 Thank you everyone for your patience. I greatly appreciate it. Over the next hour we'll listen to the findings of this report by Gordon with Euromonitor. This presentation will explore key trends driving development and innovation in packaging and will seek to identify hotspots for packaging growth in all regions throughout the world. Gordon is an associate consultant at Euromonitor Chicago office. He's responsible for executing custom research projects for international clients. Since joining Euromonitor, Gordon has managed research in North America and Latin America across a variety of industries including but not limited to consumer package goods, consumer finance and industrial products. Prior to joining Euromonitor Gordon worked as an independent consultant for a global textile company in Guatemala focusing on operations performance improvement. Gordon has a master's of international business from Florida International University as well as MBA from INCAE Business School in Costa Rica. So just a quick couple of housekeeping notes before we get started. Everyone's phone is muted to keep the background noise at a minimum. If you have any questions at all throughout the entire presentation please type them in the chat box which is located on the left hand corner of your screen and they'll be answered at the end of your presentation. And at this point I'd like to hand the webinar over to Gordon. Okay, thank you Paula for that introduction. Good afternoon everyone. So again my name is Gordon Letcher, consultant at Euromonitor International. Paula kind of let you know this afternoon I will be presenting our research on global trends in the packaging industry. I think we have some very interesting trends and developments to call out during the presentation. So at Euromonitor we cover volume sales of different pack types but one of our strengths is also understanding consumer trends. So as much as possible I've weaved in qualitative factors that are driving change in the global packaging landscape. So a little bit about Euromonitor, we are an international market research firm with 12 global offices and part of the reason we are unique is that we have in-country analysts in over 80 countries who help us understand the unique market conditions in these countries. So this of course allows us to get a sense of what is driving changes in packaging for example across very diverse markets. And just to restate briefly this presentation will explore key trends, driving development, and innovation in packaging and again to seek out hotspots for packaging growth in all regions. In terms of pack types we are looking at the data used in this presentation includes only final consumer product packaging. So excluded from this presentation is data regarding shipping packaging or other non-final consumer product packaging. And for definitions the primary packaging touches the product and secondary faces the consumer. And all data presented in this presentation is retail unit volume in billions of units unless otherwise noted. And it also includes online purchases. And this presentation will look at six different regions and focuses on packaging in several key industries including packaging for beauty and personal care, packages, dog and cat food, home care, and packaged food. And the regions you see listed here are North America, Latin America, Western Europe, Asia Pacific, Eastern Europe, and Middle East and Africa. So let's go ahead and jump into the executive summary. And we'll look here at three key trends that are impacting the packaging industry to at least a certain degree in all regions. So the first one is consumer interest in health and wellness is driving growth in certain pack types that in turn is having a noteworthy impact on the volume sales of packaging associated with healthy products. So for instance we see increased consumption of bottled water and yogurt products as well as decreased consumption of carbonates in many markets. These health and wellness related trends are changing the landscape of packaging. In addition, portion control leading to many smaller pack types in packaged food and beverages is having an impact in many of the more developed markets. And also what we are seeing in many mature markets is the importance of sustainable packaging. So in many regions maybe the developing markets like Africa not included, consumers are becoming more aware of the packaging used for the products that they buy. This trend is particularly strong in Western Europe but increasingly more in North America and major Asian markets such as China and Japan. And finally macroeconomic trends will impact packaging in both developed and developing markets for instance lightweight packaging and larger pack size that provide consumers discounts for purchasing a bulk will be popular in countries where economies are struggling. So for example in key South American and European countries in addition improving economic conditions in developing markets as well as urbanization is boosting in industries such as packaged food overall which will expand growth in associated pack types. So here we are looking from a global perspective the key product categories that are driving growth in packaging. The vertical axis here shows the absolute volume growth in the forecast period from 2015 to 2020. In this case the volume is in billions and the horizontal axis indicates the forecasted compound annual growth rate in the same period. And the size of the bubbles indicates the