Global Packaging Machinery Market is Poised to Reflect 6% CAGR by 2023
Research Reports
Dec 29, 2020
As per Market Research Future (MRFR), the global packaging machinery market is estimated to grow at a CAGR of 6% from 2017 to 2023 (forecast period).
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Packaging machinery is used for many functions like container cleaning, filling and forming, canning, sealing and lidding, bagging, packaging, bottling, unpacking, wrapping, shrink film and heat sealing, inspection and check weighing, palletizing and depalletizing, case forming, labelling, encoding, and many other applications.
Market Dynamics
The global packaging machinery market is very competitive and is expected to experience substantial growth over the forecast period. The global market for packaging machinery is driven by growing demand from various industries, such as food, beverages, pharmaceuticals, personal care, and others. There has been a high reliance on ready-to-eat products. This is backed by a rise in population, automation, and investment by packaging firms, which has contributed to the packaging machinery industry’s growth. Increased demand for packaging robots from a range of end-user industries is also anticipated to push market growth over the forecast period.
Other factors responsible for the development of the packaging machinery market are the growing use of automation in the packaging industry, the rise in consumer goods consumption, the development of energy-efficient packaging machinery technology, the increasing use of vacuum packaging machines, and the introduction of strict government regulations to encourage environmentally friendly packaging.
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Market Segmentation
The global market for packaging machinery has been segmented into type and end-user.
- Based on type, the global packaging machinery has been segmented into form fill seal, labelling & coding, closing & sealing, wrapping & bundling, and others.
- Based on end-users, the global packaging machinery has been segmented into food and beverages, pharmaceutical, personal care, and others. Amongst all the end-users, the food and beverage segment is expected to rise at the highest CAGR level. The packaging is essential for protecting food products and plays a significant role in the product marketing mix. Therefore, the food and beverage industry is expected to contribute most to the growth of the packaging machinery market.
Regional Analysis
Region-wise, the global packaging machinery market has been segmented into Asia Pacific, North America, Europe, and the rest of the world.
The Asia Pacific region is expected to boost the global market for packaging machinery. The market’s growth can be ascribed to the existence of a large number of food & beverage manufacturers and personal care manufacturers in the region. The North American region is also expected to develop significantly in the global packaging machinery market due to the presence of a large number of players in the market, including Bosch Packaging Technology, Dover Corporation, and Nordson Corporation.
Key Players
- Barry-Wehmiller (U.S.)
- Illinois Tool Works Inc. (U.S.)
- Krones AG (Germany)
- Bosch Packaging Technology (U.S.)
- GEA Group AG (Germany)
- Automated Packaging Systems (U.S.)
- Dover Corporation (U.S.)
- Graphic Packaging Holding (U.S.)
- Mamata Enterprises (India)
- MULTIVAC Group (U.S.)
- Nordson Corporation (U.S.)
- Pro Mach Inc. (U.S.)
- Sato Holdings Corporation (Japan)
- Tetra Level International (Switzerland)
- Reynolds Group Holdings (New Zealand)
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