What are the most prevalent trends in the packaging industry? What are the biggest challenges packaging companies face as we move into the future?
The folks over at L.E.K. Consulting recently surveyed more than 200 brand managers and packaging professionals to find out the answers to those questions and more.
Here are some highlights from the research:
- Packaging is changing. Companies are increasingly introducing sub-brands and more products. They’re also enacting new promotional and pricing strategies and launching new packaging initiatives. Taken together, 65% of companies indicated that their product packaging has changed as a result of these factors.
- Sustainability is top of mind. A majority of organizations surveyed revealed their plans to move at least some of their products to sustainable packaging over the next five years; 40% of companies have already done so over the last two years.
- Packaging plays a huge role in success. Organizations understand the important role packaging plays in sales. To this end, 80% of respondents agree that packaging is critical to their company’s success. Half of companies believe they will increase packaging spend next year to enjoy better business outcomes.
- Green products are thriving. Over the last five years, the biggest driver of brand growth has been the increased offering over healthier, more natural, greener products.
- Packaging innovations are coming down the pike. Survey respondents believe that—despite the changes in the industry over the last few years—lots more innovation will be seen in the packaging space. Brand owners expect innovation will occur in labeling, primary packaging material and graphics/printing.
Click here to read about these takeaways and more.