Packaging machinery offers assistance while packaging commodities before they are shipped for storehouse and delivery networks. It is used in the primary and secondary packaging of food, beverage, pharmaceutical and personal care products. These machines offer various advantages over manual packaging such as high efficiency and reduced labor cost. Moreover, packaging machinery serves various purposes such as bag and pouch sealing, canning, labeling, cartooning and other applications.
Global packaging machinery demand is anticipated to garner USD 59.3 Billion by the end of 2021, witnessing a compound annual growth rate (CAGR) of more than 5.6% by 2021.
Market Size and Forecast
Americas currently accounts for more than 36% market share and is further forecasted to dominate the global packaging market due to existence of major vendors in this region.
North America packaging machinery market is anticipated to grow at a CAGR of 3.56% over the period 2015-2021. In the region, U.S. is the biggest market followed by Canada. Furthermore, with the setting up of manufacturing plants and industry in countries like Mexico & Brazil to cater the demand arising in neighboring countries like U.S., the market is expected to swell in near future.
On the other hand, Asia-Pacific packaging machinery demand is anticipated to witness an annual growth rate of 5.8% by 2017. China and India are the major market in this region, together accounting for 21.2% of global packaging machinery demand. With a view to become the net exporter economies in the region (after Make in India campaign), the demand for packaging machinery would see new avenues in the region.
Growth Drivers and challenges
Technology development for modular packaging machine, rising demand for smart packaging and growing trend toward retail ready packaging are some major factors which are projected to drive the growth of global packaging machinery market during the forecasted period i.e. 2015-2021.
The main factor which is anticipated to restrain the growth of global packaging machinery is increasing competitive pressures on small vendors, owing to highly fragmented packaging industry.
On the basis of type based, the global packaging machinery market is segment as follows:
On the basis of End User, the global packaging machinery market is segment as follows:
On the basis of region, the global packaging machinery market is segmented into:
The major key players of global packaging machinery market are as follows:
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