Global Packaging Machinery Market Expected to Reach $62,063 Million by 2023

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Packaging Machinery Market Report, published by Allied Market Research, projects that the global packaging machinery 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.liquid vacuum packing machine

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.

The end user industries are increasingly shifting towards sophisticated, integrated, and standardized equipment to comply with environmental standards and reduce packaging waste. The global food & beverage industry is expected to grow at a notable rate over the forecast period. Majority of this demand is expected from emerging countries due to the rise in consumer income, demand for ready-to-eat packaged food, and improvement in living standards. This has increased the demand for packaged food worldwide, which in turn offers lucrative market opportunities for the packaging machinery market. The fastest growing end user industry for the packaging machinery market is the cosmetics industry segment, which is expected to grow at a CAGR of 7.9% and is forecast to reach $3,274 million by 2023.