DUBAI, United Arab Emirates, March 03, 2022 (GLOBE NEWSWIRE) — The recovery in mobile phone sales has raised hopes for a steady recovery in packaging activities, according to a latest study by ESOMAR-certified company, Future Market Insights (IMF). The study estimates a bullish CAGR outlook of 5.6% for the mobile phone accessories packaging market, with sales steadily increasing in 2021.
Despite environmental concerns, plastic packaging will continue to be ubiquitous as smartphone makers focus on lowering the end costs for consumers. FMI’s latest study analyzes mobile phone accessory packaging sales in more than 20 high-growth markets, helping manufacturers, suppliers and value chain stakeholders make informed decisions.
|Mobile Phone Accessories Packaging Market Size (2022)||US$3.4 billion|
|Projected market value (2031)||US$5.6 billion|
|Global Market Growth Rate (2022-2029)||5.4% CAGR|
|Share of collective value: 3 countries (2022E)||37%|
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According to the European Statistical Survey, in 2019 almost three quarters (73 %) of the EU-27 adult population used a mobile device such as a mobile phone or laptop (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 was 93%. The data represents the huge growth potential of mobile phone accessories packaging manufacturers globally.
In terms of revenue, the global mobile phone accessories packaging market is expected to grow by 1.3x during the forecast period, opening up new avenues for major players in the market.
Key points to remember
- Strong demand for transparent enclosures seen in all major markets
- PET will remain a highly sought-after material for manufacturers of mobile phone accessory packaging
- Asia-Pacific eg. Japan is expected to remain in the lead with nearly 50% market share
- The United States will be the second largest market, holding more than 83% market share in this region
- Germany will remain the epicenter of Western Europe, accounting for significant packaging sales and exports
- UK, Canada, China, Japan, France and few other countries will remain lucrative throughout the forecast period
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|Historical data available for||2015-2021|
|Market analysis||Millions USD for value and Mn units for volume|
|Key regions covered||North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific ex. Japan (APEJ), Middle East and Africa (MEA), Japan .|
|Main countries covered||USA, Canada, Germany, UK, France, Italy, Spain, BENELUX, Poland, Russia, China, Japan, India, ASEAN, Brazil, Mexico, Australia, New Zealand, GCC Countries, Turkey, South Africa North, South Africa.|
|Key Segments Covered||Type of packaging, material, application and region|
|Profiled Key Companies||• Smurfit Kappa Group
• Sonoco product company
• Dordan Manufacturing Co.
• Hip Lik Packaging Products Corp India Private Limited
• Panic Plastics, Inc.
• Display Pack, Inc.
• Mister Blister Ltd.
• Dongguan Zhongyin Paper Co., Ltd.
• Jiajiexing Group Company Limited
• Universal protective packaging inc.
• All About Packaging, Inc.
• Transparent Packaging Inc.
• Key Packaging Co. Inc.
• Envision Packaging Inc.
• Limited Kinyi Technology
• Blisterpak Inc.
• Leyeah Packaging Design Co., Ltd.
• Suzhou Yuanlong Plastic Products Co., Ltd.
• Shenzhen Kitly Industry Limited Company
• Xinchangyuan Paper Packaging Co.
|Report cover||Market forecasts, brand share analysis, competitive intelligence, DROT analysis, market dynamics and challenges, strategic growth initiatives|
Sustainability a key area for mobile phone accessories packaging companies
Due to the chemical composition of 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 and bags, blister packs and others. The main advantage is that these formats follow durability checks. Additionally, this format has a high demand due to the requirement for fewer raw materials, lower energy consumption, relatively low waste generation and low carbon footprint.
By reducing the amount of hazardous materials used in packaging, manufacturers meet criteria for environmentally friendly products, which drives sales. Globally, governments are focusing on developing strict policies regarding the recyclability and reuse of plastics.
For example, according to federal packaging regulations in the United States, environmentally friendly and safe packaging materials are required in the manufacture of packaging for consumer goods. The imposition of such laws is expected to boost the demand for mobile phone accessory packaging in the near future.
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The global mobile phone accessories packaging market offers a highly competitive environment for its major players. In order to secure their positions in the fierce 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 focus on launching higher quality products at lower cost, while Tier 3 players hold 65-75% of the global market share. Some of the new launches by major players are-
- Display Pack, Inc. launched its new line of mobile phone accessory 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 extended line of mobile phone accessory packaging solutions such as Sonoco flexible packaging solutions, Sonoco POS displays and others in 2018
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About Future Market Insights (IMF)
Future Market Insights (FMI) is a leading provider of market information and advisory services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, USA and India. FMI’s latest market research reports and industry analysis help businesses meet challenges and make critical decisions with confidence and clarity amidst fierce competition. Our custom and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of analysts led by FMI experts continuously monitor emerging trends and events across a wide range of industries to ensure our clients are prepared for the changing needs of their consumers.
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Source of the press release: https://www.futuremarketinsights.com/press-release/mobile-phone-accessories-packaging-market