The global packaging machinery market is projected to grow at a CAGR of 6% during the forecast period. As per the packaging machinery market research report, the global market for packaging machinery is projected to grow swiftly. According to analysts, rising demand from various industries as well as adoption of automation processes will drive the market growth during the forecast period. The packaging machinery market research report offers a comprehensive analysis of the global packaging machinery market and its type, region, and end-users segments. The fluctuating raw material prices along with concerns regarding supply chain are the elements that could influence the packaging machinery market advancement throughout the forecast period. The packaging machinery market research report by expert analysts is developed to assist organizations in the packaging machinery market.
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The global packaging machinery market has been segmented based on type, region, and end-users. On the basis of type, the market for packaging machinery is segmented based on closing & sealing, form fill seal, labelling & coding, wrapping & bundling, and others. Additionally, the market on the basis of end-users, is segmented into beverages, personal care, pharmaceutical, food, and others.
Major factors such as slow economic growth in some parts of the world could obstruct the packaging machinery market growth. However, according to the packaging machinery market research report, demand for packaging robots along with increasing investments by key companies in the market will propel growth throughout the forecast period. The packaging machinery market is set to register growth at a high CAGR owing to these key factors. The exploration of type, region, and end-users segments along with regional markets has been given in the global packaging machinery market research report. The research analysts studying the packaging machinery market have put out market forecasts in the packaging machinery market research report in order to support packaging machinery market-based companies. The packaging machinery market research report provides an extensive understanding of the packaging machinery market based on the information and forecasts till 2023.
Packaging Machinery Market – Regional Analysis
The Asia Pacific region dominates the global packaging machinery market. The largest market share attributes to the presence of a large number of food & beverage and personal care product manufacturers in the region. Besides, the rapid industrialization and economic growth in the region propel the growth of the market. Moreover, the rising demand for F&B automated packaging processes, pharmaceutical, personal care, and other products creates substantial market demand.
Also, rapidly growing manufacturing sectors in the region act as a key tailwind for the market sales. Countries such as Japan, South Korea, China, and India are the major markets for packaging machines. The APAC packaging machinery market is projected to retain its dominance throughout the forecast period.
North America is another lucrative market for packaging machinery. The market growth is propelled by the presence of a large number of notable players, such as Dover Corporation, Bosch Packaging Technology, and Nordson Corporation, among others. Moreover, the augmenting demand from the aerospace & defense sector boosts the growth of the market.
Additionally, the spurting growth in the distribution channel positively impacts regional market growth. The US holds the major share, leading the regional market growth. The North American packaging machinery is expected to create a substantial revenue pocket during the projected period.
Europe possesses a sizable share in the global packaging machinery market. Factors such as the increasing per-capita income and demand for convenient packaging machinery in the region foster the growth of the market. Additionally, the introduction of active and intelligent packaging solutions, alongside the growing demand for flexible packaging solutions, boosts the regional market growth.
Rise in personal disposable income and consumption of beef, pork, and other meat create a massive demand for meat packaging machines. The European packaging machinery market is estimated to grow at a modest CAGR during the forecast period.
Packaging Machinery Market – Competitive Analysis
Highly competitive, the packaging machinery market appears well-established with the presence of several notable players. To gain a larger competitive share, players incorporate strategic initiatives such as mergers & acquisitions, collaborations, expansion, and product/ technology launch. Expanding their footprints to emerging markets helps them to extend their sales networks and profit. These players also focus on increasing their product portfolio by developing products with unrivaled design & advent technology.
Players leading the global packaging machinery market include Illinois Tool Works Inc. (US), Barry-Wehmiller (US), Krones AG (Germany), GEA Group AG (Germany), Bosch Packaging Technology (US), Automated Packaging Systems (US), Graphic Packaging Holding (US), Dover Corporation (US), Mamata Enterprises (India), Nordson Corporation (US), MULTIVAC Group (US), Pro Mach, Inc. (US), Tetra Level International (Switzerland), Sato Holdings Corporation (Japan), and Reynolds Group Holdings (New Zealand), among others.
Innovation/ Industry/Related News:
September 09, 2020 ---- Mpac Group plc (the UK), a leading global provider of packaging solutions and support services, announced the acquisition of a US-based supplier of packaging machinery & automation solutions - Switchback Group. The acquisition represents a compelling fit with Mpac's strategic intent of being a market leader in providing comprehensive packaging solutions for the pharmaceutical, healthcare, and food and beverage sectors. Mpac's cartoning and end-of-line solutions provide a platform to further build the UK-headquartered company's business in the US.
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