Sustainability is an essential and fast-growing area of concern for the packaging companies as it addresses environmental, social, and economic challenges.
Green packaging, also known as sustainable packaging, makes use of packaging materials that cause little or no harm to the environment when compared with other kinds of packaging materials. The packaging industry is witnessing intense pressure from retailers, consumers, government, non-government organizations, packaged product suppliers, and environmentalists for the development of eco-friendly designs, green packaging materials, and end-of-life processes to improve packaging sustainability by minimizing its environmental and societal impact.
In today’s competitive business environment, companies in the global packaging industry are being extensively scrutinized along the entire supply network, starting from raw material processing to end-of-life processes. Consequently, there have been significant advances in sustainability, which has subsequently posed major challenges owing to the complexity of interactions between packaging and the packaged products and the various functions performed by them. The growing trend towards sustainability and the adoption of green packaging solutions has greatly influenced manufacturers in the packaging industry. Leading end-users including – retailers, manufacturers, and consumers now prefer green packaging, which is formalized in corporate-social accountability goals and publicized in product marketing strategies.
Business Issues[spacer height=”20px”]
- The client: A green packaging manufacturer
With an aim to expand their product offerings to niche target segments, the client – a green packaging manufacturer – approached Infiniti to engage in a market assessment study that would help them assess consumer preferences and boost the overall awareness of their products. The primary objective of this market assessment engagement was to identify all market opportunities whilst effectively tackling sustainability issues.
How Can Market Assessment Help Companies?[spacer height=”20px”]
Market assessment involves the comprehensive assessment of several factors – market trends, evaluation of the potential of new product or service offerings, new investment or new business idea, industry risks, and constraints. A well-executed market assessment will help you identify new market opportunities that offer better returns on investments.
Whether you are interested in venturing into a new market or launching a new product, market assessment is the crucial step in determining the potential customer base for your product and service offerings. The inability to conduct an effective good market assessment will ultimately lead to financial losses and wastage of resources, which could be detrimental to the future of your organization.
Summary of our market assessment solution
Client Journey[spacer height=”20px”]
To help the client gauge numerous factors influencing their growth in the packaging industry and assess the overall brand perception, the market assessment experts at Infiniti followed a strategic research approach. The approach included primary and secondary research methodology coupled with qualitative and quantitative data collection procedures. The experts also reached out to various investors and stakeholders in the packaging industry.
Solution Benefits and the Business Impact[spacer height=”20px”]
With the aid of Infiniti’s market assessment engagement, the green packaging manufacturer obtained a holistic view of the entire market. Our solution also enabled them to develop an action plan for addressing the issues identified. The market assessment engagement also enabled the client to gain a holistic view of the risks and opportunities in the packaging industry. This study also facilitated the extraction of other information including trends, growth, opportunities, risks, and key players in the market.
The Future[spacer height=”20px”]
The growth in environmental awareness along with drastic changes in consumer attitudes toward sustainability are expected to greatly impact the future of the packaging industry. With the growing demand for green packaging, this industry will witness a surge in the number of companies embracing eco-friendly and sustainable approaches. However, in the future, we will see more businesses embracing greener approaches with the ultimate goal being the enhancement of productivity as well as limiting negative environmental effects.