NEWARK, Del, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The global packaging testing equipment market is expected to reach new heights in the coming decade, with a forecast of US$ 3,905.4 million in 2023 and sales projected to surpass US$ 7,148.5 million by 2033. Future Market Insights forecasts that demand for packaging testing equipment is likely to expand by a robust 6.2% CAGR between 2023 and 2033, driven by several key factors.
The increasing demand for packaged goods, the growing importance of product safety and quality, and the need to comply with industry regulations are driving growth in the packaging testing equipment market. These factors have led to an increase in the use of packaging testing equipment to test the strength, durability, and other physical properties of packaging materials.
In the food industry, packaging undergoes various stages of testing to ensure quality and improve the shelf-life of the final products, including impact tests, leak and burst detection, examination of permeability, tensile strength, and others. A variety of packaging testing equipment is used for these tests, and as the demand for good quality packaging continues to rise, so does the demand for advanced packaging testing solutions.
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Emerging countries, such as Brazil and India, are presenting favorable conditions for growth in the packaging testing equipment market, with the expansion of local industries and the implementation of new regulations and standards. The increase in the middle-class population in these countries, coupled with rapid urbanization, has led to an increase in consumption and demand for diverse products, creating lucrative opportunities for packaging testing equipment manufacturers.
Key Takeaways from the Packaging Testing Equipment Market:
- According to FMI's analysis, the United States holds a 22.6% share of the North America packaging testing equipment industry in 2022. The packaging testing equipment industry in the United States is expected to be worth $847.9 million by 2033.
- Germany accounted for 3.7% of the global packaging testing equipment industry in 2022. In 2022, the German packaging testing equipment industry is expected to be worth US$138.7 million.
- The China packaging testing equipment industry is worth US$ 423.6 million in 2022, with a CAGR of 7.16% over the forecast period.
- The packaging testing equipment industry in India is expected to be worth US$ 336 million in 2022, with a CAGR of 8.78% during the forecast period.
- Because of its fundamental nature in packaging testing, sample/material testing is widely used in the market, accounting for nearly 45% of the market in 2022.
- Due to its low cost, plastic is widely used in the packaging industry. In 2022, this segment held 44.6% of the market.
Who is Winning?
The packaging testing equipment market is highly fragmented, with numerous players operating in the market, both local and international. Some of the key players in the market include SGS S.A, Intertek Group plc, Bureau Veritas S.A, TÜV SÜD AG, ALFA LAVAL AB, Ametek Inc., Eurofins Scientific SE, Merck KGaA, and others.
These players are focusing on various strategies, such as mergers & acquisitions, partnerships & collaborations, and new product launches, to expand their market presence and strengthen their position in the market. For instance, in 2019, Intertek Group plc acquired STS Group AG, a Swiss-based provider of technical inspection and certification services, to expand its presence in Europe.
Players are also investing in research and development to develop advanced packaging testing equipment and offer innovative solutions to their customers. This has resulted in the development of new and advanced packaging testing equipment, which has increased the efficiency and accuracy of testing and has also helped in reducing the cost of testing.
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Packaging Testing Equipment Market by Category
By Testing Type:
- Sample/ Material Testing
- Hardness/ Strength Testing
- Surface Testing
- Air Properties & Impact Testing
- Enclosures & Barrier Testing
By Material:
- Plastic
- Paper
- Metal
- Glass
By Content:
- Food & Beverages
- Healthcare & Pharmaceuticals
- Transportation & Logistics
- Personal Care Products
- Consumer Electronics
- Others
By Region:
- North America
- Latin America
- Europe
- APAC
- Rest of World
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Table of Content
1. Executive Summary | Packaging Testing Equipment Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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