PCI Films Consulting's "Europe's Flexible Packaging Market 2009" study reported converted flexible packaging demand in Europe fell 3% in value terms to approximately €10.4 billion in 2009, equivalent to 44.2 billion square meters of material. Study author Paul Gaster attributed the value decline primarily to lower raw-material costs—especially in the first half of the year—which flowed through to customer pricing even as underlying volume proved more resilient than many forecasters expected.
Demand measured in area terms increased roughly 1%, supported by food, pharmaceutical, and pet food segments that together represent about 90% of European flexible packaging consumption. Gaster described the sector as "recession-resistant" relative to industrial packaging tied to automotive and construction markets, which collapsed during the global financial crisis.
The report highlighted Amcor's completion of selected Alcan Packaging acquisitions, leaving Amcor as by far the largest flexible packaging converter in Europe with approaching 25% market share. PCI noted other top-ten European converters had not yet reached scale to challenge the enlarged Amcor equally, predicting further consolidation as mid-size plants became acquisition targets.
Converter margins remained under pressure because resin costs rebounded strongly in 2009 after the prior year's declines, reversing temporary relief. Medium-sized converters in national markets still gained share in niches such as high-barrier retort pouches, but capital for new CI flexo or laminating lines remained constrained following drupa 2008 financing disruptions.
PCI forecast Europe's flexible packaging market could grow 4–5% in value during 2010 as customers rebuilt inventory, accepted higher selling prices, and resumed modest volume expansion. For plant managers, the 2009 PCI data validated holding food-sector capacity while deferring discretionary upgrades—a strategy many applied until resin and financing markets stabilized in 2010.