November 3, 2011 | Written by: Luis Perez Ballestero
Categorized: Industry Insights
According to United Nations officials the world population has hit 7 Billion people last 31st of October (though UN demographers admit this is just a symbolic date as the actual milestone may be six months later or may have been reached six months ago). But apart from the date itself, the fact is that in the last 12 years the world population has increased by 1 Billion people or, to use another data point, the world population has doubled since the late sixties of last century.
And this impressive population growth, together with the continued trend of increased urbanisation, comes with greater affluence in new middle class consumers and significant income gains in many developing countries in regions like Asia and Latin-America, where consumer products manufacturers are facing historic growth opportunities.
But still 1 billion people just don´t have enough to eat and according to most experts the food supply required for 2050 will need to increase by 70% with respect to today´s needs. This is a big challenge that take us to the question of whether there are enough resources for such population growth.
The consumer products industry should focus on how to address these issues and serve these new consumers while focusing on the rapid changes affecting markets, channels and industry business models required by this new reality. See the IBM PoV on this here