Case Packers Market to Reap Excessive Revenues by 2023 With Top Key Players
A surge in global population, increased labor cost, changing lifestyle, and inclination toward convenience food drive the global case packers market growth. The overwrapping segment contributed to the largest market share in 2017. The consumer goods segment would witness the fastest CAGR of 7.4% from 2017 to 2023. The automatic case packer segment would register the fastest CAGR during the study period. Asia-Pacific region is expected to grow at the fastest CAGR through 2023.
Factors such as changing lifestyle & inclination toward convenience food, increasing population, and rise in labor cost have boosted the growth of the global case packers market. However, the high cost of case packers and non-compatibility with flexible packaging products act as impediments for market growth. On the other hand, increasing awareness of cost-effective packaging machines and rapid growth of online retail & logistics industry are likely to create lucrative opportunities for market growth.
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The overwrapping segment contributed about two-fifths of the market share in 2017, owing to its advantages such as fast speed compared to horizontal case packer and increasing demand from industries such as beer & soft drinks, pharmaceutical, nutraceutical, personal care, and medical device. Nonetheless, the robotic segment is likely to manifest the fastest CAGR of 7.3% through 2025.
The consumer goods segment is expected to witness the fastest CAGR of 7.4% during the forecast period. Nonetheless, the food & beverage segment dominated the market in terms of the revenue in 2017, occupying about two-fifths of the market share.
The automatic case packer segment held the largest share in 2017, owing to the adoption of automation in the packaging industry. The segment is also likely to register the fastest CAGR of 6.8% during the study period.
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Asia-Pacific region is expected to manifest the fastest CAGR of 6.9% during the forecast period because of the increased consumption rate, rise in urbanization, and increase in consumption pharmaceuticals and cosmetics in the region. Other regions analyzed in the study include North America, Europe, and LAMEA.
A detailed analysis of the major players in the case packers market is offered in the report. The players listed include ADCO Manufacturing, Illinois Tool Works Inc., Marchesini Group S.p.A., Molins PLC, Robert Bosch GmbH, U-PACK ENGINEERING (SHANGHAI) CO., LTD, Hangzhou Youngsun Intelligent Equipment Co., Ltd., KN Packaging Solutions Pvt. Ltd., Massman Automation Designs, LLC, and Pro Mach, Inc.
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