Multisensory packaging is a type of packaging for commodities that are sensitive to temperature, sight, smell and touch. Multisensory packaging also provides more visual enhancement to the products with innovative labeling that changes color with touch or temperature variations, which attracts the consumers towards the product. Furthermore, manufacturers are adopting new ideas and technologies for differentiating their products in the market. Hence, manufacturers are opting multisensory packaging which plays a major role in marketing and attracting consumers towards their product.
Global Multisensory Packaging Market: Drivers & Restraints
The growth of global multisensory packaging market is driven by the demand for innovative packaging technologies from various end-user industries to make their products more appealing to consumers. Multisensory packaging is mostly adopted by the food & beverage industry, where multisensory packaging is used as a marketing tool by the manufacturers to make their product more appealing to consumers. Furthermore, the demand for FMCG (Fast-moving Consumer Goods) and the changing eating habits of the consumers towards packed snacks and confectioneries are further boosting the demand for the multisensory packaging market among the manufacturers globally. On the plus side, macroeconomic factors such as rise in disposable income of middle-class population leading to increased spending on FMCG products can be attributed to the growth of multisensory packaging market globally. Trends prominent in the multi-sensory packaging is the innovations, for instance, DS Smith, a leading European company in packaging has developed talking paper for packaging which reciprocates once it's touched and a recorded information can be heard. However, complexities associated with different types of multisensory packaging might hamper the growth of the global multisensory packaging market.
Global Multisensory Packaging Market: Segmentation
The global multisensory packaging market is segmented on the basis of multi-sensory packaging types, applications and region
On the basis of multi-sensory packaging types, the global multisensory packaging market is segmented into:
On the basis of applications, the global Multisensory Packaging market is segmented into:
- Packed Snacks
- Alcoholic Beverages
Multisensory Packaging Market: Regional Outlook
Based on the geographies, global multisensory packaging market is segmented into five key regions -- North America, Latin America, Europe, APAC, and the Middle East & Africa. Among the regions mentioned above, North America accounts for significant share for multisensory packaging market, owing to the demand for packaging technologies that garner consumer attentions among the manufacturers across the country.
Furthermore, North America packaging industry’s position in the global packaging market is bolstering growth for multisensory packaging in the region. Europe market for multi-sensory packaging is followed by the North America market, which is followed by Asia-pacific and Middle-East & Africa market for multi-sensory packaging. Latin America market for multi-sensory packaging is anticipated to register a sluggish growth over the forecast period. Overall, the global multi-sensory packaging market is projected to register a healthy growth rate by the end of forecast period.
Global Multisensory Packaging Market: Key Players
Some of the major players identified in the global multisensory packaging market include DS Smith, First Flavor, Inc., ScentSational Technologies, KARL KNAUER KG, DOHLER, 3C! Packaging, Inc. and Alpha MOS Smell, Taste & Chemical Profiling among others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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