Selected research
Industry Growth & Trends
Global Packaging Industry Growth and Trends Forecast to 2032
Market perspective
The global Packaging market was valued at US$ million in 2026 and is projected to reach US$ million by 2032, implying a CAGR of xx% over 2026-2032.
The North America market for Packaging is projected to increase from US$ million in 2026 to US$ million by 2032, corresponding to a CAGR of % over 2026-2032.
The Europe market for Packaging is projected to increase from US$ million in 2026 to US$ million by 2032, registering a CAGR of % over 2026-2032.
Read the full market overview
The Asia Pacific market for Packaging is projected to increase from US$ million in 2026 to US$ million by 2032, at a CAGR of % over 2026-2032.
Leading global manufacturers of Packaging include Amcor, Dow, Multivac, Berry Global, Winpak, Sealed Air, Coveris, Cascades and Kureha, among others. In 2025, the top three vendors together accounted for approximately % of global revenue.
Report Scope
This report provides a structured, data-driven view of the global Packaging market, combining harmonized quantitative metrics with targeted qualitative insight to support business and growth strategy, market positioning, and capital allocation.
The Packaging market size, estimates, and forecasts are presented in terms of sales volume (k units) and revenue (US$ million), with 2025 as the base year and historical and forecast data for 2021-2032. The report segments the global Packaging market by Type, Application, region/country, and company, provides regional market sizes at the segment level, profiles the competitive landscape and key players and their market ranks, and reviews technology trends and new product developments relevant to Packaging.
Key Companies & Market Share Insights
This section analyzes the strategies and performance of leading manufacturers in the global Packaging market, including portfolio focus, innovation and product development, mergers and acquisitions, collaborations, and geographic expansion used to sustain or enhance competitive positions. It also summarizes recent corporate developments and key financial indicators and provides global revenue, price, and sales volume data by manufacturer for 2020-2025, enabling benchmarking of scale, pricing, and market share and supporting assessment of market concentration through indicators such as CR5 and CR10.
Packaging Market by Company
Amcor
Dow
Multivac
Berry Global
Winpak
Sealed Air
Coveris
Cascades
Kureha
Smurfit Kappa
Faerch Plast
Amerplast
BASF
Novamont
Futamura
Taghleef Industries
BIOTEC
Jinhui Zhaolong
API
Sigma Plastics Group
Inteplast Group
Manuli
Paragon Films
Trioplast
Scientex
Tetra Pak
SIG
Elopak
Greatview
Packaging Segment by Type
Glass
Plastic
Caps/Closure
Packaging Segment by Application
Food (Glass)
Spirits (Glass)
Wines (Glass)
Others Standard (Glass)
OTC (Rigid Plastic)
Nutrition (Rigid Plastic)
Personal Care (Rigid Plastic)
Others Standard (Rigid Glass)
Packaging Segment by Region
North America
United States
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Spain
Netherlands
Switzerland
Sweden
Poland
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Southeast Asia
South America
Brazil
Argentina
Chile
Colombia
Middle East & Africa
Egypt
South Africa
Israel
Türkiye
GCC Countries
Key Drivers & Barriers
High-impact rendering factors and drivers have been studied in this report to aid the readers to understand the general development. Moreover, the report includes restraints and challenges that may act as stumbling blocks on the way of the players. This will assist the users to be attentive and make informed decisions related to business. Specialists have also laid their focus on the upcoming business prospects.
Reasons to Buy This Report
1. This report will help the readers to understand the competition within the industries and strategies for the competitive environment to enhance the potential profit. The report also focuses on the competitive landscape of the global Packaging market, and introduces in detail the market share, industry ranking, competitor ecosystem, market performance, new product development, operation situation, expansion, and acquisition. etc. of the main players, which helps the readers to identify the main competitors and deeply understand the competition pattern of the market.
2. This report will help stakeholders to understand the global industry status and trends of Packaging and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand competitors better and gain more insights to strengthen their position in their businesses. The competitive landscape section includes the market share and rank (in volume and value), competitor ecosystem, new product development, expansion, and acquisition.
4. This report stays updated with novel technology integration, features, and the latest developments in the market.
5. This report helps stakeholders to gain insights into which regions to target globally.
6. This report helps stakeholders to gain insights into the end-user perception concerning the adoption of Packaging.
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.
