Global demand for packaging machinery is projected to grow at an annual rate of around 7 percent over the next few years, reaching almost $53 billion by 2019.
According to a new analysis by Freedonia Group, sales of packaging equipment are likely to be fueled by market growth in China and other industrializing nations, where demand for processed food and beverage products and other manufactured goods is anticipated to increase strongly as personal incomes and consumer spending rise.
This will result in additional investment in new manufacturing capacity and related packaging machinery in China and across the Asia/Pacific region, as well as in Africa, the Middle East, Eastern Europe, and Central and South America.
Overall, the food and beverage sectors will account for 55 percent of all new packaging machinery demand generated between 2014 and 2019, the report said.
In addition to increased spending on processed food and beverage products, the market is driven by manufacturers producing a wide range of new products in response to changing consumer preferences. For example, in recent years health foods have become more popular in North America and Europe, while sales of foods and beverages that can be consumed on the go have risen in developing nations as urbanization levels have climbed. These products often require additional packaging equipment.
Food and beverage suppliers are also expected to acquire more expensive machinery and adopt new packaging technologies because they reduce spoilage and the risk of contamination, extend the shelf life of products, and make them more aesthetically appealing, Freedonia said.
