The Philippine packaging industry is seen to take a hit from the new coronavirus disease, or COVID-19, that is hounding the manufacturing sector in Asia, a consulting firm said.
“It will be good especially for the packaging sector to prepare for ‘headwind’ forecasts since we know that this industry is practically involved in most other industries,” said Angel Buñag, managing director of investment consultancy firm Investor Relations Global Inc.,
In a recent talk at a conference hosted by ProPak Philippines and the Department of Science and Technology at the World Trade Center. ProPak is the association of packaging manufacturers and suppliers in the Philippines.
IRG expects the economic downtrend to affect the packaging industry’s critical role in market supply and demand as the COVID-19 epidemic is already creating uncertainty in the global business.
He cited reports that the automotive industry had taken a hit with the world’s most productive car factory, South Korea’s Hyundai, suspending operations at its Ulsan complex—crippled by a lack of parts after the virus outbreak paralyzed China’s industrial output.
The packaging industry counts the automotive industry as a key market while the food industry its partner in the business.
The food packaging sector has increased its share to more than one-third of the global packaging market.“
“From paper and paperboard to plastics to flexibles, there are as many kinds of packaging media as there are manufactured goods and this results in the parallel growth of both the manufacturing and packaging industries,” Buñag was quoted in a statement as saying.
“The question of food supply and demand will be a challenge to both the manufacturing and packaging sector. INQ