Farm accounts firm Ifac is calling on food businesses and small and medium enterprises (SMEs) to improve their “packaging strategies” as a means to curtail input costs.
Ifac launched a new report on packaging today (Wednesday, May 11), titled ‘Get Your Packaging Right’, which, according to Ifac, notes the potential reduction in costs for businesses through more efficient use of packaging, as well as the scope for minimising environmental impacts.
The Packaging Report 2022 also outlined that proper use of packaging can have benefits from a sales and commercial point of view, Ifac says.
The farm accounts firm noted that the report contains information on what retailers are looking for in terms of packaging and the funding options available; as well as “some emerging packaging solutions on the market”.
“The central tenant of our report is the importance for food businesses to conduct a packaging audit to put them in control of rising input costs.
“An audit helps them to identify ways to do things better and it examines processes, suppliers, materials, internal and external teams, branding and the cost associated with packaging,” Ifac said.
The group added: “Once businesses understand all the basics, they can look at how some of the emerging trends have the potential to deliver more sustainable packaging solutions for their business.”
Lorcan Bannon, Ifac associate director for food and agri-business, said: “Now more than ever, Irish food businesses need to have a well-thought-through strategy to manage their approach to packaging.
“Sustainability; a brand’s presence on the retail and digital shelves; and the incorporation of emerging packaging trends are all key considerations.”
Bannon also said that food businesses that carry out a packaging audit “can see a significant positive impact on their business”.
This will allow businesses to identify “in-house strengths and current weaknesses within their approach to packaging”.