Global Packaged food industry Overview
Over the past few years, there has been an exponential growth in the packaged food industry. Changing lifestyle and increasing consumption of convenience food are some of the major factors driving the global packaged food industry. Also, factors such as rising health concerns and increasing demand for convenient ‘on-the-go’ food items are contributing to the growth of the packaged food industry. However, changing consumer preferences, operational hurdles, cost pressures, and rising regulations are increasing challenges for packaged food companies. As such, packaged food companies are in the need to adopt strategies to gain a significant portion of the packaging food market share.
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The client is a packaged food manufacturer based out of the United Kingdom.
Changing consumer preferences and rising need for higher standards and traceability increased challenges for the client in meeting their customers’ demands. Also, owing to the increasing number of regulations, the client faced difficulties in remaining compliant and delivering safe, affordable, and healthy food to consumers. Besides, the client faced challenges in scaling up production based on market demand. Consequently, the company witnessed a huge decline in profits and started losing ground to its competitors. The client, therefore, wanted to stay current with the industry, competitive, and macroeconomic trends. They chose to partner with Infiniti Research to leverage their expertise in offering market intelligence solution.
Other key objectives of the packaged food industry client were:
- Analyze competitors to benchmark product, services, and processes
- Identify potential market opportunities
- Understand the market potential for new products and identify new markets for existing products
- Scale-up production requirements by managing supply chain complexities
- Bring products to the market quickly
- Maintain the best possible methods of storing, packaging, preserving, and distributing products
- Stay compliant with a large number of regulations
While seismic changes seem to be transforming the packaged food industry, these changes are creating new opportunities for packaged food companies. We can help you identify profitable business opportunities for your business. Contact us here.
Our Integrated Approach
The market intelligence experts at Infiniti Research leveraged a four-phased approach which involved the following:
In the initial phase of the engagement, the experts gained insights into the packaged food industry, developed a baseline understanding of the entire value chain and specified products, and focused on obtaining insights from industry experts.
In the second phase of the engagement, the experts identified the various manufacturing technologies being implemented by the client’s key competitors and the main technology providers providing these solutions. Besides, comprehensive profiles of each technology provider were prepared.
In the third phase, the experts at Infiniti Research conducted extensive primary research by conducting numerous interviews with key participants within the supply side of the value chain. Analysts also conducted extensive secondary research through a complete review of secondary sources of information such as inputs from industry experts and trade journals, annual reports, and in-house research reports.
In the fourth phase of the engagement, specific customer feedback was collected in the form of qualitative and quantitative insights including, market attractiveness statistics, product specification preferences, and product choice criteria.
With Infiniti’s market intelligence solution, the packaged food industry client was able to meet customers’ demands in a short span of time. Also, the client was able to work more closely with customers to understand their individual needs and goals. Besides, the packaged food industry client was able to keep pace with competitors and stay compliant with a large number of regulations.
By understanding regulatory requirements and changes, they were able to adjust their strategies and product development initiatives to meet regulations as well as take measure to revamp supply chain processes. This helped them remain compliant and deliver safe, affordable and healthy packaged foods to consumers. In addition to this, the packaged food industry client was able to identify potential market opportunities and act accordingly.
The client was also able to keep pace with the packaged food industry trends through an in-depth understanding of the market forces and competitive landscape changes, anticipate emerging trends to best leverage opportunities, and identify ways to differentiate and improve competitive position.
Within one year of leveraging our market intelligence engagement, the client was able to understand the market potential for new products and identify new markets for existing products and scale-up production requirements by managing supply chain complexities. Subsequently, the packaged food industry client witnessed an increase in sales by 33% and was able to save 25% on operating costs.
Want to know more about our services and their benefits for the packaged food industry? Request more info here.