In their latest report titled – “Packaging Machinery Market – Global Industry, Size, Share, Growth, Trends and Forecast, 2018–2026”, Transparency Market Research (TMR) delivers key insights on the consumption of variety of packaging machines used in different end uses and applications.
According to TMR, the global packaging machinery market is projected to clock a CAGR of 5.8%, during 2018-26, which is attributed to several factors, on which, the report provided thorough insights and forecast. The Asia Pacific Packaging Machinery is expected to witness highest CAGR value of 7.8%, during forecast period.
TMR suggests that the increasing consumption of packaged food & beverages products is expected to be the key driving force for the growth of packaging machinery globally. Beverage producers are looking to invest in advancement of their existing production processes through sophisticated and automatic packaging machinery. Bottling line machine witness decent growth due to integration of different bottling processes in a single system. Form fill seal machines market is also expected to grow substantially due to end-users companies’ orientation towards process integration.
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In food & beverages segment, ready-to-eat-meals segment is expected to create highest incremental $ opportunity during the forecast period. Also, introduction of new packaging products is expected to generate demand for customized packaging machinery in the global market. In beverages end-use segment, non-alcoholic beverages sub-segment is expected to witness a CAGR value of 5.8%, during 2018-2026. On the basis of packaging technology, general packaging technology segment occupies the top spot due to wide range of machinery offering general packaging technologies.
Some of the restraints present in the market is the availability of cheap labour in emerging market which hampers the growth in the developed countries. For eg. Chinese manufacturers incur low labour cost on their machinery production and in turn pass low prices to their customers. Manufacturers in Germany and Italy offer sophisticated and highly advanced packaging machinery at higher costs. Both of these countries are expected to dominate the space in terms of production highly advanced packaging machinery globally.
Key market participants have been eyeing mergers and acquisitions to enhance capabilities, increase production capacity, and diminish competition in the market. This also aids companies in leveraging the expertise of acquired companies to enhance their product and services portfolio.