With the current unabated inflationary pressure, modern consumers have placed ‘value for money’ as the most important value or consideration prior to purchase.
Euromonitor latest report on ‘Top 4 Trends Shaping Global Consumer Packaging’ in 2023 identified the most important consumer values in 2022 which will have impact on consumer purchasing decisions. Health and Wellness was ranked one of the top 10 values alongside Safety and Sustainable Products/Services.
These consumer values will shape consumer decision on the products they will purchase. Naturally, products that satisfy more than one of these values will have a higher probability of being purchased. (see Chart 1.0)
Meanwhile, in 2023, the call to act on excessive packaging waste is high and there is a growing call to adopt sustainable packaging in food and beverage products to mitigate an environmental crisis. One in 2 consumers in the world are more than willing to pay for products that use sustainable packaging even at the expense of a slightly higher price. Global warming has taken a toll on our climate and cause seismic changes in the weather and more catastrophic events like flooding and forest fires. As such, consumers as well as all stakeholders are ready to do their part to reverse the damages to our environment. Consumers are increasingly looking for ‘recyclable’ packaging (58%) followed by biodegradable and refillable/reusable. Plastic is the most frequently used packaging material globally although unfortunately only 9% of all plastic is recycled. (see Chart 2.0)
Indeed, sustainable packaging is the top priority for sustainability development in the Retailing, Packaging, Food & Beverages, Consumer Health and Consumer Foodservice Industries. (see Chart 3.0). This priority is obvious as conversion to sustainable packaging material is not a difficult task for many stakeholders as compared to other sustainability efforts which can be more challenging and will take a longer time for companies to adopt and adapt.
