The Packaging Machinery Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Packaging Machinery Global Market Report 2024, The packaging machinery market size has grown strongly in recent years. It will grow from $43.76 billion in 2023 to $46.59 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to increased global population and consumer demand, growth in food and beverage industry, expansion of e-commerce and retail packaging, emphasis on automation and efficiency in packaging, demand for sustainable and eco-friendly packaging solutions.
The packaging machinery market size is expected to see strong growth in the next few years. It will grow to $59.19 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to adoption of smart and iot-enabled packaging machinery, expansion of personal care and cosmetics packaging market, research and development in flexible and sustainable packaging technologies, need for customized and specialized packaging solutions, emphasis on packaging machinery for pet food and animal care products. Major trends in the forecast period include robotic packaging automation, sustainable packaging solutions, advanced labeling and printing equipment, packaging machinery for e-commerce and parcel services, aseptic packaging technology.
The increasing demand for packaged food and beverages is expected to propel the growth of the packaging machinery market going forward. The changing lifestyles of consumers have led to high demand for processed and convenience food and beverage products. In emerging countries, the expanding working population has a greater need for processed foods and higher consumption of convenience foods. Also, due to COVID-19, eating preferences, consumers’ attitudes, behaviors, and purchasing habits have changed, leading to the adoption of packaged food and beverages. For instance, in July 2021, according to Bizom data, an end-to-end CPG sales and distribution analytics platform showed the demand for packaged food sales grew by 95% year on year, led by ready-to-eat products and soaring out-of-home consumption. Therefore, the increasing demand for packaged food and beverages is driving the growth of the packaging machinery market.
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The packaging machinery market covered in this report is segmented –
1) By Machine Type: Filling, Labeling, Form-Fill-Seal, Cartoning, Wrapping, Palletizing, Bottling Line
2) By Technology: General Packaging, Modified Atmosphere Packaging, Vacuum Packaging
3) By Business: OEM, Aftermarket
4) By End-Use: Beverages, Food, Chemicals, Personal Care, Pharmaceuticals
The introduction of new products has emerged as a key trend in packaging machinery. The demand for more packaged products is increasing in various fields, such as the food and beverage industry, resulting in more efficient and productive packaging machinery. Therefore, companies are launching newly enhanced products to meet the demand. For instance, in June 2021, Syntegon, a machine industry company, introduced a new pick-and-place platform for product handling, feeding, and loading using a strong combination of industrial competence, control, and robotics technology. With this Syntegon RPP, the firm establishes a new benchmark in packing line automation.
The packaging machinery market report table of contents includes:
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