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Food and Beverages | Tuesday, November 05, 2019
The brands in the consumer goods industry witness a rise when the companies introduce new high-growth sectors and markets. The improved exposure to have a westernized lifestyle will push the development that brings growth in economies around 2028.
FREMONT, CA: The massive market of packaging has increased by 6.8 percent in the last five years globally, with most of the growth from underdeveloped markets, where more consumers go to urban locations and adapt westernized lifestyles. It has triggered the demand for packaged goods that have been widely famous because of the e-commerce industry.
Several drivers have an essential influence on the industry of global packaging, where four key trends seem to play out across the coming years:
The expansion in the global economy will continue to take over the next decade that will push the growth in other emerging consumer markets. The incomes are likely to increase, along with the mounting customer income for spending on the food that is packed.
With the expansion of the global population, the emerging markets will also rise along with the rate of urbanization. It will turn into a higher consumer income for spending on consumer goods and a revelation toward the new retail channels. The rise in life expectancy will bring a demand for healthcare and pharmaceutical products with secure opening solutions and packaging that will be convenient for the elders.
Worry over the ecological impact of products is an essential phenomenon, but there has been an interest in sustainability that comes on the packaging. It shows that the consumer attitudes and brand owner prioritize the concerns and decide to communicate to it via packaging.
Due to higher plastic waste, many strategies are developing to address the issue, including the substitution of alternative materials, investment in bio-based plastics technology, and recyclable packs. Brands are now increasingly coming up with Food packaging materials and structures that show commitment to the surroundings and considering sustainability as a key motivator.
The international market for online retailing keeps continually expanding along with the new additions of the Internet and smartphones. Consumers are willing to buy everything r most of the things on an online platform.
People are acquiring products such as food, beverages, and pharmaceuticals increasingly and following their demands. Companies are coming up with better packaging solutions that are convenient, flexible, and portable. When it comes to the younger generation, they prefer buying groceries in smaller quantities, which has driven the growth of convenience store retailing with handier, smaller size formats.