size of the category in 2015 in volume terms. So a recurring story in many regions is that bottled water will continue to be a dynamic performer as will yogurt and sour milk drinks. This of course will boost performance of PET bottles thin walled plastic containers and also cartons for yogurt products. The growth rates in these high growth categories far surpasses the average regional growth rate in most of the geographies we looked at as we'll see here in this next slide. So this current map looks at the projected compound annual growth rates in overall packaging across the different regions we looked at throughout the study. What we see is modest overall growth in most regions with healthier growth in developing markets. So Middle East and Africa as well as Asia Pacific see stronger growth as many countries are also growing from a lower base. In addition, increased disposable income and urbanization rates support the growth of key industries such as packaged food which will boost growth overall in developing markets. Key markets in Latin America continue to struggle with poor macroeconomic conditions which is also the case in some Western European countries and also Eastern Europe. In North America which is dominated by the United States most industries are mature and there is no significant growth in overall packaging projected. In the following slide we are looking at a similar map but are exploring data in terms of absolute volume growth of packaging across the different regions in the same forecast period. So here we see that in volume terms Asia Pacific is by far growing region to enlarge parts to its immense population, economic growth in major markets and high levels of urbanization which is moving consumers to purchase more from formal channels rather than the common informal channels found in more rural locations in developing countries. So these previous slides provide a good high level view of developments in packaging but now what we'll do is move forward looking at the regional perspective starting with North America. And for a basis of this presentation North America includes the US and Canada. So Mexico is included in our Latin America regional analysis. But before diving into the data some key themes in North America that are having an impact in packaging include a resurgence of glass bottle packaging and beverages. So here we see that premium products are driving growth in beverages as well as craft beers. Also smaller pack sizes are doing well in North America. This is driven by health and wellness trends. So consumers are looking to smaller pack sizes as a form of portion control. Also these smaller sizes are more convenient and portable which go in line with the on the go lifestyle that many North Americans have. Sustainability is also becoming more important for North American consumers as they are even aware of whether their packaging is environmentally friendly not only whether their food was produced sustainably. So now moving into the data starting with a macro view. North America volume sold of the industries covered for the study totaled 529 billion units. The top three pack types which include PET bottles flexible plastic and metal beverage cans account for nearly 60% of total units sold in 2015. As we see in the table at the bottom North America is expected to grow at a modest rate in the forecast period only a 0.8% growth. This is due to economic conditions as well as both markets being mature consumer markets. In the historic period 2010 to 2015 PET bottles saw impressive growth mostly on the back of increased consumption of bottled water and this trend will continue into the forecast period as PET bottles expect a 2.6% CAGR compound annual growth rate which of course is higher than packaging in the region overall. This trend will be divergent when looking at bottled water versus PET bottles for carbonates. So in North America again the consumer trend toward healthy lifestyles is having a profound impact on the types of products being purchased. So in conjunction with this trend metal beverage cans will see negative performance in the forecast period projected at a negative 0.7% CAGR included in the others category plastic pouches a subcategory within stand-up pouches whose example as we see here will grow at one of the fastest rates among the more developed pack types projecting in nearly 6% growth rates and nearly 2 billion additional units sold. And driving this growth are confectionary products, nuts, seeds and mixes and processed or dried fruit products. Plastic pouches also align with consumers demand for convenient pack types that offer portion control and that also fit consumers on the go lifestyle. So this following slide looks at the most dynamic product categories that fall within the industries looked at. So the axis on the left shows absolute volume growth exhibited by the bar graphs and the axis on the right is the forecasted compound growth rate indicated by the blue dots. So not surprisingly bottled water is expected to have the highest growth in overall volume terms. However dark beers which include many craft beer varieties are expected to have some of the most impressive growth rates at over 7% annually. Craft beers are largely packaged in glass bottles as it supports their premium positioning compared to the more traditional beer categories. Now we break down packaging a little further looking at food packaging in North America. So here the key pack types are flexible plastic folding cartons