Global Consumer Packaged Goods Market Expected to Reach $244 Billion as a Result of Higher Consumption by Consumers
PALM BEACH, Fla., July 17, 2024 (GLOBE NEWSWIRE) -- - FinancialNewsMedia.com News Commentary - The consumer packaged goods (CPG) market is projected to grow at a significant rate due to the rising population rate and increasing consumer awareness. Consumer packaged goods (CPG) are daily-use items that are consumed or used in some form by the average general population. These products have to be regularly replaced with new stocks and include items such as household commodities, food & beverages, makeup & personal care products, clothes, and other essentials. The CPG industry is one of the most competitive industries globally. The products appear as simple everyday items but the extensive number of players and the large chain of products offered by them has intensified market competitiveness. A report from Zion Market Research projected that the global consumer packaged goods (CPG) market size, which was worth around USD 160.75 billion in 2022, is predicted to grow to around USD 244.92 billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.40% between 2023 and 2030. The report said: “Another key aspect of the industry is that the purchase cost per item is relatively low however, the investment cost is higher since consumer packaged goods are produced in bulk and are highly vulnerable to damage if they are stored under the wrong conditions. As opposed to durable goods, consumer packaged goods have a limited lifespan and must be used within their recommended shelf life to avoid being discarded without use. The rising population rate has further amplified the demand for CPG along with other factors.” Active Companies in the industry includes: Nightfood Holdings Inc. (OTCQB: NGTF), Graphic Packaging Holding Company (NYSE: GPK), Crown Holdings, Inc. (NYSE: CCK), Karat Packaging Inc. (NASDAQ: KRT), Packaging Corporation of America (NYSE: PKG).
Zion Market Research continued: “The global consumer packaged goods (CPG) market is expected to be driven by the rising rate of population along with an improving consumer awareness trend. The CPG industry consists of a large number of products that are daily essentials and a part of everyday activities. Some of these items are necessities for survival such as food products. However, since they are available in limited quantities, they have to be replaced quickly as opposed to durable items. Hence, the cycle of buying and consuming consumer packaged goods is perpetual and cannot be replaced. As the world population grows, the number of buyers and consumers will simultaneously increase. The global consumer packaged goods (CPG) market will witness growth opportunities owing to the rising rate of innovation in terms of packaging solutions. Producers of CPG are increasingly investing in improved packaging in terms of materials used and the outcome. They are investing in sustainable solutions by using recycled packaging or with the aid of biodegradable packs. This helps companies create better brand value since customers are aware that the consumer brand is concerned about the business's impact on the environment.”
Nightfood Holdings Inc. (OTCQB: NGTF) Signs Letter of Intent for All-Stock Acquisition of CarryOutSupplies.com - Nightfood Holdings Inc. (“Nightfood”) is excited to announce it has signed a Letter of Intent (“LOI”) to acquire SWC Group Inc., doing business as Carryoutsupplies.com (“CarryOut”). CarryOut is a leading wholesaler and distributor of custom takeout packaging for the foodservice industry, with traditional, biodegradable, and compostable options.
Under the terms of the LOI, through its wholly-owned subsidiary, Future Hospitality Ventures Holdings Inc., Nightfood will acquire the reemerging wholesaler in an all-stock transaction.
CarryOut specializes in traditional and eco-friendly custom printed packaging solutions for food service businesses. This includes items such as to-go hot food boxes, snacks bowls, sushi trays, soup cups, ice cream cups and lids, coffee cups and lids, utensils, and more. An innovator and leader in industry trends, CarryOut is advancing its portfolio of eco-friendly options to shape the future of the industry.
CarryOut has proudly served over 7,000 wholesale accounts since its founding in 2004. The company grew significantly over the years before the COVID foodservice contraction almost forced a shutdown. The reemerging company recorded revenue of over $2 million in calendar 2023, a positive sign, yet still a fraction of peak pre-COVID revenue. Management believes Carryout is poised to return to and surpass its pre-COVID revenue and profitability.
The extensive customer base has traditionally consisted of small and medium-sized foodservice operators, including restaurant franchises, coffee shops, ice cream parlors, tea houses, cafes, yogurt stores, and other foodservice establishments.
