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2023 Consumer Products industry outlook

Pursuit of profitable growth in challenging times

An industry known for stability and consistency confronts the whipsaw of change. In this environment, the best signal of success comes from those consumer packaged goods (CPG) companies that solve an increasingly complex equation to achieve profitable growth. Prepare for the year ahead and help your business embrace the changing consumer with actionable insights from our 2023 consumer products industry outlook.

Report preview—State of the consumer products industry

Feeling a little frazzled? Whether you are an executive with a food and beverage, household goods, personal care, or apparel company, seven in 10 respondents say their job is more stressful today than it was five years ago. Despite favorable tailwinds for the industry in recent years, executives’ stress levels today are no surprise. Record inflation, supply chain issues, labor shortages, global conflicts, climate change, and a potential recession—each in isolation is challenging. Combined, they are overwhelming.

And consumers' heads are likely spinning. Their context keeps changing and with it their behaviors. Major demographic, political, environmental, technological, and cultural shifts are underway that forecast more change to come. Executives in our survey think keeping up with the changing consumer will be one of their greatest challenges.

Managing to grow sales and profit margins while chasing the changing consumer in an inflationary and challenging economic environment is no easy feat.

Specific actions set profitable growth CPG companies apart

So, what sets these leading companies apart? We find that profitable growth leaders act and invest differently in five distinct areas:

Embracing the changing consumer

Going for market share

Creatively transforming

Driving data through supply chains

Prioritizing ESG

To take a deeper dive into these strategies and help position your company for profitable growth, download the full report.

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