The macroeconomic environment coupled with the growing need to develop economically sustainable packages is a major concern for companies operating in the packaging market.
Recent developments in the packaging industry have created a high demand for packaging materials such as foils, pouches, and cling wraps. However, striking the right balance between the functionality of the package and elegance is a major challenge for players in the consumer packaging sector. Packing industry firms are now focusing on developing innovative packages that are aimed at attracting customers to drive sales. At the same time, they are looking at developing solutions that meet the durability and functionality requirements.
The Business Challenge
- The client: A consumer packaging company
With an objective to uncover hidden market opportunities, the client – a leading packaging industry firm – approached Infiniti to engage in a market opportunity assessment to identify market risks and opportunities and gain a detailed understanding of the market prior to expanding the business. The primary objective of this market assessment engagement was to gain holistic perspectives and real-time insights on the market scenario to act fast and make the most of potential market opportunities.
How Can Market Opportunity Solutions Help Companies in the Packaging Industry?
In today’s competitive landscape, packaging industry firms are constantly under the pressure to stay relevant. To gain a competitive edge, companies need to understand the market and stay aware of the industry challenges and barriers to growth. A comprehensive market opportunity assessment ensures that businesses have the necessary data to build precise business plans and strategies.
Summary of our market opportunity engagement
To help the client gauge numerous factors influencing their decision-making process in the packaging industry and to identify the emerging trends, the market opportunity experts at Infiniti followed a strategic research approach. The approach included primary and secondary research methodologies coupled with qualitative and quantitative data collection procedures. The market intelligence experts also reached out to various stakeholders in the packaging industry to understand the factors that are influencing the industry.
Solution Benefits and the Business Impact
With the aid of Infiniti’s market opportunity engagement, the consumer packaging manufacturer gained comprehensive insights into the market opportunities. A detailed assessment of the supply market also unraveled competitive maneuverings and enterprise demand, which significantly impacted their product development and positioning strategies. The market opportunity assessment also offered a bird’s-eye view of the key competitors and their major products, which subsequently helped them to identify ways to improve their market share.
The global packaging industry will very soon witness a major shift towards smart and intelligent packaging – packaging that can sense changes in its external environment and transmit the signals informing about the change. With trends such as this influencing the market, packaging manufacturers will be poised to make changes that will have a significant impact on their overall business value.