How much is the Packaging Machinery industry worth? August 31, 2021
Packaging Machinery Market: Introduction
Transparency Market Research delivers key insights for the packaging machinery market in its published report, which include global industry analysis, size, share, growth, trends, and forecast for 2019–2026. In terms of revenue, the global packaging machinery market is projected to expand at a CAGR of ~6%, in terms of volume, during the forecast period, due to several factors, about which TMR offers detailed insights and forecast in packaging machinery market report.
The global packaging machinery market is fragmented. With over a hundred players present in the market. However, most of the key manufacturers have their base in five major countries including Germany, Italy, China, the U.S., and Japan. Manufacturers present in markets in Germany and Italy market offer very high quality and technologically advanced packaging machinery as compared to those offered by manufacturers in other countries. However, the packaging machinery offered by manufacturers in the European region is higher in cost as compared to their counterparts based in the Asia Pacific region such as India and China. Around 60%-70% of the end user companies in the Asia Pacific are small-scale enterprises, which cannot afford to import expensive packaging machinery from the developed countries. However, TMR’s study also found that some of the companies in this region are not willing to compromise on quality over price. Increased consumption of packaged food products & beverages is expected to be the key dynamic force strengthening the growth of the global packaging machinery market. Overall, the global outlook of packaging machinery market is expected to remain positive during the forecast period.
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High Demand for Packaging Machinery from Food & Beverages Sector to Propel Market