Global Food Packaging Equipment Market is expected to garner $19,268 million by 2023, from $14,740 million in 2016, registering a CAGR of 4.0% from 2017 to 2023.
Large number of packaging equipment are employed in the food industry. These are used to perform certain set of functions, such as filling, bagging, sealing, wrapping, bundling, cartoning, over-capping, lidding, labelling, decorating, coding, conveying, and palletizing. Growth in technology has led to the emergence of innovative food packaging equipment to maintain the efficacy, flavor, and taste of food products. Increase in awareness regarding healthy and hygienic food product and its expectancy to be safe from the point of packaging till it arrives is expected to drive the market growth. Rise in demand for attractive, innovative, and convenient-to-carry packaging for differentiating the product from the rest is expected to fuel the growth of the market. Moreover, growth in purchasing power, rise in number of online grocery orders, and wide consumer base of on-the-go consumer further fuels the demand for packaging, which in turn is expected to drive the market.
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Increase in demand for ready-to-eat natural and organic food products that are highly perishable promoted the packaging industry to come up with new packaging equipment and solutions for food safety and hygiene. Thus, hygienic packaging of food majorly drives the food packaging equipment market.
Asia-Pacific and LAMEA collectively contributed about half of the global market share in 2016. The key players operating in the global food packaging equipment market are Arpac LLC, Bosch Packaging Technology, Coesia Group, GEA Group, IMA Group, Ishida, Multivac, Inc., Nichrome India Ltd., Omori Machinery Co. Ltd., and Oystar Holding GmbH.
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Key Findings of the Food Packaging Equipment Market:
- Asia-Pacific is expected to maintain its dominant position in the market in terms of value during the forecast period, followed by Europe.
- Meat, poultry, and seafood is the largest application segment of the market, registering a significant CAGR from 2017 to 2023.
- LAMEA accounted for approximately one-tenth share of the market in 2016.
- The Asia-Pacific food packaging equipment market is anticipated to grow at the highest CAGR from 2017 to 2023.
- North America accounted for approximately one-fifth share in the market, and is expected to grow at a CAGR of 4.0% during the forecast period.
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