Chapter Outline
Chapter 1: Introduces the study scope of this report, executive summary of market segments by type, market size segments for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter 2: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 3: Detailed analysis of Packaging manufacturers competitive landscape, price, sales, revenue, market share and ranking, latest development plan, merger, and acquisition information, etc.
Chapter 4: Sales, revenue of Packaging in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the future development prospects, and market space in the world.
Chapter 5: Introduces market segments by application, market size segment for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter 6: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 7, 8, 9, 10 and 11: North America, Europe, Asia Pacific, South America, Middle East & Africa, sales and revenue by country.
Chapter 12: Analysis of industrial chain, key raw materials, manufacturing cost, and market dynamics.
Chapter 13: Concluding Insights of the report.
More report detail
Tables and figures
Scope & coverage.
Types
- Glass
- Plastic
- Caps/Closure
Applications
- Food (Glass)
- Spirits (Glass)
- Wines (Glass)
- Others Standard (Glass)
- OTC (Rigid Plastic)
- Nutrition (Rigid Plastic)
- Personal Care (Rigid Plastic)
- Others Standard (Rigid Glass)
Companies covered
- Amcor
- Dow
- Multivac
- Berry Global
- Winpak
- Sealed Air
- Coveris
- Cascades
- Kureha
- Smurfit Kappa
- Faerch Plast
- Amerplast
- BASF
- Novamont
- Futamura
- Taghleef Industries
- BIOTEC
- Jinhui Zhaolong
- API
- Sigma Plastics Group
- Inteplast Group
- Manuli
- Paragon Films
- Trioplast
- Scientex
- Tetra Pak
- SIG
- Elopak
- Greatview
Inside the report.
1 Market Overview
- 1.1 Product Definition
- 1.2 Global Market Growth Prospects
- 1.2.1 Global Packaging Market Size Estimates and Forecasts (2021-2032)
- 1.2.2 Global Packaging Sales Estimates and Forecasts (2021-2032)
- 1.3 Packaging Market by Type
- 1.3.1 Glass
- 1.3.2 Plastic
- 1.3.3 Caps/Closure
- 1.4 Global Packaging Market Size by Type
- 1.4.1 Global Packaging Market Size Overview by Type (2021-2032)
- 1.4.2 Global Packaging Historic Market Size Review by Type (2021-2026)
- 1.4.3 Global Packaging Forecasted Market Size by Type (2027-2032)
- 1.5 Key Regions Market Size by Type
- 1.5.1 North America Packaging Sales Breakdown by Type (2021-2026)
- 1.5.2 Europe Packaging Sales Breakdown by Type (2021-2026)
- 1.5.3 Asia-Pacific Packaging Sales Breakdown by Type (2021-2026)
- 1.5.4 South America Packaging Sales Breakdown by Type (2021-2026)
- 1.5.5 Middle East and Africa Packaging Sales Breakdown by Type (2021-2026)
2 Global Market Dynamics
- 2.1 Packaging Industry Trends
- 2.2 Packaging Industry Drivers
- 2.3 Packaging Industry Opportunities and Challenges
- 2.4 Packaging Industry Restraints
3 Market Competitive Landscape by Company
- 3.1 Global Top Players by Packaging Revenue (2021-2026)
- 3.2 Global Top Players by Packaging Sales (2021-2026)
- 3.3 Global Top Players by Packaging Price (2021-2026)
- 3.4 Global Packaging Industry Company Ranking, 2024 VS 2025 VS 2026
- 3.5 Global Packaging Major Company Production Sites & Headquarters
- 3.6 Global Packaging Company, Product Type & Application
- 3.7 Global Packaging Company Establishment Date
- 3.8 Market Competitive Analysis
- 3.8.1 Global Packaging Market CR5 and HHI
- 3.8.2 Global Top 5 and 10 Packaging Players Market Share by Revenue in 2025
- 3.8.3 2025 Packaging Tier 1, Tier 2, and Tier 3
4 Packaging Regional Status and Outlook
- 4.1 Global Packaging Market Size and CAGR by Region: 2021 VS 2025 VS 2032
- 4.2 Global Packaging Historic Market Size by Region
- 4.2.1 Global Packaging Sales in Volume by Region (2021-2026)
- 4.2.2 Global Packaging Sales in Value by Region (2021-2026)
- 4.2.3 Global Packaging Sales (Volume & Value), Price and Gross Margin (2021-2026)
- 4.3 Global Packaging Forecasted Market Size by Region
- 4.3.1 Global Packaging Sales in Volume by Region (2027-2032)
