2024 PACKAGING INDUSTRY UPDATE
Public Packaging vs. S&P 500
30%
20%
10%
0%
-10%
Jan-24 Feb-24 Mar-24 Apr-24 May-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24
S&P 493*
S&P 500
TKO Miller Packaging Index
Source(s): S&P Capital IQ, TKO Miller Packaging Index
Overall, TKO Miller’s Packaging Index grew 5% in 2024, although year-end performance was hindered by election uncertainty. Overall, packaging companies weathered the storm during a year of strong market performance.
Packaging Inventory Levels Index
15%
100% 110% 120% 130% 140% 150%
14%
13%
12%
11%
80% 90%
10%
Inventory Levels Index
Inventory as a % of Revenue
Source(s): S&P Capital IQ, TKO Miller Packaging Index
Inventory data from TKO Miller’s Packaging Index indicates that pandemic-related destocking has ended, yet inventory levels increased again in the second half of 2024. This ramp up is likely due to fear of supply chain disruptions, driven by expected changes in trade policy and uncertainty around the availability and cost of materials under new administration.
*Note – The “S&P 493” excludes the "Magnificent Seven" mega-cap tech stocks (Apple, Amazon, Alphabet, Meta, Microsoft, Tesla, and Nvidia), which are responsible for 54% of the S&P 500's 2024 gain of 25%. TKO Miller believes excluding the high-growth tech giants provides a more appropriate benchmark.
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