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As a month passes since UK’s official exit from the EU, industry experts at Infiniti Research believe that several industries have already begun facing the impact, and the packaging industry is one of the highly impacted sectors. As a result of Brexit, the cost of production and prices are expected to significantly affect the packaging industry. Experts at Infiniti Research predict that factors such as raw material prices, cost of labor, transportation costs, and red tape costs will significantly increase. Furthermore, it will also have adverse effects on the economy and put pressure on labor wages in the long run. This would eventually prompt organizations to look beyond the European Union as their procurement destination. The confusion and panic in the supply chain would create a rippling effect and consequently, it is highly likely for manufacturers to mark up their prices to protect their margin. In order to cope with these changes, procurement in the packaging sector must be undertaken through a detailed cost model and greater visibility into the product cost. This will enable them to find fair market prices and margins.
Want more insights on how Brexit could potentially impact the long-term profitability of your organization? Request a free proposal for comprehensive insights from our industry experts.
You may also like to read some of our recent articles on the impact of Brexit on various sectors:
- Illuminating the impact of Brexit on Europe’s Pharmaceutical industry
- How Brexit Will Pose New Challenges in Logistics Industry
- The Impact of Brexit on the Financial Services Industry
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit:https://www.infinitiresearch.com/about-us