- 4.3.2 Global Packaging Sales in Value by Region (2027-2032)
- 4.3.3 Global Packaging Sales (Volume & Value), Price and Gross Margin (2027-2032)
5 Packaging by Application
- 5.1 Packaging Market by Application
- 5.1.1 Food (Glass)
- 5.1.2 Spirits (Glass)
- 5.1.3 Wines (Glass)
- 5.1.4 Others Standard (Glass)
- 5.1.5 OTC (Rigid Plastic)
- 5.1.6 Nutrition (Rigid Plastic)
- 5.1.7 Personal Care (Rigid Plastic)
- 5.1.8 Others Standard (Rigid Glass)
- 5.2 Global Packaging Market Size by Application
- 5.2.1 Global Packaging Market Size Overview by Application (2021-2032)
- 5.2.2 Global Packaging Historic Market Size Review by Application (2021-2026)
- 5.2.3 Global Packaging Forecasted Market Size by Application (2027-2032)
- 5.3 Key Regions Market Size by Application
- 5.3.1 North America Packaging Sales Breakdown by Application (2021-2026)
- 5.3.2 Europe Packaging Sales Breakdown by Application (2021-2026)
- 5.3.3 Asia-Pacific Packaging Sales Breakdown by Application (2021-2026)
- 5.3.4 South America Packaging Sales Breakdown by Application (2021-2026)
- 5.3.5 Middle East and Africa Packaging Sales Breakdown by Application (2021-2026)
6 Company Profiles
- 6.1 Amcor
- 6.1.1 Amcor Company Information
- 6.1.2 Amcor Business Overview
- 6.1.3 Amcor Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.1.4 Amcor Packaging Product Portfolio
- 6.1.5 Amcor Recent Developments
- 6.2 Dow
- 6.2.1 Dow Company Information
- 6.2.2 Dow Business Overview
- 6.2.3 Dow Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.2.4 Dow Packaging Product Portfolio
- 6.2.5 Dow Recent Developments
- 6.3 Multivac
- 6.3.1 Multivac Company Information
- 6.3.2 Multivac Business Overview
- 6.3.3 Multivac Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.3.4 Multivac Packaging Product Portfolio
- 6.3.5 Multivac Recent Developments
- 6.4 Berry Global
- 6.4.1 Berry Global Company Information
- 6.4.2 Berry Global Business Overview
- 6.4.3 Berry Global Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.4.4 Berry Global Packaging Product Portfolio
- 6.4.5 Berry Global Recent Developments
- 6.5 Winpak
- 6.5.1 Winpak Company Information
- 6.5.2 Winpak Business Overview
- 6.5.3 Winpak Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.5.4 Winpak Packaging Product Portfolio
- 6.5.5 Winpak Recent Developments
- 6.6 Sealed Air
- 6.6.1 Sealed Air Company Information
- 6.6.2 Sealed Air Business Overview
- 6.6.3 Sealed Air Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.6.4 Sealed Air Packaging Product Portfolio
- 6.6.5 Sealed Air Recent Developments
- 6.7 Coveris
- 6.7.1 Coveris Company Information
- 6.7.2 Coveris Business Overview
- 6.7.3 Coveris Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.7.4 Coveris Packaging Product Portfolio
- 6.7.5 Coveris Recent Developments
- 6.8 Cascades
- 6.8.1 Cascades Company Information
- 6.8.2 Cascades Business Overview
- 6.8.3 Cascades Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.8.4 Cascades Packaging Product Portfolio
- 6.8.5 Cascades Recent Developments
- 6.9 Kureha
- 6.9.1 Kureha Company Information
- 6.9.2 Kureha Business Overview
- 6.9.3 Kureha Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.9.4 Kureha Packaging Product Portfolio
- 6.9.5 Kureha Recent Developments
- 6.10 Smurfit Kappa
- 6.10.1 Smurfit Kappa Company Information
- 6.10.2 Smurfit Kappa Business Overview
- 6.10.3 Smurfit Kappa Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.10.4 Smurfit Kappa Packaging Product Portfolio
- 6.10.5 Smurfit Kappa Recent Developments
- 6.11 Faerch Plast
- 6.11.1 Faerch Plast Company Information
- 6.11.2 Faerch Plast Business Overview
- 6.11.3 Faerch Plast Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.11.4 Faerch Plast Packaging Product Portfolio
- 6.11.5 Faerch Plast Recent Developments
- 6.12 Amerplast
- 6.12.1 Amerplast Company Information
- 6.12.2 Amerplast Business Overview
- 6.12.3 Amerplast Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.12.4 Amerplast Packaging Product Portfolio
