World News: 16:00 GMT Tuesday 14th January 2020. [SpendEdge via Businesswire via SPi World News]
SpendEdge has been monitoring the global plastic bags and pouches industry and the industry is poised to experience spend growth of over USD 3 billion between 2019-2024 at a CAGR of more than 3% during the forecast period. Request Free Sample Pages.
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Read the 117-page research report with TOC and LOE on "The Global Plastic Bags and Pouches Industry – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, top suppliers, supplier selection and negotiation strategies, and insights into best practices to optimize procurement spend.”
Plastic bags and pouches are finding their extensive applications in food and restaurant chains, supermarkets, and hypermarkets to pack food products, as they keep them fresh for a longer time. The growing environmental concerns regarding the disposal of plastic bags are driving manufacturers to produce bioplastics that are being used by buyers from various sectors. This is driving spend momentum in the plastic bags and pouches industry at an exponential rate.
While the lack of stringency in regulations that inhibit the use of plastics is driving adoption in the plastic bags and pouches industry in APAC, the prevalence of stringent regulations is restricting the adoption of non-biodegradable plastic bags in North America. This is casting a negative impact on the growth prospects in the plastic bags and pouches industry in this region.
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Factors that will drive procurement expenses in the plastic bags and pouches industry
Insights into category management strategies that will help buyers optimize their procurement spend
Optimizing procurement spend does not stop at getting the product from suppliers at reduced rates. Most of the buyers in the plastic bags and pouches industry fail to realize that an impactful supplier relationship management is crucial to create avenues to save costs in the long run and also to facilitate effective category management in an industry that is characterized by price dynamism.
Engage with global suppliers who have a regional presence
It is advised that buyers engage with global suppliers who have a regional presence as this offers buyers the avenues to save on their transportation and inventory costs. Suppliers with regional operations located in proximity to buyers' sites will have lesser expenses related to logistics and inventory holding. This can help buyers save on the overall procurement spend.
Collaborate with suppliers with high capacity utilization rates
Engagement with suppliers who exhibit high capacity utilization rates will provide assurance to buyers regarding suppliers' ability to fulfill requirements on time. Buyers can evaluate suppliers' daily average production to gauge their ability to fulfill demand requirements. Suppliers' production efficiency can vary based on machinery utilized for different packaging styles and shapes and the availability of raw materials.
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Business Wire: 16:00 GMT Tuesday 14th January 2020
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