Robust Demand in Food and Beverage Sector to Fuel the Growth of Global Packaging Machinery Market, according to our research report Global Packaging Machinery Market Outlook 2023.
Global packaging machinery market is segmented into end user. Among this segment, food and beverage segment is expected to showcase a significant growth in near future on account of changing lifestyle, rising urbanization and increase in consumption of processed food all over the world. The global packaging machinery market is expected to register a CAGR of 8.2% over the forecast period i.e.2016-2023. The market of packaging machinery is expected to have a positive outlook during the forecast period. Robust demand for smart packaging as well as increasing trend towards retail ready packaging is anticipated to foster the growth of global packaging market over the next few years till 2023.
North-America is expected to showcase a tremendous growth in the packaging machinery market across the globe in near future. Consumers’ inclination towards packaged food is expected to impel the growth of packaging machinery market in the region. The U.S. is expected to dominate the market of packaging machinery in North-America region with a contribution more than 75% in the total revenue of global packaging machinery market in 2023. Further, Asia-Pacific market is projected to be the most opportunistic market in near future. Riding on the back of positive GDP figures, developing countries like China, India, South Korea, and Malaysia are projected to showcase spiked consumption of packaging machinery.
Urbanization is fostering the growth:
Increasing middle class population along rising urbanization has intensified the growth of packaging machinery market over the past few years. Change in mindset of buyers in terms of purchasing new and innovative machineries due to technological up gradation is anticipated to bolster the growth of packaging machinery market over the forecast period.
Rising demand for robotic packaging:
Robotic packaging is gaining popularity all across the globe. The application of robotic packaging is increasing as well as expanding across various applications such as in picking and placing. Rising growth in automation and shorter turnaround time is expected to create more demand for robotic packaging in future. Apart from this, vacuum and modular packaging is also anticipated to observe significant growth over the next few years.
The report titled “Global Packaging Machinery Market Outlook 2023” delivers detailed overview of the global packaging machinery market in terms of market segmentation by Type based, 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 Bosch Packaging Technology, KRONES, Coesia, GEA Group, Illinois Tool Works, and Barry Wehmiller. 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 on the global packaging machinery market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stake holders to align their market centric strategies according to the ongoing and expected trends in the future.