- 6.12.5 Amerplast Recent Developments
- 6.13 BASF
- 6.13.1 BASF Company Information
- 6.13.2 BASF Business Overview
- 6.13.3 BASF Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.13.4 BASF Packaging Product Portfolio
- 6.13.5 BASF Recent Developments
- 6.14 Novamont
- 6.14.1 Novamont Company Information
- 6.14.2 Novamont Business Overview
- 6.14.3 Novamont Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.14.4 Novamont Packaging Product Portfolio
- 6.14.5 Novamont Recent Developments
- 6.15 Futamura
- 6.15.1 Futamura Company Information
- 6.15.2 Futamura Business Overview
- 6.15.3 Futamura Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.15.4 Futamura Packaging Product Portfolio
- 6.15.5 Futamura Recent Developments
- 6.16 Taghleef Industries
- 6.16.1 Taghleef Industries Company Information
- 6.16.2 Taghleef Industries Business Overview
- 6.16.3 Taghleef Industries Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.16.4 Taghleef Industries Packaging Product Portfolio
- 6.16.5 Taghleef Industries Recent Developments
- 6.17 BIOTEC
- 6.17.1 BIOTEC Company Information
- 6.17.2 BIOTEC Business Overview
- 6.17.3 BIOTEC Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.17.4 BIOTEC Packaging Product Portfolio
- 6.17.5 BIOTEC Recent Developments
- 6.18 Jinhui Zhaolong
- 6.18.1 Jinhui Zhaolong Company Information
- 6.18.2 Jinhui Zhaolong Business Overview
- 6.18.3 Jinhui Zhaolong Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.18.4 Jinhui Zhaolong Packaging Product Portfolio
- 6.18.5 Jinhui Zhaolong Recent Developments
- 6.19 API
- 6.19.1 API Company Information
- 6.19.2 API Business Overview
- 6.19.3 API Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.19.4 API Packaging Product Portfolio
- 6.19.5 API Recent Developments
- 6.20 Sigma Plastics Group
- 6.20.1 Sigma Plastics Group Company Information
- 6.20.2 Sigma Plastics Group Business Overview
- 6.20.3 Sigma Plastics Group Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.20.4 Sigma Plastics Group Packaging Product Portfolio
- 6.20.5 Sigma Plastics Group Recent Developments
- 6.21 Inteplast Group
- 6.21.1 Inteplast Group Company Information
- 6.21.2 Inteplast Group Business Overview
- 6.21.3 Inteplast Group Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.21.4 Inteplast Group Packaging Product Portfolio
- 6.21.5 Inteplast Group Recent Developments
- 6.22 Manuli
- 6.22.1 Manuli Company Information
- 6.22.2 Manuli Business Overview
- 6.22.3 Manuli Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.22.4 Manuli Packaging Product Portfolio
- 6.22.5 Manuli Recent Developments
- 6.23 Paragon Films
- 6.23.1 Paragon Films Company Information
- 6.23.2 Paragon Films Business Overview
- 6.23.3 Paragon Films Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.23.4 Paragon Films Packaging Product Portfolio
- 6.23.5 Paragon Films Recent Developments
- 6.24 Trioplast
- 6.24.1 Trioplast Company Information
- 6.24.2 Trioplast Business Overview
- 6.24.3 Trioplast Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.24.4 Trioplast Packaging Product Portfolio
- 6.24.5 Trioplast Recent Developments
- 6.25 Scientex
- 6.25.1 Scientex Company Information
- 6.25.2 Scientex Business Overview
- 6.25.3 Scientex Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.25.4 Scientex Packaging Product Portfolio
- 6.25.5 Scientex Recent Developments
- 6.26 Tetra Pak
- 6.26.1 Tetra Pak Company Information
- 6.26.2 Tetra Pak Business Overview
- 6.26.3 Tetra Pak Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.26.4 Tetra Pak Packaging Product Portfolio
- 6.26.5 Tetra Pak Recent Developments
- 6.27 SIG
- 6.27.1 SIG Company Information
- 6.27.2 SIG Business Overview
- 6.27.3 SIG Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.27.4 SIG Packaging Product Portfolio
- 6.27.5 SIG Recent Developments
- 6.28 Elopak
- 6.28.1 Elopak Company Information
- 6.28.2 Elopak Business Overview
- 6.28.3 Elopak Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.28.4 Elopak Packaging Product Portfolio