Nightfood management believes significant growth opportunities exist in securing preferred vendor status with regional and national branded food service entities with unique and future-focused eco-friendly solutions
“We are thrilled at the opportunity to acquire rapidly-growing CarryOut Supplies and for the opportunity to restore it to its pre-COVID scale and beyond,” said Lei Sonny Wang, CEO of Nightfood Holdings Inc. “CarryOut is an exciting stand-alone business, and the strategic value of this acquisition is greatly enhanced by synergies with our existing subsidiaries and those we anticipate acquiring in the future.” CONTINUED…Read this and more news for Nightfood Holdingsat: https://ir.nightfood.com/press-releases
In other market news of interest:
Graphic Packaging Holding Company (NYSE: GPK) recently said that it will announce second quarter 2024 financial results before the market opens on Tuesday, July 30th, with a call to discuss results at 10:00 a.m. ET. The conference call will be webcast and can be accessed from the investors section of the Graphic Packaging website at https://investors.graphicpkg.com/. Participants may also listen via telephone by using the following dial-in number: +1 215-268-9905.
Telephone participants should call in at least 10 minutes prior to the start of the conference call. The webcast will be archived and available for replay beginning at approximately 1:00 p.m. ET on July 30th. The Company has also set Tuesday, October 29, 2024 as the tentative date for the release of third quarter 2024 financial results.
Sustainalytics has recently ranked Crown Holdings, Inc. (NYSE: CCK) (Crown) at the top of the Containers & Packaging category in the latest ESG Risk Rating, an industry-wide assessment of corporate sustainability performance. After receiving positive marks across multiple areas of measurement, Crown leads its peer group of 105 organizations and represents one of only 3% of more than 16,200 assessed companies to attain an overall Negligible risk score. This rating from Sustainalytics underscores the comprehensive design and current impact of Crown's ongoing Twentyby30™ program, which aims to achieve 20 measurable sustainability goals to be completed by or before the end of 2030 and focuses on areas of critical concern to the industry.
To build its diverse research universe that spans dozens of industries, Sustainalytics conducts a review of any applicable company's exposure to industry-specific material sustainability risks—and determines how well that company is managing those risks. This review process observes action and performance in several areas related to sustainability. The ratings organization utilizes a significant amount of available data to create category-specific rankings that inform stakeholders such as customers, partners and investors.
Karat Packaging Inc. (NASDAQ: KRT), a specialty distributor and manufacturer of environmentally friendly, disposable foodservice products and related items, recently announced financial results for its 2024 first quarter ended March 31, 2024.
First Quarter 2024 Highlights Were: Net sales of $95.6 million, versus $95.8 million in the prior-year quarter; Gross profit of $37.6 million, versus $38.1 million in the prior-year quarter; Gross margin of 39.3 percent versus 39.8 percent in the prior-year quarter; Net income of $6.5 million, including a negative tax-effected impact of $1.5 million from a non-cash impairment of an operating right-of-use asset, versus $9.2 million in the prior-year quarter; Net income margin of 6.8 percent, including a negative impact of the non-cash impairment of 1.6 percent, versus 9.6 percent in the prior-year quarter; Adjusted EBITDA of $13.5 million, versus $15.3 million in the prior-year quarter; and Adjusted EBITDA margin of 14.2 percent, versus 15.9 percent in the prior-year quarter.
Packaging Corporation of America (NYSE: PKG) recently announced that it will hold a conference call on Wednesday, July 24, 2024 at 9:00 a.m. Eastern Time to discuss second quarter 2024 results. The conference call leader will be Mark Kowlzan. Second quarter earnings results will be released after the market closes on Tuesday, July 23, 2024. To access the conference call, you may pre-register for the conference by navigating to https://dpregister.com/sreg/10184912/fb348a7e90. Once you have registered, you will receive your dial-in number. When dialing in the day of the call, please ask to join the Packaging Corporation of America earnings call.
If you prefer not to pre-register, you may dial in the day of the call using these toll-free numbers: 833-816-1102 (U.S.), 866-605-3852 (Canada) or 412-317-0684 (International) by 8:45 a.m. (Eastern Time). Please ask to join the Packaging Corporation of America earnings call. A replay of the call will also be available from July 24, 2024 until August 7, 2024. To access the recording, please dial toll free 877-344-7529 (U.S.), 855-669-9658 (Canada) or (412) 317-0088 (International). The replay Access Code is: 7255107
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