A new report from Mesirow Investment Banking says changes to shopping habits from the COVID-19 pandemic will be here to stay.
While packaging suppliers were hit by staffing shortages and other issues related to the pandemic, the growth trend outstripped expectations, writes Mesirow Managing Director John Chrysikopoulos.
"Rising demand for products in many categories drove innovations that increased variety, ease of use, and safety for consumers," Chrysikopoulos wrote. "Think, for example, of single-use packages in smaller sizes protected by seals and labels that assure product safety."
The surge in e-commerce, which picked up as people preferred to shop from home, shows no sign of letting up, he wrote. Home shopping made up 13.3 percent of all retail sales in the second quarter of 2021.
Meanwhile, certain retail sectors — and the packaging used to supply those products — are forecast to grow even more.
Over-the-counter medical sales are expected to climb by 44 percent with packaging related to those products also rising. Personal care products, groceries and household supplies also will top growth rates of at least 38 percent.
You can find the full report here, and watch for Frank Esposito's report on trends in mergers and acquisitions, including packaging, later this month in Plastics News.