Adjusting Forecasts: COVID-19 Hurts Apparel, Luxury Goods; Helps Alcohol, Food, Bev

A February 2021 report from the FPA and Euromonitor, reflecting data collected in Nov. 2020, shows how the pandemic impacted different vertical markets in different ways.

As the pandemic shook the ground underneath the feet of the vertical constituents of the consumer packaged goods industry, different industries fared differently. The evolving landscape rendered pre-COVID-19 forecasts obsolete.

An interesting new report, available to members of The Flexible Packaging Association (FPA), the leading advocate and voice for the growing U.S. flexible packaging industry, revealed that industries like Pet Foods, Food and Beverage, and Personal Care experienced unprecedented growth, as stands to reason. Unfettered growth isn't necessarily a good thing, as we saw Food and Bev in particular struggle to keep up with both with demand and the omnichannel shift away from foodservice and toward retail and e-comm channels. As the industry pushed to keep up with demand, new product innovation and R&D slowed. 

But growth still beats the alternative. On the other side of the coin, luxury items like cosmetics suffered the lowest growth numbers in 2020, with the obvious exception of alcohol. Apparel, eye-ware and other segments also suffered lower growth than pre-COVID-19 expectations. 

This new information is now available to FPA members because its existing tool, the Flexible Packaging Market Tracker, has been updated with the most recent market data from Euromonitor International. The update also includes information on COVID-19 impacts on the industry.

In the COVID-19 section, members can view an overview of COVID-19 conditions; the impact of COVID-19 on the gross domestic product (GDP); the impact on sector growth; and the impact on the flexible packaging market. The COVID-19 section will be updated quarterly, while the main market tracker data is updated annually.

For the Market Tracker, FPA partners with Euromonitor International, a leading independent provider of strategic market research. The tool features 20 key flexible packaging country markets and highlights market dynamics, trends, and opportunities to expand business internationally.

The Market Tracker is an online research tool to enhance the FPA website and tracks and compares flexible packaging markets around the globe to help members better understand, prioritize, build business cases, and capture global market opportunities for flexible packaging. It enables members to access market information from around the globe, not only on flexible packaging materials and markets but on competing products for those markets as well.

In FPA’s quest to be the go-to resource for the flexible packaging industry, the Market Tracker expands FPA’s research and data offerings, in a robust and effective fashion, by using Euromonitor International content. It also illustrates FPA’s commitment to enhance services that can drive both domestic and international growth for its members. The tool is only available to FPA members.

For more information on the Flexible Packaging Market Tracker or membership in FPA, visit www.flexpack.org, or contact FPA at fpa@flexpack.org or 410-694-0800. - PW

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