Business Growth, Development Factors, Application and Future Prospects
Rise in urbanization and increase in number of supermarket and hypermarkets have boosted the growth of the global food packaging equipment market.
PORTLAND, OR, UNITED STATES, July 19, 2022 /EINPresswire.com/ — As per the report, the global food packaging equipment industry was accounted for $18.25 billion in 2021, and is expected to reach $33.14 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031.
Drivers, restraints, and opportunities
Rise in urbanization and increase in number of supermarket and hypermarkets have boosted the growth of the global food packaging equipment market. However, rise of counterfeit food packaging hampers the market growth. On the contrary, advancement in technology and rise in awareness regarding component and content of packaging box would open new opportunities for the market players in the future.
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The Covid-19 pandemic led to reduced demand for certain types of packaging due to lockdown restrictions and increased the demand for packaging equipment for e-commerce shipment.
However, the ease in restriction and rise in demand for logistics and packaging equipment would help the market get back on track.
The case handling segment held the largest share
By equipment type, the case handling segment held the largest share in 2021, accounting for nearly one-sixths of the global food packaging equipment market. However, the form, fill & seal segment is expected to register the highest CAGR of 8.5% during the forecast period, owing to fast speed and constant packing rate.
The shelf stable segment dominated the market
By application, the shelf stable segment held the lion’s share in 2021, contributing to nearly one-fourth of the global food packaging equipment market, as these foods demand extra packaging requirements. However, the meat, poultry & seafood segment is estimated to manifest the highest CAGR of 7.9% from 2022 to 2031, due to high consumption rate and wide availability of various products across the globe.
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Asia-Pacific, followed by Europe and North America, held the largest share
By region, the market across Asia-Pacific, followed by Europe and North America, dominated in 2021, holding around two-fifths of the global food packaging equipment market. In addition, the region is projected to portray the highest CAGR of 7.2% during the forecast period, owing to product’s widespread application in end-use sectors and rise in local manufacturing and consumer income.
Major market players
Bosch Packaging Technology
Nichrome India Ltd.
Omori Machinery Co. Ltd.
Oystar Holding GmbH.
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Article originally published on www.einpresswire.com as Business Growth, Development Factors, Application and Future Prospects
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