Wood Mackenzie has said it expects flexible packaging consumption in both Europe and the US to see a material uplift in the short-term, due to stockpiling, lockdowns, and the increased needs for medical supplies.
Wood Mackenzie forecasts US demands for consumer flexible packaging to increase by up to ten per cent this year, compared to three per cent in 2019.
In Europe, demand growth fell back to under 1.5 per cent in 2019 but could climb to above five per cent this year.
Rob Gilfillan, Wood Mackenzie’s Head of Fibres, Films, and Flexible Packaging, said: “New restrictions on daily life have had a huge impact on how we consumer FMCG goods. The speed at which governments have introduced these measures is unprecedented, with many sectors of the food processing industry struggling to adapt.”
“This rapid change has caused a wave of panic buying and stockpiling across Europe and North America.”
“In addition, the sudden lack of choice around how and where we consume food has forced huge volumes of food consumption away from the food service sector, such as restaurants and cafes.”
“This has been pushed through the retail sector instead, which naturally favours pre-packaged food in smaller consumer-sized packaging.”