europe, accounting for significant packaging sales and exports
- The United Kingdom, Canada, China, Japan, France, and a few other countries to remain lucrative throughout the forecast period
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Sustainability a Key Focus Area for Mobile Phone Accessory Packaging Companies
Due to the chemical composition of the flexible packaging materials, there are a number of advantages over conventional packaging materials. The flexible packaging formats in the mobile phone accessories packaging market are pouches & bags, blister packs, and others. The major advantage is that these formats follow sustainability checks. Also, this format has high demand owing to the requirement of less raw material, reduced energy consumption, relatively low waste production, and low carbon footprint.
By reducing the amount of hazardous materials used in packaging, the manufacturers are fulfilling the criteria for environment-friendly products which in turn is fuelling the sales. Globally, governments are focusing on framing strict policies regarding recyclability and reusability of plastic materials.
For instance, as per the Federal Packaging Regulations in the United States, environment-friendly and safe packaging materials are required in manufacturing of packaging for consumer goods. Imposition of such laws are expected to bolster the demand for mobile phone accessories packaging in near future.
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Who is winning?
The global mobile phone accessories packaging market offers highly competitive environment to its key players. In order to secure their positions in the cut-throat competition, the key players such as Smurfit Kappa Group, Sonoco Products Company, Dordan Manufacturing Co., Hip Lik Packaging Products Corp India Private Limited, Panic Plastics, Inc., Display Pack, Inc., and others are focusing on launching higher quality products with lesser cost while the Tier 3 players hold 65%-75% of the global market share. Some of the new launches by the key players are-
- Display Pack, Inc. launched its new range of mobile phone accessories packaging solutions such as Display Box 78-38 Series, Display Box 66-38 Series, Display Box 57-29 Series, and others in 2019
- Sonoco Products Company launched its new extensive range of mobile phone accessories packaging solutions such as Sonoco Flexible Packaging Solutions, Sonoco Point of Purchase Displays, and others in 2018
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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For Sales Enquiries: sales@futuremarketinsights.com
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