“Global Packaging Machinery Market Analysis & Opportunity Outlook 2021”
The global packaging machinery market is segmented into product type such as food & beverage, pharmaceutical, personal care & cosmetics and others. Among these segments, food & beverage segment is expected to occupy top position in overall packaging machinery market during the forecast period. Growth in food industry is anticipated to foster the growth of the food & beverage packaging market. Moreover, rapid urbanization and increasing preference for packaged food and beverages is anticipated to drive the growth of the food & beverage packaging market.
Global packaging machinery market is expected to flourish at a significant CAGR of 5.6% during the forecast period. Moreover, the global packaging machinery market is expected to garner USD 59.3 Billion by the end of 2021. Increasing consumption of consumer goods, development of advanced packaging such as automated packaging and enhancements such as energy efficient packaging machinery are believed to trigger the growth of packaging machinery market.
Asia Pacific dominated the overall packaging machinery market in 2016. This can be attributed to the presence of several cosmetics and food & beverage manufacturer in the region. Moreover, the Asian food industry is poised to witness huge growth in upcoming years. Additionally, Asia-Pacific is anticipated to continue its dominance during the forecast period. Moreover, North America is anticipated to witness substantial growth during the forecast period. Factors such as increasing adoption of automated packaging and changing eating habits are predicted to trigger the growth of the packaging machinery market.
Growing Business of End Users
Increasing sales of end use industries such as food & beverage, pharmaceutical and cosmetics industry is anticipated to provide robust growth to the market of packaging machinery. Moreover, these industries are likely to witness huge growth in the upcoming years owing to the changing lifestyle and food habits, rising affluent middle class population and increasing disposable income which further is anticipated to boost the demand for packaging machinery.
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Innovation in Packaging Machinery
Increasing expenditure on technological advancements of packaging machinery and development of advanced and efficient packaging are expected to drive the growth of global packaging machinery market in the upcoming years. Moreover, key players are focusing towards the development of innovative packaging solutions. For instance, in October, 2017, automated packaging systems launched Autobag 500, an innovative, cost effective and efficient packaging machine.
Although, high initial capital investment and increasing concern regarding hygiene of machinery parts are some of the key factor which is likely to dampen the growth of packaging machinery market during the forecast period.
The report titled “Global Packaging Machinery Market Analysis & Opportunity Outlook 2021” delivers detailed overview of the global packaging machinery market in terms of market segmentation by type, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global packaging machinery market which includes company profiling of Barry-Wehmiller Companies, Bosch Packaging Technology, Coesia S.p.A., GEA Group, Illinois Tool Works Inc., Krones AG, Automated Packaging Systems, Inc., Aetnagroup S.p.A., Nichrome Packaging Solutions, Propack Processing and Packaging Systems Inc. and Serpa Packaging Solutions. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global packaging machinery market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
SOURCE: Research Nester Pvt Ltd