and thin wall plastic containers. And just to clarify the double donut chart we are looking at the outer ring represents 2020 volume share whereas the inner ring represents 2015 volume share. So we can see here among the key pack types there won't be significant changes in the relative share package food packaging. Yet in the others category pack types such as the stand up pouches as well as PET bottles will see accelerated growth. Again convenient sizes multi-use and the on the go convenience within confectionary and processed fruit categories will support stand up pouches. Also a shift in consumption to alternative milk products is growing share in PET bottles within dairy packaging. So consumers in the US are consuming less traditional milk products which is largely a factor of the changing demographics in the US resulting in low growth for HDPE bottles and also then important growth for PET bottles that are commonly used in alternative milk products to display premium and unique positioning on the shelves. This current slide explores drinking milk products in a little bit more detail. If we look at the call out box in the top right we see that other milk alternatives are expected to grow by about 1 billion in value sales in the forecast period. Again these products are driving growth in PET bottles but also shaped liquid cartons and gable top liquid cartons. The shaped liquid cartons benefit from their natural and environmental feel which is in line with the global trends that we explored in the executive summary. PET bottles on the other hand offer brand of the opportunity to differentiate themselves on the shelves to attract consumers with more developed labeling and product information. Moving forward we take a look here at beverage packaging in North America. We see over 265 billion units sold in 2015 and looking at the chart we do see some changes in the pack type share moving into the forecast period. Most notably PET bottles will gain share as metal beverage cans will lose relative share of the North America beverage packaging market. Metal beverage cans will lose share mostly due to glass bottles regaining share in key categories such as beer but even premium carbonates. So consumers are moving to many premium and indulgent products in categories such as beer, carbonates as well as juices. But among these products craft beer is most responsible for the shake up and pack type share projected in the forecast period. Within beverage packaging a product category seeing some interesting developments despite modest growth overall is sports strengths. So of course PET bottles remain the standard in this product category as the color of the product is important for the consumer experience but innovations by companies such as Gatorade are changing consumer expectations for sports drinks. There are more functional sports drinks that provide more tangible benefits to serious athletes entering the market and this is creating impressive growth projected at over 8% annually in the forecast period of plastic pouches. An example of which we see here in the slide. And these pouches again are convenient. They're easy to carry in gym bags for example and provide convenient single serving options to consumers. And then natural sports drinks are also entering the market often in liquid cartons. And as mentioned before these cartons benefit from an environmentally sustainable perception among consumers. Here we look at beauty and personal care packaging in North America. What we see is a highly fragmented industry in terms of pack types. And of course beauty and personal care includes a broad variety of product categories. As a common theme PET bottles again is projected to see substantial growth showing the highest growth prospects in absolute volume terms. One of the benefits of PET in the beauty and personal care industry is again the customer experience where brands can showcase the product inside cultivating a reputation of having a quality product. Also along with the PET bottles metal aerosol cans are another category that will see impressive growth projecting a 9% compound annual growth rate in the forecast period. This is due to consumer demand and increased sales of spray deodorants and body mists throughout North America. Turning now to dog and cat food packaging we see an industry that is dominated by metal food cans. However this will change moving into the future. A trend we are seeing in this industry is the humanization of pets which basically means that pets are being given more premium food options often natural and organic based products. And these products often have similar quality food that the pet owners even purchase for themselves. So these more premium pet foods are often delivered in stand up pouches particularly in wet dog and cat foods. And thin wall containers will also see growth in the premium pet food segments which along with stand up pouches will capture share from metal food cans. In both cases these emerging pack types have a more premium image in the eyes of consumers when compared to the more traditional pack types such as metal cans. And then finally wrapping up packaging in North America we'll take a look at the home care industry. In home care we see PET bottles growing in share while HDPE bottles and folding cartons each decline within the others category on these donuts here to the right. Plastic pouches will see a strong 5% compound annual growth rate in the forecast period due to zip closures presenting child