LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global nano-enabled packaging market is expected to grow at a CAGR of 12.1% over the next five years due to the growing demand from the food packaging sector.
The research report titled ‘Global Nano-enabled Packaging Market: Procurement Market Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning, and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“The growth of the nano-enabled packaging market is fueled by demand for lightweight materials that offer rich functional features, such as high degree of resistance to moisture, oxygen, and chemicals present in the surrounding environment,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “Stringent government regulations in the US and European markets, coupled with growing awareness about food safety and hygiene across end-consumers, especially in developing countries, are expected to augment the growth of this market,” adds Angad.
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Cost saving opportunities in the global nano-enabled packaging market
The adoption of various cost-optimization levers helps buyers of nano-enabled packaging realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the global nano-enabled packaging market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Buyers look to engage with suppliers who provide technologies such as high barrier films for superior reactivity resistance and peelable sealant resins for increased consumer convenience and enhanced protection against leakage and tampering.
Also, time and temperature indicators which offer visual information on the freshness of packaged products is another key technology which saves significant revenue to the buyers.
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Optimization of procurement practices saving aspects
Buyers should determine the performance criteria such as resistance capabilities, abrasion resistance, and chemical reactivity that they expect in the nanomaterials before selecting a supplier who offers them.
Buyers should also conduct effective demand forecasting to ensure optimum flow of goods across the supply chain. The demand forecasting will help buyers optimize production efficiency and reduce storage and inventory costs, saving up to 15% of the total category spend.
Bundling of services saving aspects
Suppliers can bundle together value-added services in both pre-production and post-delivery stages of engagement, which can save up to 15% of the total bundled area spend.
Buyers need to assess additional services provided by suppliers as part of a bundle or at nominal rates. Some of the value-added services that buyers should look for include assistance in material selection, packaging design support, and assistance in JIT inventory.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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