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Packaging Machinery Market to Grow 4.5% Annually Through 2023 [Report]
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A new market research report is forecasting healthy annual growth for the global packaging machinery market over the next few years, driven in large part by the food & beverage industry.
Cleveland, Ohio-based Freedonia Group reported Feb. 21 that its analysis projects 4.5% annual growth for the global packaging machinery market through 2023 on the factors of increases in manufacturing activity, rising mechanization in developing countries, and high-value sales of state-of-the-art equipment in affluent markets.
Freedonia’s analysis showed that food & beverage applications will account for 56% of new demand in global packaging machinery through 2023, noting that such manufacturers of food and beverage products are among the most intensive users of both packaging materials and associated machinery. Freedonia noted these food & beverage packaging machinery investments to include:
- Global food and beverage production expand and suppliers develop new products, which often require new packaging configurations.
- Leading suppliers increase spending on newly developed packaging technologies (e.g., use of more sensors to improve product performance and increase the number of functions a machine can provide) and specialty models.
- Producers invest in new equipment to comply with new technical and safety standards targeting the food and beverage industries.
The new report also cites the Asia-Pacific market as a key driver of the global packaging machinery market’s expected growth, expecting Asia-Pacific to represent $27 billion of the market in 2023. “The Asia-Pacific region, led by China, will account for a majority of new product sales through 2023,” Freedonia said. “In part, the robust annual growth projected for the region will be driven by fast expected gains in countries outside of China, such as Indonesia, India, and Thailand, as manufacturing activity and mechanization rates increase.
Freedonia notes the following for the Asia-Pacific market:
- The Asia-Pacific region’s packaging equipment needs will continue to expand as new plants are built and existing production facilities are upgraded.
- Due in part to increasing foreign participation in the regional manufacturing sector, the use of higher quality packaging materials and technologically advanced packaging machinery will grow at a swift pace, adding to gains in value terms.
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