The vice president for market development said that while growth in the food and beverage industry was likely to slow in the third quarter after a good start to the year.
In the beverage industry, investment in packaging equipment held over from 2008/9 was forecast to be released over the next 18 months. This would help offset what would likely be a year of flat growth for beverage production.
A tougher market for brand owners is forecast to trigger the need for more innovation – with PMMI members likely beneficiaries of this trend, he added.
In the food industry, brand owners are looking to premiumize packaging more in line with a recovering economy and improved consumer sentiment. A reduction in the life of pack designs is leading to a shorter innovation cycle and more investment in packaging equipment, said the industry expert.
The after-effects of recent upheavals in the US economy will be felt across all sectors but they will not be too significant – with output and growth in the manufacturing industries forecast to hold up relatively well.