Sonoco Article Example | Topics and Well Written Essays - 750 words

Sonoco - Article Example The major contributor was the United States (US) and then Asia and Western Europe. The packaging industry represented consumer packaging as the 70% contributor of revenue and the remaining 30% was through industrial packaging. Due to globalization, the industry was facing challenges along with noticeable growth opportunities. Companies functioning in nations such as the US were shifting their businesses to other countries for cheap labor and were trying to gain profit. The packaging industry exhibited an increase in the market share from 40% to 60%. The packaging industry was changing its business strategy and increasing the level of profit. The changes in the industry were because of the changes in the preferences of the customers in the food and beverages industry. Packaging was now gaining its importance to promote a brand; it had now several versions of the products. Companies were strategizing their approaches by providing better packaging which would help them to advertise thei r product. Several strategies were being formulated to provide different packaging to attract the retailers. The idea of â€Å"One-Stop-Shop† was becoming attractive for the manufactures as they now needed not to depend on several suppliers for their business. With this concept, they were now able to meet their packaging needs with a few suppliers. With the changes in the packaging industr