safe packaging options. This feature is a main driver away from powder detergents being sold in folding cartons and in addition some brands are developing refillable pack types for home care products which will drive down costs for consumers while also presenting them with more environmentally sustainable options. So this covers our insights for North America and we'll just go ahead and jump right into the insights for Latin America. So moving along here in Latin America we also explore some central themes. These central themes include sustainability, losing ground to convenience in some of Latin America's major markets. Consumers are more concerned about minimizing costs versus purchasing sustainably packaged products. And this is largely a result of poor economic performance in many of the key markets. And related to that declines in disposable incomes are making consumers more cost conscious. So this is driving consumers to purchase smaller pack sizes for home care and other categories. And finally we see lifestyle developments driving change in packaging. So trends towards urbanization smaller families and health awareness are influencing the types of packaging consumers seek. So now looking at the macro view, in Latin America economic challenges in key markets such as Brazil, Argentina, Venezuela will lead to slow overall growth in the forecast period. Nevertheless these weak economic conditions should have an impact in packaging trends overall. And looking at the macro numbers 456 billion units of products in our research scope were sold in 2015. This number is expected to grow to 500 billion units by 2020 representing a 1.8% compound annual growth rate for the forecast period. Flexible plastic will continue to be an important pack type in the forecast period driven by multi-pack and economy products. In markets such as Brazil and Mexico consumers are shopping for the most economic options for the products that they buy and this is often packaged in flexible plastics. Interestingly along with bulk sizes and multi-packs smaller pack sizes are also growing due to overall reduced disposable income. And this divergent trend of pack sizes on opposite ends of the spectrum growing in countries with weak economic growth is actually seen across many markets that we looked at throughout the study. So family size packaging as well as refillable packages will help support growth of PET bottles in the forecast period. And again PET bottles will be one of the more dynamic pack types in the Latin America region as well. And looking at the product categories growing in the region bottled water is by far the most dynamic in terms of absolute volume growth as well as the forecast growth rates. And still bottled water leads to the overall category with a 5.3% cager in the forecast period and over 75% of the absolute volume growth. And in terms of absolute volume growth, lagers are also doing well. They continue to do well despite economic pressure also due to manufacturers exploring different pack sizes to appeal to consumers with lower disposable incomes. Food packaging in Latin America will see a 1.5% compound annual growth rate in the forecast period. Flexible plastic dominates food packaging in Latin America but we do see liquid cartons and thin wall plastic containers making gains in the region. Like in North America, many Latin American consumers are living busier lifestyles and many countries are trying to urbanize as well. So both factors promote more on-the-go snacking or even eating in the office for example. This is requiring more convenient pack types that consumers can take along with them throughout their hectic lifestyle. We are also seeing health and wellness trends beginning to take hold in Latin America which is leading consumers to increase yogurt consumption as a healthy snack alternative. And we anticipate an increase of 1.6 billion units volume growth for thin wall plastic containers as a result of this shift in consumer habits. So exploring yogurt and sour milk products a little further, we see that thin walled plastic containers will have the highest absolute value growth whereas liquid cartons will see impressive future growth rates. Shaped liquid cartons are extremely popular in the Argentinian market and as we see in other markets many regional trends are really driven by key markets at the country level such as Argentina. So in some cases changes in packaging is driven by individual countries. Specifically Brazil and Mexico are driving growth in the walled plastic containers for yogurt products. And relative to other industries beverages in Latin America is set to see reasonable growth in the forecast period. As you can probably imagine bottled water will be a huge influencer in the PET bottles growth in the forecast period. As you see the product category is projected to grow by 6.6 billion units in the future period. In Latin America this growth is attributable to different factors so one of course is the shift to healthier lifestyles that many consumers are making. But another important factor is the limited access to clean tap water in many countries. So these together are driving growth in bottled water consumption throughout Latin America. And then looking here at bottled water in a little bit more detail we see that PET bottled water accounted for over 4 billion units of growth or will account for, excuse me, this is by far the most common pack type in the category. Additionally bottled water is expected to grow by a 