Published on : Nov 01, 2017
Albany, New York, November 1, 2017: The packaging industry is always trying to develop better ways to capture the consumer. Several packaging companies are concentrating on new packaging designs or reshaping the existing packaging especially in consumer goods. A new study, focusing on the business environment in the industry during H2 2017 (Sep 2017-Feb 2018) has been freshly broadcasted to the wide repository of Market Research Hub (MRH), which is titled as “Packaging Industry Business Confidence Report H2 2017”. The study highlights industry and company growth outlook along with existing economic conditions, supplier price variations, sales performance, spending patterns, and key priorities. Moreover, the report provides information on the basis of regional segmentation which outlines some of the prime regions such as Asia-Pacific, Europe, North America.
In terms of geographical outlook, the study examines prevailing economic conditions across various regions in H2 2017 as compared to H1. The success and growth of the packaging industry depend not only on the world economy, but also on the wide range of industries it caters to, including healthcare, food and beverages, and consumer goods. Looking at key industries for packaging, demand remains greatest within Foods, set to reach 2 trillion packs in 2017. For foods, it’s the flexible plastic substrate which is growing due to its sheer versatility in application across the board, from confectionery, snacks, biscuits and baked goods through to pasta, rice, noodles and much more.
According to the study key findings, the packaging market is projected to gain momentum due to increase in sales of flexible packaging, rising demand for convenient packaging due to changing lifestyles, new and innovative packaging developments, and increasing growth of pharmaceutical packaging market in H2 2017 as compared to H1 2017. Flexible packaging has been the support of the packaging industry for many years now especially in the food packaging section. Also, Consumers prefer such packaging that requires minimum time and effort to open, carry, and store which encourages market leaders to create innovative ways in packaging, that offer higher convenience and portability.
Moreover, the survey results find that rising investment in housing and construction, escalating urbanization, development of retail chains and rapid increase in healthcare and cosmetics sectors, are driving the stable economic environment for the packaging industry, and customer confidence ranks will remain positive during H2 2017. Geographically, analysts reveal that key executives who operate in North America project a more favorable opinion about the economic prospects in the region for H2 2017. Asia-Pacific regions expect an increase in sales growth in H2 2017 as compare to H1 2017. Over three-quarters of executives operating in North America and Asia-Pacific indicate customer retention as the top priority in H2 2017 as compare to H1 2017.
The study adds more weight to the presentation by adding valuable information such as change in customer confidence, change in staff headcount and sales performance, supplier prices projection, and significant investment activities. As per the report, political changes in country/countries of operation will pose challenges for packaging organizations over the next few years.
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