Packaging Equipment Market
Global demand for Packaging Equipment was valued at nearly USD 2.80 Bn in 2019 and is expected to generate revenue of around USD 3.57 Billion by end of 2026
Global demand for Packaging Equipment was valued at nearly USD 2.80 Bn in 2019 and is expected to generate revenue of around USD 3.57 Billion by end of 2026”
— Zion Market Research
NEW YORK CITY, NEW YORK, UNITED STATES, January 30, 2020 /EINPresswire.com/ — With the presence of a large pool of participants, the global packaging equipment market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR).
The report includes revenue forecast & analysis of the packaging equipment market on a global as well as regional level. It also offers historical data from 2016 to 2019 and provides an assessment of the industry evolution over 2020-2026 in terms of USD Billion. Our study comprises of competitive strategies adopted by the key industry players based on the framework provided by the Porter’s Five Forces Model influencing the market.
According to the research report, global demand for Packaging Equipment Market was valued at nearly USD 2.80 Billion in 2019 and is expected to generate revenue of around USD 3.57 Billion by end of 2026, growing at a CAGR of over 3.5% between 2020 and 2026.
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Packaging equipment finds a slew of applications such as canning, filling, container cleaning, bagging, forming, packaging, bottling, unpackaging, sealing, lidding, check weighing, inspection, shrink filming, heat sealing, encoding, case forming, palletizing, and depalletizing.
Escalating consciousness vis-à-vis food products due to sales promotion activities carried out by multinational firms along with bulge in the ready-to-eat food demand will catapult the expansion of the packaging equipment business over the years ahead. Moreover, liberalization in food & agriculture trading policies will accentuate the growth of the industry during the period from 2020 to 2026.
Apparently, the surge in the living standards has elevated the need for pre-cooked and convenient diet. This, in turn, has promulgated the demand for packaging devices. Apart from this, a prominent surge in the utilization of smart techniques and additional smart features embedded in the packaging technology will create lucrative avenues for the market over the forecast timeline. Proficient after-sales service offered by the manufacturers is likely to play a key role in influencing the product sales.
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Moreover, manufacturers provide three things to the consumers including predictable operation costs comprising replacing of critically worn components, better level of services, and lesser downtime for servicing of equipment. These factors will result in huge market progression over the forecast period.
In addition to this, use of automated machines for packaging of food & beverages as well as cosmetic items will further embellish the growth of the packaging equipment industry over the forecast period.
Filler packaging equipment market growth to amass huge gains by 2026
The filler packaging equipment business is likely to gain traction over the forecast period due to its massive demand in beverage sector with surge in the intake of juices and drinks. In addition to this, rise in the production of various kinds of filler packaging devices for precision & reliability in bottle filling functions will further drive the product demand.
Food & Beverages segment to aid packaging equipment market garner huge revenue by 2026
The segment is likely to make major contributions towards the market value over the forecast period due to rapidly changing lifestyles & eating habits among the youth & the working professionals transforming into high need of ready-to-eat diet.
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North American market to contribute lucratively towards the global market share by 2026
The rise in the acceptance of smart packaging services along with the awareness among the product manufacturers for creating value for the packaging solutions through establishing of customer service agreements will further prompt the growth of regional market over the forecast period.
The key players involved in the packaging equipment business are The Bradman Lake Group, KUKA AG, Hangzhou Youngsun Intelligent Equipment Company Limited, Schneider Electric SA, Körber AG, Graphic Packaging Holding Company, ACG Worldwide, Alfa Laval, Multivac Sepp Haggenmüller GmbH & Company KG, B&H Labelling Systems, Adelphi Packaging Machinery, Barry-Wehmiller Companies Incorporated, Robert Bosch GmbH, BEUMER Group GmbH & Company KG, Ishida Company Limited, Industria Macchine Automatiche SpA, KHS GmbH, Sato Corporation, Buhler AG, Coesia SpA, Coperion GmbH, Tetra Laval International SA, GEA Group AG, Guangzhou Tech-Long Packing Machine Company, Illinois Tool Works Incorporated, Krones AG, Serac Group, and VELTEKO s.r.o.
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This report segments the Packaging Equipment market as follows:
Global Packaging Equipment Market: By Type Segment Analysis
FFS or Form Fill Seal
Global Packaging Equipment Market: By Application Segment Analysis
Food & Beverage
Global Packaging Equipment Market: By Regional Segment Analysis
Middle East and Africa
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Source: EIN Presswire