CPGs Need to Rewrite Their Growth Playbooks in 2024

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Bain & Company’s first annual Consumer Products Report, which hopes to assist the industry in formulating a new playbook for the months ahead. Bain surveyed more than 120 senior consumer products executives around the world on their experience in 2023 and their strategic priorities this year.

In this report, we [Bain] first examine how 2023 has left the industry at a crossroads, then explore the connection between profitable growth and positive stakeholder impact. We [Bain] conclude by looking ahead to the most pressing issues that will shape CPGs’ strategic agendas in 2024 and beyond.

The consumer products sector has enjoyed another year of tremendous growth, but there are telling signs that CPGs need to rewrite their growth playbooks in 2024.

What If?

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By now, everyone knows that the shattering impact of COVID-19 has brought on a business crisis without precedent in recent memory.  To build resilience going forward, the first question to answer is not, “What’s in it for me?” but “What if?”

The following article covers four strategic priorities – levers operating in combination ran than in isolation – as outlined here:

1. Aim for survivability and resilience before economic efficiency
2. Quantify and plan for ecological and environmental threats rather than just describe them
3. Build a strong organizational immune system rather than maximise short-term profits
4. Integrate government politics rather than focusing only on business economics

Read the entire article about how strategies or business owners need to put these priorities on your radar for the years to come.