5% compound annual growth rates in the forecast period which will support sustained growth in PET bottles and some other pack types as well. Glass bottles are seeing impressive growth rates in the future period due to premium bottled waters being popular in some key markets such as Brazil. In beauty and personal care we see some shifts in the relative share of pack types. And metal aerosol cans will see impressive growth in Latin America bolstered by spray deodorants and sun care products. Additionally plastic pouches will see an impressive 13% growth rate driven by convenience and cost savings offered by this pack type. Finally looking at home care we see PET bottles gaining relative share mostly at the expense of HDTE bottles. This is most evident in product categories that include dishwashing and disinfectants. So PET bottles are expecting a 3% compound annual growth rate compared to the 1% growth rate for HDPE. Plastic pouches will also do well in this category due to their convenience and environmentally friendly image. And this slide simply indicates the importance of the key markets for packaging trends in the region. So obviously Brazil and Mexico are significant due to the size of their populations. Between these two markets metal beverage cans and PET bottles respectively will have the highest growth rates among the larger packaging types. Next we'll move along to Western Europe. The key trends in Western Europe include sustainable packaging. A shift to smaller pack sizes driven more by manufacturers trying to reduce costs and smaller households in this case compared to the portion control and more health focused driven smaller pack sizes in North America. And there is also an increase in convenient packaging types driven by the on the go lifestyles also seen in Western Europe. So looking at the numbers for Western Europe from a macro perspective the total number of units sold across the industries we researched was 705 billion units. This number is expected to grow to 748 billion by 2020. This is representing a 1.2% compound annual growth rate. Minimizing environmental impacts is an important issue for consumers as well as for retailers, producers and packaging players in Western Europe. This is creating growth in pack types that are easily recyclable such as stand up pouches. And again PET bottles will have the highest growth among key categories as will metal beverage cans which will be driven by some emerging markets including Turkey in this case. Bottled water again is seeing high growth but diving into that number in a little bit more detail we see that functional bottled water will see a very impressive 27.4% compound annual growth rate in the forecast period. In addition ready to drink teas and energy drinks are seeing impressive growth in percentage terms due to product innovations and more diverse product offerings. So typically what we see here is that Western Europe lags behind North America specifically the United States in product innovation. And as we were aware the ready to drink tea category and energy drinks have seen a lot of new product offerings and different SKUs on shelves offering innovative products. So we see Western Europe moving in that direction as well. Now looking at food packaging specifically flexible plastic is expected to gain some share in the forecast period. So this is again a case where a single market drives significant growth. So this is driven by Turkey which of course has a large population when compared to other European markets and is also in some respects a developing country. So what we see here in Turkey is more consumers moving to formal channels which is driving the purchase of traditional consumer package goods overall. And stand-up pouches are also doing well largely as a result of popular cheese products and also confectionary. In beverages PET bottles are surprisingly growing in the beer category. This can especially be seen in Germany and Spain. So this is expecting a 6.5% compound annual growth rate. This is due to increased interest for economy price beers. Again in key consumer markets such as Germany and Spain. In addition brick liquid cartons are losing volume sales in juices as consumers perceive these products to be unhealthy and are changing their consumption habits of this product. And this is also a trend that we see in North America that some consumers are moving away from juice products especially on the low end. And in some cases are switching over to more premium products within juice. In Western Europe the distribution among the key markets for packaging is a little bit more evenly distributed. So the major three markets account for 52% of regional volume. Those markets include Germany, the United Kingdom, and France. So for each of them we see PET bottles to be the fastest growing pack type. And that is as a result of bottled water, carbonates, and beer products as well again in Germany. I think also notable here in Germany is the decrease in projected growth for glass bottles. As packages switch from glass bottles to PET for example within the beer category. Next we'll move to Asia-Pacific. Here we can see the key trends developing in Asia-Pacific that are having an impact on packaging. So looking at these central themes, packaging overall is seeing impressive growth due to improving economic conditions driving growth for consumer products overall. Also single person households impact the pack types available to consumers. So single use value and convenient pack sizes