Packaging Machinery Market 2023 Upcoming Trends, Business Prospects, and Forecast till 2030
Jan 09, 2023
According to MRFR analysis, the global Packaging Machinery Market is expected to register a CAGR of 5.9% from 2022 to 2030 and hold a value of over USD 72,624.7 million by 2030.
The major factors driving the market growth such as the high demand for packaged foods & beverages and rising consumer spending on pharmaceuticals & personal care products. Furthermore, packaging equipment is needed by numerous logistics organizations to wrap and package their products before shipping. E-commerce is in advanced momentum across the globe, facilitated by the rising penetration of internet connections and online retailers.
The COVID-19 epidemic had a considerable impact on the packaging machinery market. The augmented number of COVID-19 cases across the globe impacted consumer shopping at retail shops and convenience stores. Also, the disturbance of the supply chain and the absence of workforce obtainability negatively impacted the Packaging Machinery market growth. Moreover, the major players in several regions emphasized the development of new strategies to meet the demand of consumers.
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Asia-Pacific held a significant market share. owing to rapid population growth, and increasing consumer purchasing power is likely to fuel the demand for packaged goods. Several regional companies are imminent together to boost their production capacity and strengthen their market presence.
North America was the fastest-growing region. due to the highly established food & beverage industry in the US and Canada. The existence of several multinational food processing and manufacturing enterprises results in an augmented demand for packaging machinery. Technological progress in packaging tools is also one of the leading factors driving the region’s market growth.
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The Global Packaging Machinery Market has been segmented into type and end-user
Based on machine type, The Global Packaging Machinery Market has been segmented into Filling, labeling, form-fill-seal, cartooning, wrapping, palletizing, bottling line, and others. The form-fill-seal category held a significant share owing to the rising demand for wrapped foods, such as wrapped vegetables, loaves of bread, sandwiches, etc., in urban areas, which is expected to contribute to the growth of the wrapping machine category considerably.
Based on end-user, The Global Packaging Machinery Market has been segmented into beverages, food, chemicals, personal care, pharmaceuticals, and others. The food category held a major market share due to the rising consumption of healthy and organic products requiring a particular packaging type. Besides, personal care was the fastest-growing category owing to different aspects, such as growing spending, changing lifestyles, purchasing capacity, and the obtainability of a huge spectrum of products appropriate for every consumer.
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Some of the key market players are Barry-Wehmiller (U.S.), Illinois Tool Works Inc. (U.S.), Krones AG (Germany), GEA Group AG (Germany), Dover Corporation (U.S.), Graphic Packaging Holding (U.S.), MULTIVAC Group (U.S.), Nordson Corporation (U.S.), Pro Mach, Inc. (U.S.), Sato Holdings Corporation (Japan), and Tetra Level International (Switzerland)
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