2018 Consumer Products Industry Outlook
Newer approaches, bolder moves
Companies in the consumer products industry are developing newer and bolder strategies to execute traditional levers against a backdrop of a more stable worldwide economy. Among the latest trends are:
- Sustainability: Globally, consumers are moving towards healthier options with regards to the food they eat. According to a survey by Nielson, the majority of consumers will choose all natural foods over high calorie, high sugar, and/or high sodium snacks. In addition, consumers are increasingly passionate about where and how their food is produced as well as the ingredients in their food. As such, the shift of the food industry towards minimally processed “clean label” foods and “sustainable food”, which emphasizes the eco-friendly production of food from harvest to processing, has become a global trend.
- Innovation: Companies in the consumer products industry have traditionally looked to innovate as a source of growth and will try newer and bolder strategies in 2018. Expect many to take an agile approach to developing, testing, and iterating innovative ideas compared to traditional, highly structured, more time-consuming testing methods.
- Digitization: Companies in the consumer products industry are aligning technology in creative and efficient ways to optimize customer engagement and influence the consumers’ path to purchase.