Chaiwat Nantiruj, Eka Global's Group CEO, predicted that longevity packaging market will expand further next year. The market has already resumed the pre-COVID level since August 2023, which is in line with the food export market. However, future global economic recovery will depend on interest rate which will affect financial cost and business expansion.
"In 2023, the global food export market was slightly slow in the beginning because of delayed transport due to COVID-19. The situation improved in the second half. Looking ahead into 2-24, it is likely that the global food export market will become more active because the global economy will slowly recover. Unclear interest trend will, however, increase risks related to financial costs," said Chaiwat.
Eka Global expected its sales will grow by 10-15% in 2024, which is the same level as in 2021. Although the company has no new expansion plan, it will tighten up its key strategy in major markets including the US, Europe, Japan, China, India and Thailand. Considering India's high potential, the company has recently invested in a new production plant in Pune, India, to support the strong market expansion of over 100%.
The company will continue to focus on R&D activities to bring innovative products to the market and to support the global sustainable development trend that has strong influence on consumer behavior. Eka Global viewed that consumers will demand more of green products. Many countries will also introduce new regulations and carbon tax, which will all have impact on product development and consumer behavior.
"The global production and food ingredient trend is declining due to serious impact from the global warming. Many countries are suffering from food shortage. Considering these issues, Eka Global has to revisit our strategic plan so that we can move faster. Food producers should no longer focus only on fresh products with short shelf life because they will definitely lose opportunity and competitive advantage. At the same time, resources will be wasted. Eka Global's longevity packaging, which can extend shelf life to two years and is 100% recyclable, will provide them with effective solution for food producers seeking opportunity to expand market or have access to new markets far away, or even to export their products elsewhere.
Source: Make A Wealth Consulting
