Label buyers remain positive for growth with European manufacturing firms.
Citing a downturn caused by Russia’s invasion of Ukraine and supply chain issues after Covid’s impact on European companies Label buyers noted a periodical downturn in sales and productivity. Despite this downturn, label buyers remained positive about the industry’s prospects moving into 2023 and beyond.
In the latest Finat Radar report, released in December 22, 85 percent of the 60 brand owners interviewed expected their label procurement to increase or at least remain stable in 2023.
At Label Craft, part of the Asteria Group we continue to see manufacturing increase as brands across Europe, UK and USA look to our 65 manned factory to sort distribution here across Europe.
The 2022 Radar report also looked at the impact of the post-Covid landscape on end-use label sectors.
Not surprisingly, the report showed food and beverage sectors growing the fastest at more than 8 percent, followed by retail at 7.5 percent, transport and logistics at 6.5 percent, personal care at 5.9 percent, with pharma and household chemicals at just over 4 percent. Industrial chemicals and consumer durables posted respectable
growth rates of 3.1 percent and 2.8 percent. The only sector to decline growth was automotive, which shrank by 1.4 percent.
At Label Craft, as part of The Asteria Group we continue to invest in our people, processes, technology, and sustainability to always provide a premier service for our customers.
Interested in working with us? Drop us a line at email@example.com and let’s start the conversation.