While the packaging industry continues to evolve, packaging companies center their strategic efforts around product innovation, differentiation, and sustainability. The industry is more inclined towards delivering a personalized experience to customers, more specifically targeting the demands of the most influential consumer cluster - millennials.
Future Market Insights (FMI) released a new white paper, titled, Four Keys to Unlock the True Potential of Packaging (February 2020). It discusses the untapped potential of product packaging that can enable brands to grow leaps and bounds amid extremely competitive atmosphere. The white paper sheds light on the four pivotal areas to focus on, for packaging companies.
In-depth analysis of the next-generation packaging aspect reveals the critical need for incorporation of smart or next-gen technologies in packaging solutions. Smart and intelligent packaging technologies are already in picture, proven to be pushing the level of customer experience and ensuring product integrity and security throughout the supply chain. Food & beverages and pharmaceutical industries are currently the top consumer industries of next-gen packaging solutions, as suggested by this research.
Sustainability is another important aspect of packaging that the white paper highlights next. The industry's radical shift away from plastics is majorly contributing towards the global anti-plastic, sustainability drive. Brands are opting for hefty capital investments in R&D of bio-based plastics, paper & paperboard, glass, and metals in a bid to package a sustainable experience. FMI indicates that Europe stands as the frontier of this particular packaging trend.
A step ahead of customization, personalization has become a key to unlock an array of opportunities residing in top-performing end-use industries. Packagers are prioritizing investments in bespoke packaging solutions, leveraging the capabilities offered by an advanced software-based model. This white paper brings into fore how brands can perfectly capture consumer sentiments regarding product packages to gain profits. Brands based in the US and some of the European countries remain at the forefront of customized and personalized packaging innovations.
With trend of premiumization spanning almost every industry across the globe, it has pushed some influential trends in the packaging world as well. FMI opines that a luxury experience begins with the packaging, which advocates the trend of luxury packaging. Besides crafting a premium brand experience for their customers, brands are using it as an excellent marketing tool. This trend will especially proliferate across East Asian markets, predominantly in the alcoholic beverages category.
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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.
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