LOS ANGELES, Feb. 09, 2020 (GLOBE NEWSWIRE) -- The global packaging machinery market is expected to grow at a CAGR of around 6.1% during the forecast period 2019 to 2026 and reach the market value of aroundUS$ 19.47 billion by 2026.
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Europe dominated the global packaging machinery market in the year 2018. The presence of a large customer base along with the growing demand for quality product packaging is further accelerating the regional market growth. The Organization for economic Cooperation and Development (OECD) predicted that household disposable income will increase from 1% to 5.5% in most of the developed countries. In addition, consumers are ready to pay for branded items that have attractive packaging. This is one of the game changing factors that is fueling the growth of the market in the coming years. According to the International Federation of Pharmaceutical Manufacturing and Association, there is continuous manufacturing of medicines & drugs in pharmaceutical sector all over the world which need advanced packaging which further thrives the packaging machinery market. North America region is anticipated to be the second largest market share in the packaging machinery market. Moreover, presence of huge number of manufacturing industries, growth in adoption of technologies, increasing demand of product consumption, change in lifestyle and hectic schedules are rising demand for convenient packaging, shifting from unhealthy diet to healthy and organic food items are driving demand for the packaging machinery over the forecast period.
Asia-Pacific is predicted to project the highest CAGR over the forecast period. Increasing urbanization, rising concern regarding environment effect, increase in investment, and increase in the manufacturing sector are further anticipated to fuel the demand for packaging machinery in the region throughout the forecast period. China is the largest market in Asia Pacific region as Chinese producers provide average quality packing machinery at lower prices which is creating tremendous demand for their products in the global market. End use industries with low investment budgets generally purchase Chinese packaging machinery to fulfill their needs. Also government supporting small and medium industries to grow and expand their presence in the global market. This is expected to drive the growth of the packaging machinery market in the forthcoming years.
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Wrapping has dominated the machine type segment in the year 2018 and the segment is register to maintain its dominance during the forecast period from 2019 to 2026. These machines wrap a flexible packaging material such as paper, aluminum, and plastic film around a single group of commodities. Most popular type of wrapping machines are shrink wrapping machines and stretch wrapping machines among others. Increasing demand eco-friendly packaging material, rising adoption of ecommerce websites, cost efficient, increase the shelf life of products are accelerating the demand of wrapping machine. The ecommerce sector is growing rapidly in the past decade, and its market size is escalating. According to the World Bank, India, Indonesia, China, and other APAC countries are leading the ecommerce sector. The rising amount of products ordered online need wrapping machine. In addition, wrapping packaging protect products from light, moisture, maintaining its quality, breakage. These properties are rising this segment during the forecast period.
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Food & beverages segment dominated the packaging machinery market on the basis of end use in the year 2018. PMMI’s 2017 State of the industry U.S. Packaging Machinery report stated that increasing demands from consumer packaged goods (CPG) companies such as single source solutions, raised machine versatility and move towards the flexible packaging are driving the packaging industry towards tremendous growth. The major factors that are driving the growth of this segment are the increasing demand of ready to eat food items, change in the eating habits of consumer, raise in number of nuclear families with preference of small packaging, increase in per capita income, growing population, increasing income of middle class, increasing concern regarding environmental friendly packaging materials, change in life style, rising demand for convenient packaging. This expected to fuel the demand of the food & beverages segment in the global market during the forecast period.
Some of the leading competitors are CKD Group, Harland Machine Systems Ltd., Aetna Group, B&H Labelling Systems, Adelphi Packaging Machinery, Barry-Wehmiller Companies, Inc., Bosch Packaging Machinery, and Bradman Lake Group.
Some of the key observations regarding packaging machinery industry include:
- In 2020, Amipak has invested in the new Brausse folding and gluing machine, increasing range of carton packaging products. This investment has met rising demand for sustainable packaging solution, with flexibility to match fast moving food trends.
- In 2019, Rintons who supplies hot beverages has automated coffee production at its factory with PMF packaging machinery. It eliminates bottleneck caused by limiting manual packaging.
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