Page 42 - Plastics News Issue - January 2025
P. 42
BUSINESS NEWS
3. Shift to Local Production and services to each of the market niches in
question. For instance, in economies where-
The import of plastics is not cheap for the de- by agriculture is more dominant, then heavy
veloping nations as explained below. This has emphasis on plastic usage for purposes of
resulted in increase of local manufacturing fa- watering and covering produce.
cilities. Establishing production facilities in such
area make it cheaper and will make local con- 2. Invest in R&D: Come up with new products
sumers and governments have a positive dispo- for future markets and in areas such as pro-
sition towards the companies. duction of sustainable and lightweight auto-
mobiles.
Challenges and How to Overcome Them
3. Partner with Local Businesses: Partnerships
The prospects for success are very high, but the could therefore be particularly useful in an
erratic process of breaking through to new mar- assessment of the regulatory environment
kets is hardly unrealistic. Here are some com- and in developing the necessary credentials
mon hurdles and strategies to address them: in the community.
1. Infrastructure Gaps 4. Leverage Digital Marketing: The materials
and campaigns featuring plastics shall be
Infrastructure in many developing countries is educative in a bid to help consumers under-
not adequate to support efficiency during the stand its use and other stakeholders recog-
production and distribution process. The current nize its value.
research show that companies can design effec-
tive supply chain and logistics networks in coop- 5. Focus on Education: Be familiar with the
eration with national governments and regional suitable ways of disposing of plastics and
partners. recycling them so as to meet environmen-
tal needs as well as fostering for future busi-
2. Regulatory Compliance
ness.
Every country has its laws concerning produc- The Road Ahead
tion and consumption of plastic materials. If
these regulations are to be updated and the or- This is evident in the increase of the plastics’
ganization practices environmental friendly ap- industry rate among emerging economies. It
proaches then it can operate well. therefore becomes clear that enthusiasm re-
sultant from market comprehension, challenge-
3. Environmental Concerns solving, and sustainability can unleash unlimited
potential from these regions. The secret is in in-
People tend to frown on plastics because of the
pollution they cause. Recycling programmes and vention, cooperation, and business orientation
use of environmentally friendly raw materials are on consumer and eco benefits.
some of the ways through alleviating these ap- Conclusion
prehensions and enhance organizational image.
Opportunities and challenges associated with
Strategies for Success plastics in developing economy emerging mar-
1. Understand Local Needs: Adaptate good kets are discussed. The planning of quite some
42 PLASTICS NEWS January 2025
