A key index monitoring invoices from over a thousand large businesses across Europe and North America, shows the year-on-year value of sales fell in three of four bellwether sectors in Q3 this year, including paper and packaging.
The figures form part of the Demica Index, which analyses anonymised data from millions of invoices processed on its supply chain finance platform. Using baselines, the index provides real time insight into sector performance as invoice data is uploaded on a daily basis.
The latest data showed paper and packaging manufacturing sales values fell by 24% (Q3 2023 vs Q3 2022). A downturn in consumer demand and the adjustment to greater sustainability in Europe and North America were said to be the cause, but the report stated that long-term demand is likely to grow as the use of plastic declines.
Future Market Insights predicts 4.1% CAGR global market growth in the paper packaging market to 2033.