NEW research has found that almost half of packaging companies in the food and beverage industries are focusing on future-proofing their businesses to manage challenges and a changing market.
Industrial Physics’ research series on international food and beverage packaging has concluded with its final report on the external factors influencing the level of innovation reported across the two sectors.
The report, titled Unwrapping the external environment examines supply chain challenges, consumer reactions, and investment in future-proofing.
The research revealed 53% had been impacted by difficulty in sourcing materials, particularly for those working with paper packaging. This was attributed to a combination of factors, including paper’s resurgence into popularity due to its sustainable credentials and the lack of established circular economy for paper packaging.
It was also suggested that challenges in sourcing materials have driven innovation in some cases, with companies introducing data analytics to predict how much they need and how to ensure materials are used as efficiently as possible.
Rodger Segelstrom, global product line director at Industrial Physics, said, “External factors such as material availability; inflation; delays in the wider supply chain; and changing consumer expectations are all shaping how companies are developing their strategies.”
56% of respondents agreed that strategies are being reshaped in line with consumer reactions, particularly in the UK and the USA.
In addition to their reactions in the short term, the research also revealed how food and beverage packaging professionals are planning for the longer term. 48% agreed that their company has invested in future-proofing, with 22% strongly agreeing.
Steve Davis, global director of product management at Industrial Physics, added, “There’s more instability on the planet than there’s been for years, and that drives people to make sure that they’ve got what they need to continue meeting demand, and do what they can to forecast.
“One of the common examples of future-proofing that we see in food and beverage packaging at the moment is the introduction of more automation in the production and testing processes, to reduce the level of errors, and collect more data which can help with planning and continuous improvement without reliance on significant investment.”
To read more about the impact of external factors on the level of innovation in food and beverage packaging, click here.
