- THE MAGAZINE
- VERTICAL MARKETS
In today’s expanding global marketplace, marketing your packaging products and services overseas should form a fundamental part of a business’s strategy. But some companies seem unwilling to make this leap – perhaps because of language or cultural barriers, perceived financial constraints or simply a fear of the unknown.
A reluctance to dive into the international ocean is demonstrated by many US-based packaging material and equipment manufacturers. Ignoring a huge global market could mean these organizations are missing out on lucrative growth and development opportunities. The packaging industry is evolving so quickly with exciting prospects emerging all over the world. So it’s vital these opportunities aren’t overlooked.
- Although the United States is currently the world’s largest packaging market, its growth is far slower than in other regions – Asia Pacific, for example – which is expanding more rapidly than any other region in the world. Making big bucks only at home will soon be a thing of the past. The most significant and profitable market opportunities lie in more far-flung destinations.
- A growing population in Asia and sub-Saharan Africa looks set to fuel packaging demand in these regions. The UN forecasts that Asia will have a population exceeding 5 billion by 2050 (an increase of 38% on current figures) and that sub-Saharan Africa will see a rise in population numbers of 195% by the same date. More people means demand for packaged goods will soar and the market for your products will expand as a result.
- Many European packaging companies, such as Rexam, Mondi and Tetra-Pak, have been proactively developing their international markets for years. With smaller domestic markets than the USA, exploiting global potential has been critical in ensuring their continued business success.
BDB (www.bdb.co.uk) is an international, integrated industrial marketing communications consultancy specializing in packaging, food, beverages and nutrition.