Development of innovative and energy efficient packaging machinery, rise in global consumption of consumer goods, and increase in usage of vacuum packaging machines have boosted the growth of the global packaging machinery market
PORTLAND, Oregon, June 10, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Packaging Machinery Market by Type (Filling Machines, Form, Fill and Seal Machines (FFS), Cartoning Machines, Palletizing Machines, Labelling Machines, Wrapping Machines, and Cleaning & Sterilizing Machines), and End User (Food & Beverage, Pharmaceutical, Chemicals, Cosmetics, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global packaging machinery industry was pegged at $47.96 billion in 2019, and is projected to $70.53 billion by 2027, growing at a CAGR of 5.1% from 2020 to 2027.
Drivers, restrains, and opportunities
Development of innovative and energy efficient packaging machinery, rise in global consumption of consumer goods, and increase in usage of vacuum packaging machines have boosted the growth of the global packaging machinery market. Moreover, rise in usage of automation in the packaging industry supplemented the market growth. However, Eurozone economic uncertainty and stringent government regulations hamper the growth. On the contrary, growth in e-commerce and retail industry and rise in usage of robots in surge efficiency in packaging would open lucrative opportunities for the market players in the coming years.
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COVID-19 scenario: The COVID-19 pandemic has greatly affected the global packaging machinery industry.
Filling machines segment dominated the market
By type, the filling machines segment held the largest share in 2019, accounting for nearly two-fifths of the global packaging machinery market, owing to providence of custom designed machines to fit multiple options and avoidance of possible hazards such as exposure to pollutants, odors, and dust particles. However, the wrapping machines segment is projected to register the highest CAGR of 6.7% during the forecast period, due to increase in demand from fresh food & beverages, home & personal care goods, and pharmaceutical industries and growth of the retail industry.
Cosmetics segment to manifest highest CAGR through 2027
By end user, the cosmetics segment is anticipated to portray the fastest CAGR of 6.5% during the study period, owing to increase in awareness regarding personal hygiene & appearance, technological innovation in the packaging industry, surge in demand for grooming products, rise in disposable income, and changes in consumer lifestyle. However, the food and beverages segment held the largest share in 2019, contributing to more than three-fifths of the global packaging machinery market, due to increase in demand for food & beverage and rise in population across the globe.
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LAMEA, followed by North America, to portray fastest CAGR by 2027
The market across LAMEA is expected to register the highest CAGR of 6.2% during the forecast period, due to Increase in personal disposable income in countries such as Argentina, Columbia, and Nigeria and rise in urbanization and e-retailing. However, the market across Asia-Pacific held the largest share in 2019, accounting for more than one-third of the market. This is due to increase in consumer disposable income, urbanization, and rise in consumption of cosmetics. The global packaging machinery market across North America is expected to register a CAGR of 4.8% during the forecast period.
Major market players
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