are becoming more popular as a result of the growing number of single person households in key Asia-Pacific markets such as China and Japan. Overall Asia-Pacific is the largest region in total units sold. Flexible packaging will continue to perform well especially in markets such as India where manufacturers are moving away from glass and metal packaging toward flexible packaging. In addition environmentally friendly packaging will see more interest from consumers especially in markets such as China and Japan. And this trend will impact consumer behavior more throughout the forecast period. Looking at the key product categories driving growth we obviously have bottled water as a major influencer. However yogurt and sour milk will see impressive growth rates as it is expected to become a popular snacking option in key markets again due to its healthy positioning. Looking specifically at food packaging and referring back to the growth in yogurt as a product category shaped liquid cartons are projected to see 12.6% compound annual growth in the forecast period due to the yogurt category again. Also flexible plastics will do well by offering small and affordable pack sizes to low income consumers specifically in savory snacks and confectionary products. Increasing incomes are creating growth for bottled water, energy drinks, and carbonates supporting PET packaging overall in Asia Pacific. Also growing coffee consumption will create growth for flexible aluminum and plastic packaging which we see an example of here in the second bullet. This pack type is expected to see a 7.3% keger in the forecast period. Specifically in China metal bottles will perform extremely well within 8.4% compound annual growth rate. Beer manufacturers use metal bottles to convey a premium positioning in the Chinese market. In Asia Pacific the largest three markets account for 76% of the regional volume in packaging units. And looking at India specifically we see some very impressive growth rates as India is witnessing strong economic growth and they are also becoming more urbanized which is increasing the consumption of package goods while consumers move away from more traditional and informal channels found in the rural areas throughout India. Now we'll touch briefly on Eastern Europe. So one of the key factors driving packaging trends in Eastern Europe is the general weak economic performance in many of the key markets. So here the packaging manufacturers and the product manufacturers are looking to reduce costs overall which is driving higher growth in cheap packaging that will also allow for more inexpensive transportation. So in Eastern Europe the overall macro number is 163 billion units sold of the pack types we explored in this study. This is expected to grow to 279 billion units at a growth rate of 1.2% over the forecast period. And again as I mentioned there is a movement towards cheaper packaging materials so this is seeing growth in flexible plastic again as a consequence of the challenging economic conditions throughout Eastern Europe. In some markets most notably Poland ecological packaging is a growing trend driven by the middle class and urban consumers. And similar to some of the trends seen in Latin America for example glass bottles is a favorite pack type for more premium food and beverage. So this would be a factor for bottled water as well as premium juices in Eastern Europe. And here we're looking at some of the key markets in Eastern Europe which account for 79% of total packaging in the region. Here we see that the market with the strongest growth is Poland which relatively has performed more strongly economically compared to some of its neighbors. I'm looking at PET bottles specifically within Poland we see a 6% projected growth rate in the forecast period as a result of bottled water consumption, carbonate, juices, and ready to drink teas. And finally we will wrap up the regional analysis by looking briefly at the Middle East and Africa. So many of the economies in the Middle East and Africa are improving which is changing household lifestyles supporting demand for food overall. So similar to what I spoke about in India we have a lot of consumers moving to more formal channels and as a result consuming more traditional packaged goods especially packaged food and packaged beverage. In Middle East and Africa is the smallest market in overall units sold so 163 billion units sold in 2015 but has the highest growth rate. So we have a 5.3% Kager projected for the forecast period which will drive total units sold to 211 billion. And while overall packaging is traditionally increasing in still more affordable pack types, so we see flexible plastic will grow at nearly 6% Kager in the forecast period. And also as in the other markets we'll achieve a strong growth rate of 6.6% adding nearly 10.5 billion units sold by 2020. And again in this region as well we see the top markets really dominate the regional volume. So we have Egypt, Saudi Arabia, and South Africa really commanding a high percentage of the regional share of packaging. And again in all three markets PET bottles is one of the strongest growing pack types specifically the strongest growing pack type in South Africa at 7.2% compound annual growth rate for the forecast period and in Egypt as well at 6.3%. Now we'll wrap up this afternoon's presentation with some of the conclusions. So overall Asia Pacific is the region with the largest potential growth opportunity within packaging. So again the