Packaging Machinery Market is Expected to Grow at a CAGR of 6.7% through 2023 | A quantitative analysis of the current market and estimations from 2016 to 2023
According to the report, the global packaging machinery market is expected to reach $62.06 billion by 2023, registering a CAGR of 6.7% from 2017 to 2023.
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The report provides an in-depth analysis of the global packaging machinery market, covering aspects such as current market size & estimations, market segmentation, changing dynamics, competitive landscape, and market forecast. The information in the report is a result of an extensive primary and secondary research.
The drivers, restraints, and opportunities are broadly analyzed in the global packaging machinery market report. Development of innovative and energy efficient packaging machinery, increasing usage of automation in the packaging industry, rise in global consumption of consumer goods, and increasing usage of vacuum packaging machines drive the market growth. However, Eurozone economic uncertainty and stringent government regulations restrain the growth of the market. Conversely, growth in e-commerce and retail industry and increasing usage of robots to increase efficiency in packaging are likely to provide opportunities for the market growth.
The global packaging machinery market is segmented into machine type, end user, and geography. Based on machine type, it is divided into filling machines, FFS (Form, Fill and Seal) machines, cartoning machines, palletizing machines, labelling machines, wrapping machines, and cleaning & sterilizing machines. The filling machines segment garnered the largest market share in 2017 and is expected to dominate the market through 2023. However, the cleaning & sterilizing machines segment would grow at the fastest CAGR of 8.4% during the study period. Based on end user, the market is divided into food & beverage, pharmaceuticals, chemicals, cosmetics, and others. Geographically, the market analysis covers North America, Europe, Asia-Pacific, and LAMEA. The market in Asia-Pacific would dominate the market as well as witness the fastest growth of 3.8% during the forecast period.
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The report also includes an analysis of the leading players operating in the global packaging machinery market. They include Adelphi Packaging Machinery, Aetna Group, B&H Labelling Systems, Barry-Wehmiller Companies, Inc., Bosch Packaging Machinery, Bradman Lake Group, CKD Group, Coesia SpA, Fuji Machinery Company, and Harland Machine Systems Ltd.
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