In the packaging industry, flexible plastics, PET bottles, and glass bottles accounted for 52% of the total sales in 2016.
The global packaging industry is witnessing rapid growth due to new customer demands, growing purchasing powers, and increasing use of technologies. Today, the concept of packaging is slowly changing in line with the global economy and packaging companies have started offering services to a wide array of industries, including food and drink, healthcare, cosmetics, and other consumer goods. With the altering preferences of the customers, organizations are promoting sustainability, flexibility, and efficiency in their packaging to enhance the shelf life of the products. With the relentless growth in innovations, organizations are redesigning their existing packaging architecture to offer convenience and portability in packaging solutions that require minimum time and effort to open, carry, and store products. Although the packaging industry is witnessing promising growth, several factors may influence the growth of the industry.
- Fluctuations in raw materials prices: The essential raw materials for packaging, such as polymers, board, and paper, are witnessing fluctuations in their prices owing to the current market conditions. It becomes essential for the packaging companies to ensure stability in their raw material prices to meet the rising customer demands.
- Packaging sustainability: The demand for sustainable packaging is increasing in the pharmaceutical space. Also, with stringent regulations imposed by the countries globally, manufacturers are becoming concerned about packaging sustainability in the products offered to the customers.
- Rapid changes in technology: As innovations are growing at a rapid pace, customers are looking for convenience in their packaging of the products. To address the growing concerns of the customers while meeting the quality concerns, leading organizations are facing pressures to invest highly in R&D and other relevant technologies.
[spacer height=”20px”]To address such challenges and gain relevant insights into the market performance, organizations are facing the need for effective market intelligence solutions. Market intelligence offers a broad picture of the company’s market, customers, problems, and competition. Moreover, the market intelligence solution also provides a holistic view of the customers and the product lines, including the geographic and demographic information. A reliable market intelligence solution can be gathered to enable the sales team to make better strategic, operational, and tactical decisions.
The Business Challenge
- The client: A leading pharmaceutical packaging
- Area of engagement: Market intelligence
A renowned pharmaceutical packaging client with a considerable number of offices spread globally wanted to gain adequate information on the market scenario in terms of the competitors and their key product offerings. The client also wanted to identify the hidden market gaps and opportunities and grow, expand, diversify, and tackle the rising competition. With the help of the market intelligence solution, the client wanted to seek ways to assess the potential bottlenecks in the pharmaceutical packaging space and devise effective ways to enhance the business efficiency.
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To gain adequate insights into the pharmaceutical packaging space, Infiniti’s market intelligence experts carried out extensive interviews and discussions with prominent stakeholders within the packaging space. Moreover, the experts also compiled information from a wide array of secondary sources including trade shows, company presentations, and industry forums to improve their brand awareness in the midst of the rising competition in the pharmaceutical packaging space.
The Solution Benefits and the Business Impact
The market intelligence solution offered by Infiniti helped the pharmaceutical packaging client gain accurate information on the market, the competitors, and the customers. The solution also helped the client refine their existing marketing models and devise effective marketing campaigns to enhance business performance. The solution also sought ways to pre-determine resources and adequately allocate them to meet the business requirements. Moreover, the engagement also offered information in terms of the market analysis, market size calculations, competitor analysis, substitute products and market growth predictions.
The future of the packaging industry will be marked by innovations in terms of smart packaging such as RFID technology for electronic tagging and tracking of stock. Moreover, leading packaging companies will shift toward biodegradable packaging to meet the growing environmental concern. Also, with the aid of technologies such as near field communication, pharmaceutical packaging companies can make contact over short distances using a Bluetooth and WiFi connection.
A must-read case study for strategy specialists and decision makers looking to develop an understanding of the packaging industry.