forecast growth in Asia Pacific for packaging overall is 4.3% which accounts for about 293 additional units sold. PET bottles is the pack type with the second largest total packaging growth in absolute terms. So flexible packaging has the highest absolute growth. The forecast growth for PET bottles is 5% and projects to add about 66 billion units in the forecast period. And driving down even further bottled water is the category with the largest packaging growth opportunity which expects a 7.5% growth rate in the forecast period 2015 to 2020 and will account for 47 billion units of the previously mentioned 66 billion units added in PET. So this slide here looks at some of the key product categories growing in each region. So 5 out of the 6 we have bottled water. So Asia Pacific adding 47 billion units in Western Europe about 10 billion North America just over 10.5 billion units of bottled water in the forecast period and Latin America beer is actually the fastest growing in volume terms at 5.6 billion units. In Eastern Europe again we have bottled water at 2.3 billion units and finally 6 billion units in Middle East and Africa. And here again we have some of the regional stats. So the highest growing in volume terms pack types. So Asia Pacific again flexible plastic is the highest growing absolute volume pack type followed by PET bottles and then glass bottles. In Western Europe flexible plastic is also the highest growing pack type in volume terms followed by PET bottles and thin wall plastic containers. In Latin America we have PET bottles, glass bottles, and flexible plastic. In Latin America PET, flexible plastic and glass bottles are the leading pack types. Eastern Europe PET bottles, thin wall plastic containers, glass bottles and then finally in Middle East and Africa flexible plastic followed by PET bottles and then thin wall plastic containers. That concludes the presentation for this afternoon so I thank you all for your attention. This is my contact information. If you have any follow-up questions feel free to reach out to my email and thank you all for your time. And to bring this up there is a more comprehensive reports available from PMMI if you're interested in looking at that as well. So thank you so much. Gordon thank you. That's some great information you had on this report. Just to touch back on a few things that you mentioned at the beginning some of the key trends are the greater consumer awareness of health and wellness which is really driving some of this information forward. Stronger influence of recycling and environmental issues in the mature markets and macroeconomic trends are impacting packaging and developing markets. So those are just some of the key trends that affect all of these markets and all of these regions and all of the data that you've just seen. So we have had a couple questions. One of them is in a couple places within your presentation you mentioned formal channels. What is the definition of that? What are you referring to when you say formal channels? So here in the US that would refer to your traditional like grocery, supermarket, hypermarket, mass merchandiser, convenience, just more traditional formal channels as we know them in developed markets. In many of the developing markets people, individuals, specifically in rural communities, purchase their food and beverage products from an informal store. So it could be someone selling food at the side of the road or milk, dairy is a very big informal kind of product in many of these markets. So it will sell dairy products in bags for example. But as consumers are increasing their disposable income becoming more urbanized they would go to the formal channel which I would consider the grocery and the convenience. Okay. That's great. Thank you. That helps a lot. As Gordon mentioned this report is available on PMMI.org slash research so please be sure to go on our website and download that report. We are in the process of finalizing the redesign of the website so if you go on and you have an issue downloading the report please email Rebecca Marquis at PMMI.org or myself at P. Feldman at PMMI.org and we'll make sure you get the information immediately. We also have a few reports that are coming out soon. One is on automation which is top of mind from several members and it's definitely a report that's going to talk about the evolution of automation, what's going on, what's in the future and how you can act upon it. And moving forward towards the rest of the year we'll have a state of the industry report on packaging, a state of the industry on processing for food and beverage. We'll also have a beverage industry report and a snack food industry report so there's a lot of information along with all of our quarterly economic reports that we do. So please be sure to visit PMMI.org slash research. Again Gordon, thank you so much. Great presentation. If anyone has any questions after the webinar or so please do not hesitate to email me. I'd be happy to either answer your questions or chat with Gordon and get the answers right to you. So with a final note you will receive an email today to complete an evaluation for the webinar. It's only going to take you one to two seconds. Please fill it out, just let it know how we're doing, how you use information, was it actionable, and is there another topic that you'd like to have discussed? This just helps us move forward with our research. So Gordon, thank you again. Okay, thank you so much. Thank you everyone. Bye-bye.