Market trend analysis for a packaging industry client
The packaging industry is constantly changing. This rapid pace of change has not only brought exciting opportunities but has also put immense pressure on companies in the packaging industry to evolve and adapt. Also, as packaging plays a key role in branding and product differentiation, it becomes imperative for packaging companies to keep abreast with market trends and innovations to stay ahead of the competition. This is where market trend analysis comes into play. Trend analysis helps companies to not only identify the latest trends but also to stay ahead of them.
The client is a well-known packaging company based out of the United States. With the changing dynamics of the current marketplace, the client was struggling to understand and act on trends that impact their business. Also, the client noted an unexpected drop in their sales rate due to their inability to identify and adapt to the latest market changes. The client, therefore, approached Infiniti Research to leverage their expertise in offering trend analysis solution. With Infiniti’s trend analysis solution, the packaging company wanted to identify trends in terms of product innovation, competitor product features, new operations, and delivery models.
Other challenges faced by the client were:
Packaging industry challenge 1: Changes in consumer needs and behavior
With consumers’ needs and desires constantly changing, the client wanted to identify a specific trend in changing customer need and behavior to efficiently meet their demands and project higher growth rates.
Packaging industry challenge 2: Shifts in consumer perception of value
As customers are inundated with multiple choices in packaging, timely analysis of consumer needs and positioning of the product or service in the consumer’s mind is becoming important. Therefore, with Infiniti’s trend analysis solution, the client wanted to understand shifts in consumer perception of value to alter their business strategies accordingly.
Packaging industry challenge 3: Changing trends in industry cost drivers
Today’s ever-changing packaging industry demands businesses to be aware of changes in the composition of the cost drivers and also innovations that lead to lower cost alternatives. Therefore, the company in the packaging industry wanted to identify better alternatives, which offer additional value.
Packaging industry challenge 4: Change and evolution of the industry
The packaging industry client also wanted to analyze trends in terms of product innovations, competitor product features, and new operation and delivery models to stay ahead of their competitors.
Our experts initially executed a market research study to obtain insights into the trends and innovations in the US packaging industry. The experts also conducted an analysis of current and past market behavior and dominant patterns of the packaging market. Also, the experts examined political, economic, social, technological, environmental, and legal implications of the packaging market in the United States to identify the external factors that impacted the client’s business.
The experts even monitored the client’s sales rate and business performance over an extended period. They even helped the client to understand their competitors’ strengths and weaknesses and how they adapted to the latest trends and innovations.
Results Obtained and Value Delivered
Infiniti’s trend analysis helped the packaging industry client to identify the current and future trends in the US packaging industry. Based on the sales data obtained from trend analysis, the client was able to understand factors that affected their stock’s value, irrespective of general market conditions. Also, the trend analysis solution helped the packaging company to determine future movements of their stocks. Furthermore, Infiniti’s trend analysis solution helped the client to identify attractive investment opportunities that are currently showing an upward trend. The client also identified lower cost alternatives to attract more customers. With Infiniti’s trend analysis solution, the company also witnessed an increase in their sales rate. Furthermore, the company was able to enhance ROI by 17%.
Packaging Industry Trends 2019
The packaging industry is expected to witness positive growth over the coming years due to the increasing demand from end-users in food, retail, and pharma industry. Let’s have a look at the top packaging industry trends.
Green packaging – Green packaging is becoming a major trend in the packing industry with the increasing demand for adoption of compostable and renewable materials. Therefore, companies in the packaging industry are focusing on green packaging to capture customers’ attention.
Luxury packaging – With increasing demand for premium, aesthetic, functional, and convenient packaging, demand for luxury packaging is increasing. This is compelling companies in the packaging industry to focus on developing luxury and innovative packaging materials.
Flexible packaging – Flexible packaging is one of the top trends in the US packaging industry. The flexible packaging is becoming popular in food packaging companies. Over the coming years, they will gain popularity in pharma and the cosmetics industry as well.