- 6.28.5 Elopak Recent Developments
- 6.29 Greatview
- 6.29.1 Greatview Company Information
- 6.29.2 Greatview Business Overview
- 6.29.3 Greatview Packaging Sales, Revenue and Gross Margin (2021-2026)
- 6.29.4 Greatview Packaging Product Portfolio
- 6.29.5 Greatview Recent Developments
7 North America by Country
- 7.1 North America Packaging Sales by Country
- 7.1.1 North America Packaging Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 7.1.2 North America Packaging Sales by Country (2021-2026)
- 7.1.3 North America Packaging Sales Forecast by Country (2027-2032)
- 7.2 North America Packaging Market Size by Country
- 7.2.1 North America Packaging Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 7.2.2 North America Packaging Market Size by Country (2021-2026)
- 7.2.3 North America Packaging Market Size Forecast by Country (2027-2032)
8 Europe by Country
- 8.1 Europe Packaging Sales by Country
- 8.1.1 Europe Packaging Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 8.1.2 Europe Packaging Sales by Country (2021-2026)
- 8.1.3 Europe Packaging Sales Forecast by Country (2027-2032)
- 8.2 Europe Packaging Market Size by Country
- 8.2.1 Europe Packaging Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 8.2.2 Europe Packaging Market Size by Country (2021-2026)
- 8.2.3 Europe Packaging Market Size Forecast by Country (2027-2032)
9 Asia-Pacific by Country
- 9.1 Asia-Pacific Packaging Sales by Country
- 9.1.1 Asia-Pacific Packaging Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 9.1.2 Asia-Pacific Packaging Sales by Country (2021-2026)
- 9.1.3 Asia-Pacific Packaging Sales Forecast by Country (2027-2032)
- 9.2 Asia-Pacific Packaging Market Size by Country
- 9.2.1 Asia-Pacific Packaging Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 9.2.2 Asia-Pacific Packaging Market Size by Country (2021-2026)
- 9.2.3 Asia-Pacific Packaging Market Size Forecast by Country (2027-2032)
10 South America by Country
- 10.1 South America Packaging Sales by Country
- 10.1.1 South America Packaging Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 10.1.2 South America Packaging Sales by Country (2021-2026)
- 10.1.3 South America Packaging Sales Forecast by Country (2027-2032)
- 10.2 South America Packaging Market Size by Country
- 10.2.1 South America Packaging Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 10.2.2 South America Packaging Market Size by Country (2021-2026)
- 10.2.3 South America Packaging Market Size Forecast by Country (2027-2032)
11 Middle East and Africa by Country
- 11.1 Middle East and Africa Packaging Sales by Country
- 11.1.1 Middle East and Africa Packaging Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 11.1.2 Middle East and Africa Packaging Sales by Country (2021-2026)
- 11.1.3 Middle East and Africa Packaging Sales Forecast by Country (2027-2032)
- 11.2 Middle East and Africa Packaging Market Size by Country
- 11.2.1 Middle East and Africa Packaging Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 11.2.2 Middle East and Africa Packaging Market Size by Country (2021-2026)
- 11.2.3 Middle East and Africa Packaging Market Size Forecast by Country (2027-2032)
12 Value Chain and Sales Channels Analysis
- 12.1 Packaging Value Chain Analysis
- 12.1.1 Packaging Key Raw Materials
- 12.1.2 Key Raw Materials Price
- 12.1.3 Raw Materials Key Suppliers
- 12.1.4 Manufacturing Cost Structure
- 12.1.5 Packaging Production Mode & Process
- 12.2 Packaging Sales Channels Analysis
- 12.2.1 Direct Comparison with Distribution Share
- 12.2.2 Packaging Distributors
- 12.2.3 Packaging Customers
13 Concluding Insights
14 Appendix
- 14.1 Reasons for Doing This Study
- 14.2 Research Methodology
- 14.3 Research Process
- 14.4 Authors List of This Report
- 14.5 Data Source
- 14.5.1 Secondary Sources
- 14.5.2 Primary Sources
- 14.6 Disclaimer
GET THE RESEARCH
Choose your license.
Choose who needs access.
All options are for this report and research series.
PDF by email within 3–5 working days after payment confirmation.
Talk to an analyst