Packaging Machinery Market Report, published by Allied Market Research, projects that the global market size was valued at $39,647 million in 2016 and is projected to reach $62,063 million by 2023, growing at a CAGR of 6.7% from 2017 to 2023. The filling machines segment accounted for the maximum share in 2016 and is likely to remain dominant during the forecast period.
The demand for packaging machinery is largely driven by the increasing demand for consumer goods, increasing adoption of automated packaging machines, and development of energy efficient machines. Modern automated packaging machines are used in different stages of packaging and ensure that the stages are completed in minutes rather than hours compared to the older versions. The other key factor driving the global packaging machinery market is the increasing demand for packaging robots from several end-user industries. Packaging machines play a vital role in ensuring the product safety throughout the supply chain.
Packaging machinery is used in packaging medical products and helps in maintaining the stability of drugs and maintains their shelf life. IMA S.p.A. and Robert Bosch GmbH are the major manufacturers of pharmaceutical packaging equipment. Blister packaging machines, counting machines, tube filling & sealing machines, carton machines, case packaging machines, and labeling machines are the major machinery used in the pharmaceutical packaging market. Thus, the packaging machinery in the pharmaceutical industry is likely to exhibit a notable growth by 2023. In addition, the growing demand for attractive and innovative packaging in the food and cosmetics industry is expected to bolster the demand for packaging machinery.
Asia-Pacific accounted for the highest share in the global packaging machinery industry in 2016, and is expected to maintain its dominance throughout the forecast period, owing to existence of wide array of food & beverage and personal care product manufacturers in the region. The region is anticipated to grow at the highest rate in the near future, owing to high economic growth rate and high demand in emerging markets of China and India. North America and Europe are among the more mature markets for packaging machinery as these are developed regions with the presence of a large number of players operating in the market.
Key findings of the Packaging Machinery Market:
The food & beverage sector was the highest revenue generating market in 2016, and is projected to grow at a CAGR of 6.6% during the forecast period.
Cleaning & sterilizing machine is expected to grow at a significant CAGR of 8.4% owing to growing focus on cleanliness and hygiene in the food & beverages, cosmetics, and pharmaceutical industries.
China is the major shareholder in the Asia-Pacific packaging machinery market, accounting for more than half share in 2016.