Consumer goods, also referred to as final goods, are products purchased by an end-user for consumption. Consumer goods do not include raw materials. Fast moving consumer goods (FMCG) and slow moving consumer goods (SMCG) are the two critical sectors within the consumer goods industry. The consumer goods industry is primarily governed by evolving consumer patterns and purchasing power. A rise in disposable incomes, especially in developing nations, emergence and success of e-commerce, and tendencies of consumers to purchase eco-friendly commodities are among key factors driving the consumer goods sector. Advancement in technology has resulted in higher consumer expectations, and manufacturers and distributors have to be as innovative as possible to gain a competitive edge.
The demand for food may be never-ending but is steered by emergent trends nevertheless. The most recent trend in this particularly steady industry is the growing focus on health and wellbeing. Innovative food technology that can not only address the escalating demand for food but also come up with new products, processes, and packaging developments in the food business and balance taste with nutrition is the need of the hour.
There has been a growing trend toward consolidation in the automotive sector, with the output of motor vehicles resting mainly in the hands of a few large companies and smaller independent manufacturers gradually disappearing. At the same time, where the US was once the clear frontrunner in the automotive sector, othercountries such as South Korea, Japan, and those in Western Europe have been rapidly emerging as strong contenders.China’s rapid growth in vehicle sales for over a decade has taken a new turn with the introduction and adoption of new energy vehicles (NEVs).
Unprecedented access to a world of information has given rise to the empowered, albeit distrustful, consumer. So is the case with healthcare, where the patient has been rendered more informed and conscientious thanks to the extraordinary penetration of the Internet. The discerning patient now demands more affordable, sophisticated, transparent, and personalized healthcare services, creating the need for new models for care.
If there is any industry that has been heavily influenced by the growing trend of sustainability and going green, it is the chemicals sector. The shifting consumer preference for greener and smarter products has driven chemicals companies to not just address but even predict the demand for new solutions, materials, and applications. Consumer-driven sustainability stems from the fact that not just developed but even developing economies have been working toward curbing waste and pollution. Also driving the chemicals industry is the explosion of technologies such as collaborative robots, 3D printing, and micro manufacturing or nanomaterials. Perhaps the biggest challenge the chemicals industry faces is regulatory compliance. Strict norms related to the use, handling, and transportation of chemicals govern the way companies within the industry function and thrive.
A trend that single-handedly fuels the telecommunications sector is digitization; the transformational impact of the mass adoption of connected digital technologies on enterprises, governments, and consumers alike has played a central role in the expansion of almost every telecom company. Exploding data traffic, the proliferation of over-the-top (OTT) content, the trend of service automation, the deployment and development of 4G and 5G networks, and the concept of network function virtualization (NFV) are just a few examples that affirm the advancement of the telecom industry.
Consumer electronics manufacturers focus on product innovation in the next generation technology to meet the demand of consumers. The growing consumer adoption of smart, wearable technologies such as smart watches, smart glasses, smart bands, and smart key chains has become very popular. Furthermore, consumers will aim to link up their smart devices such as tablets, phones, and phablets to their home and mobile apps. Factors such as sensor innovations, advances and in UI technologies, materials innovations, and low-power connectivity will drive the smart devices market.
At Persistence Market Research (PMR), we understand that companies want to provide the latest, ground-breaking electronic devices to consumers. PMR’s research services deliver a full package to enterprises that includes the latest market intelligence on product innovation and valuable recommendations on how to penetrate the market with a new product in a cost-effective manner.
Computers and robots have been replacing manual labor in a number of industries since long – be it healthcare or manufacturing. While industrial automation ensures several promising advantages including superior quality and uniformity, greater productivity, increased safety, improved information accuracy, and reduced operating cost, critics of this industrial phenomenon argue that the switch from human to automatic production line is an investment not many are willing to make.