According to the latest research by Future Market Insights, fashion accessories packaging market is set to witness 9.9% growth during the year 2021 to 2031. The growth will be seen due to the changing consumer trends and highly competitive nature of the fashion industries.
Therefore, fashion accessories packaging market will be expected to grow significantly during the forecast period from 2021 to 2031.
What is Driving Demand for Fashion Accessories Packaging?
Fashion industries are under continuous transition due to the changing trends and development of innovative technologies.
Fashion accessories packaging market is predominantly driven by the transition of fashion accessories market from physical market to e-commerce market because e-commerce market demand greater protection and care of products as compared to conventional physical market.
Therefore, growing penetration of the internet, social media and e-commerce sale enhances the fashion accessories packaging market during the forecast period from 2021 to 2031.
Fashion accessories packaging market is also driven by the increasing demand of multi-layered packaging for greater protection and enhanced the demand of fashion accessories packaging market during the forecast period.
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Advancement in Technology Likely to Propel the Growth of Fashion Accessories Packaging Market
Fashion accessories packaging market is highly influenced by the technological advancement. Technological advancements like track and trace technology is gaining popularity in e-commerce and internet markets.
Track and trace technology is mainly getting popularity due to the penetration of internet into the market. Barcode technology is the most common type of track and trace technology. These technological advancements help both suppliers and consumers in tracking their product.
Also, youth has greater contribution in e-commerce. According to World Bank Data, 65% of world’s population comprised of 15 to 64 years of age people in the year 2020.
Therefore, advancement in the technology and e-commerce will propel the growth of fashion accessories packaging market during the forecast period from 2021 to 2031.
U.S. and Canada Fashion Accessories Packaging Market Outlook
U.S. and Canada will remain the leading players in the fashion accessories packaging market worldwide. This is predominantly due to the existence of strategic players and technological development in the region.
Rising popularity of e-commerce in the region is also going to enhance the fashion accessories packaging market. For instance, according to Shopify, an e-commerce platform, e-commerce sell accounted approximately 29.5% of total retail sell in the year 2020 in U.S.
Therefore, it is estimated that the fashion accessories packaging will show significant growth in the region during the forecast period from 2021 to 2031.
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Europe Demand Outlook for Fashion Accessories Packaging
Fashion accessories packaging is highly influenced by COVID-19 in the world and especially in Europe. Due the COVID-19 pandemic the world shifted towards online or e-commerce in order to follow the government guidelines. For instance, according to Eurostat, in the year 2020, 73% of internet users in the EU shopped online.
Furthermore, youth has larger contribution in fashion accessories purchasing either through online channel or offline channel. According to World Bank Data, 64% population of EU were from age group of 15 to 64 in the year 2020.
Also, the key players of the fashion accessories packaging are continuously working to expand their company and extend their reach in the market in the region and enhancing the market during the forecast period from 2021 to 2031.
Who are the Key Manufacturers and Suppliers of Fashion Accessories Packaging?
These companies follow certain strategies like merger and acquisition, getting government approval, gaining patents and new product launch to be at the top position in the market. For instance, Zebra Technologies completed acquisition of Reflexis Systems, Inc. in 2020.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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