Customers of electronic products are expecting more and more developments. Shift in demand is vigorous and new product launches as well as some mega- trends in the electronic industry is likely to impact future of the consumer electronics packaging market. Packaging expands in importance as it is gradually also integrated with both product and brand. Such kind of packaging is more than just a box containing product. This viewpoint is likely to bring clarity about how the brand will be big to create competitive advantages.
Latest Trends in Consumer Electronics Packaging Market
In order to forecast changes in the value chain of packaging market, and how manufacturers can benefit from packaging, following key trends are have been excerpted that will shape the future of the packaging industry. These five major trends are expected to play a key role in shaping the packaging industry.
- Minimum Development Cycles:
Owing to customer behavior of consistently waiting for new products and technological developments, the speed of development of new products will significantly increase. Thereby, amount of available products and variants at any given point is likely to increase development of new packaging contibuously.
- Growing Awareness for Sustainability Issues:
A shift towards green environment is anticipated to constantly act as natural resource are depleted at a rising rate and as waste become a large problem. According to a study, nearly two-third of people in the world are looking for sustainable products. Increasing demands is likely to fuel this trend and is likely to be the major factor for various brand owners.
- Grown Customer Power and Competition:
Peer demand and their opinion plays an very important role and competition between various brands and models for creating it more important to utilized every opportunity to shine in the crowd.
- Increasing E-commerce Sector:
E-commerce channels have been growing at faster pace in recent past and are expected to do so over the foreseeable future. Internet retailers have already become key sales channel as well as procure significant market share. Consumers are also preferring purchase through online sales channels, owing to ease of operation and comfort reaching the product directly to home from manufacturers. This is the one of the key trend driving demand for secondary packaging as large number are products are directly shipped to consumers that are covered with various packaging. This trend is likely to reduce waiting time for long orders as well.
- Increased Importance of Visual Appearance:
Eye-catching packaging is the need of this period as large number of consumers can be attracted with the help of it towards purchasing the product. Further, increasing competition between various brands drives the need for various types of packaging. The need for packaging in assisting in differentiation and brand-building. When online stores and traditional retailers have direct contact with consumers, packaging become a necessary factor for brand owners as well as consumers.
Aforementioned trends are likely to have implications to the retailers in the value chain. Further these various trends are likely to boost growth of the global market for consumer electronics packaging market. According to Future Market Insights, the global consumer electronics packaging market is likely to witness expansion at 9.6% CAGR during 2017-2027, in terms of revenues. The market is anticipated to reach valuation of nearly US$ 35.4 Bn by the end of 2027.