LONDON--(BUSINESS WIRE)--Infiniti Research is the world's leading independent provider of strategic market intelligence solutions. Our market intelligence services are designed to connect your organization’s goals with global opportunities. The coronavirus impact on packaging has been significant on certain types of packaging while also accelerating the demand for several other segments including food and consumer goods packaging.
Packaging industry experts at Infiniti Research expect a mixed impact of the COVID-19 outbreak on packaging companies. Industries including groceries, consumer goods, pharmaceuticals and other healthcare products, and e-commerce transportation are expected to witness a steep increase. On the other hand, the demand for luxury and industrial packaging may show a declining trend. Furthermore, with crude oil prices taking a hit, the cost of oil-based raw materials, such as plastic resins for the packaging industry, is likely to fall. Cost pressures on the packaging industry are also expected to increase, with its customers under strong pressure, consumers becoming highly price-sensitive, and packaging converters needing to win a sufficient volume of orders to keep their plants well utilized.
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According to experts at Infiniti Research, some of the action plan for packaging companies to consider post the COVID-19 crisis would include:
- Leadership teams in packaging companies must build a recovery strategy that will include a mix of financial resilience, operational plans for restarting operations at packaging plants might have been temporarily closed and assessing future market-demand potential, and strategic customer-focused moves such as understanding the impact of COVID-19 on consumer packaging choices.
- Review production footprint and evaluate measures for business continuity by creating country-specific plans and clear checklists for plants.
- Understand areas of packaging where demand will be temporarily high and assess the ability to shift production appropriately to fulfill new demand patterns.
- Rethink business portfolios to ensure stable cash flow and healthy balance sheets.
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