Tapping Into The Global Consumer Products Market Growth
SIS International shared that growth for the global consumer products market is predicted to go over $3.6 trillion by 2035, driven by the following key trends:
- Consistently strong demand for essential consumer goods, such as food, beverages, and household products
- Premiumization and brand differentiation in developed markets
- Expansion into emerging markets to tap into rising disposable incomes and urbanization
- Production innovation through sustainability and packaging development
The demand for packaged goods has always been tied to population growth and urbanization, but there has been a noticeable shift to its nature. For consumer products companies looking for their market share of that projected growth in the coming years, they would need to manage and strategize not only against fluctuating input costs and wavering customer loyalty but also the shift from volume to value.
SIS recommends acquiring knowledge in the following areas to take advantage of these trends:
- “Premiumization” Positioning: Test consumer willingness-to-pay before introducing high-price points tier.
- Maneuvering Into New Markets: Understand cultural nuances in high-growth regions to help ascertain your product’s marketability in new target areas.
- Portfolio Optimization: Refine your product offerings by recognizing which product lines to discontinue, repackage, or prioritize investing in.
- Brand Health Tracking: Monitor your brand value to guide decisions on whether to maintain or pivot strategies.
These are just a few examples of how effective consumer research benefits Consumer Products companies. Those who are consistently leveraging insights like these are positioned to tap into new opportunities as trends shift and new markets emerge.
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