Release date: 30-09-2020SKU: MSG-GL-COVID19-003
MSG explores the top risks and opportunities impacting the packaging sector, owing to the prevalence of COVID-19.
The operations in the global market are impacted, and many countries already shut their operations owing to the occurrence of the COVID-19 virus and stock up on essential supplies such as dairy products, food, medicines, sanitizers, disinfectants, and face masks, are in high demand from the consumers around the world. This fuels the demand for packaging, as all these products require packing, and their manufacturing has been higher than ever before. Besides, the changing consumer preference about the packed products rather than lose products for groceries, fruits, vegetables, and others are highly increased owing to the COVID-19 fear around the world. Therefore, the demand for the packaging industry has amplified in the pandemic situation.
The plastic business revived due to the COVID-19 pandemic.
In the global packaging market, by material, the plastics sector has the highest demand due to its ability to prevent the spread. Also, this leads many companies who initially used anti-plastic material to prefer plastic for apparent health care safety, owing to its feature of security, less-expensive, and long-lasting, among others. In the current market, plastics are primarily used to prevent the spread of the virus and keeps the plastic packed products safe from getting spoiled, reacting, and decomposing. During the lockdown period, the products and goods are supposed to have a longer shelf life, as expiring may lead to starvation among the public as they have limited access to purchase new items, and the production units are closed.
Coronavirus reinvented the businesses that may be closed.
Most of the global packaging companies were facing troubles and were on the verge of shutting down before the virus outbreak. But, the explosion of COVID-19 increased the demand for this sector drastically. These packaging companies are estimated to stay longer in the business, even the post-pandemic. Consumers have understood the value of the packaging for the products and its benefit to keep necessary hygiene. Many consumers are also more health-conscious and prefer to buy packed products, even if the product is costlier.
To read more about how we believe the packaging sector can manage the current pandemic scenarios, inqure about our report.
Key Issues Addressed
Considering the COVID-19 impact on the packaging industry is carried out through various lenses, and many critical issues identified in the COVID-19 impact strategic insight report include:
• Specific key trends have begun to accelerate due to the crisis, reshaping both demand and supply across industries
• Other trends that probably decelerate or halt due to the COVID crisis
• Trends that are essential before the pandemic and post-pandemic directions to shape the industry
• Key uncertainties and challenges that should be considered in strategy and business planning
• Detailed consideration of scenarios that compare the reach of the pandemic versus the industry impact arising from changes in end-consumer behavior
• A set of both recovery and thrive oriented actions for market participants and players
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