Packaging accounts for over $150 billion in annual spending for manufacturers and shippers. It also contributes to 75% of greenhouse gas emissions from the supply chain. However, to alleviate environmental risks, many companies are investing in re-shoring factories, “just-incase” inventories, and qualifying alternative suppliers to build flexibility.
The industry is also projected to grow at a CAGR of 5.6% between 2024 and 2032. North America is the top country with growth in this sector, primarily due to having major market players such as Deere & Company, AGCO Corporation, and Kubota Corporation.
Transportation and the supply chain industry witnessed unprecedented challenges in 2023. From market shifts and bankruptcies to labor unrest and global trade partnerships, the year was marked by events that shaped the industry in more ways than one.
The global supply chain witnessed a tumultuous year in 2023, with significant changes across all modes of transportation. From inflation and labor issues to strategic cargo theft and environmental initiatives, the industry faced a complex landscape. For the outlook of 2024, understanding these key trends is paramount for navigating the future of logistics.
Fertilizers are essential in the agricultural industry and supply crucial nutrients to crops worldwide. The industry is expected to reach 9.7 billion by 2050, and fertilizer prices account for nearly one-fifth of the United States farm cash costs.