Organizations in the field plan to increase capital expenditure and IT expenses and enhance the targeted customer base- Developed nations like the US and Germany, and developing nations like India and China are expected to be major contributors to the Packaging industry growth
Ken Research announced its report “Packaging Industry Business Outlook and Procurement Report H1 2016” that discusses data the growth potential of the global packaging industry according to key business priorities, business concerns, nation wise scope for development of the sector and expected changes in Mergers and Acquisitions activities as they affect this market the most. The report puts forward how the supplier prices are forecasted to change so that players can use this information on dynamics of the packaging market sector to gain an edge in the market. Additionally, intelligence strategies and procurement budget have also been covered.
The way a product is packaged can lead to serious changes in product selection patterns of the consumers since it helps the organization to position its product in a better and correct way in the minds of the consumer. Packaging and branding is imperative to products as it is an important element for positioning the product correctly in the minds of the buyer. It signifies the social and economic status of the buyer and gives him something to relate to. The market for packaging products cannot be safely assumed to be stable in countries where there are severe fluctuations in the per capita disposable incomes of the suppliers.
Packaging markets is divided into segments on the basis of material used and the type of packaging i.e. flexible packaging, rigid packaging and packaging accessories. There are certain tendencies that will hit the global packaging industry are brand transparency that builds brand trust, digital revolution, exceptional flexibility, eco-friendly packaging for the environmentally conscious buyers and apt size packaging.
The organizations’ management executives have planned to enhance the allocation of funds to capital expenditures and IT services and to introduce new products in the packaging market to make the most of the opportunities presented. Germany, the US, India and China are expected to be the big chunk of the consumer segment. 29% of the survey respondents forecast the supplier prices to remain the same while others say that it would increase as they continue to continuously improve their methods by adopting strategies like kaizen and lean manufacturing to increase their operational efficiency.
