The majority of organizations intend to expand in the current market and focus on new product development over the next six months
According to the report’s survey results, the top three priorities over the next six months are expansion in the current market, new product development, and improving operational efficiency, as highlighted by 66%, 51%, and 48% of respondents respectively. Some of the crucial factors such as the growing population, emerging middle class, and the rising demand for both safe food and clean water are likely to intensify the current market expansion within the packaging industry.
Moreover, the growing consumer demand for convenient and portable packaging motivates manufacturers to focus on new product development designs, and water-resistant and eco-friendly properties, which will accelerate the growth of innovative products over the next six months. Evidencing the new product development trend, in September 2016, James Cropper, the premium paper, and packaging products manufacturer based in the UK, developed sustainable molded paper packaging product as an alternative to plastic packaging. The company expects to gain additional revenue by expanding its business in different packaging categories within the country. Furthermore, in October 2016, AR Metallizing, based in Belgium, launched a new SilberBoard packaging solution, a compostable packaging alternative of metallized PET board packaging.
Furthermore, improving operational efficiency is also one of the important priorities for packaging industries as organizations attempting to reduce costs and boost profitability.
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Published: Dec 2016
Report Format: electronic pdf