Categories: Market Research

Global Packaging Equipment Market Analysis 2024 – Estimated Market Size And Key Drivers

The Packaging Equipment by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Packaging Equipment, The packaging equipment market size has grown strongly in recent years. It will grow from $42.1 billion in 2023 to $44.52 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to focus on efficiency, healthcare and pharmaceutical requirements, urbanization and consumer demand, advancements in smart packaging, stringent regulations..

The packaging equipment market size is expected to see strong growth in the next few years. It will grow to $60.73 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to cost-efficiency and performance, healthcare and pharmaceutical growth, rise of smart packaging, rapid urbanization, food safety and hygiene, customization and flexibility.. Major trends in the forecast period include automation and industry 4.0 integration, sustainability initiatives, customization and flexibility, smart packaging technologies, consumer safety and hygiene standards..

The growing need for flexible and integrated packaging machinery is expected to propel the growth of the packaging equipment market going forward. Flexible and integrated packaging machinery refers to equipment that processes a film to produce filled bags, sticks, pouches, and others. It is a coordinated system of preparing goods for safe, economical, and efficient movement throughout the entire supply chain, ultimately leading to the maximization of consumer value, sales, and consequently profits, thus, also creating significant demand for packaging equipment. For instance, in October 2022, according to a report published by The Association for Packaging and Processing Technologies (PMMI), a US-based packaging industry association, there was an 11.2% increase in domestic shipments of packaging machinery, resulting in a total category value of $10.5 billion. Converting machinery also experienced growth in the preceding year, with a 9.5% rise in domestic shipments, reaching $1.1 billion. Therefore, the growing need for flexible and integrated packaging machinery is driving the growth of the packaging equipment market.

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The packaging equipment market covered in this report is segmented –

1) By Product: Fillers, Form Fill Seal, Lapping, Labelling, Coding, Bottling line

2) By Technology: General Packaging, Modified Atmosphere Packaging, Vacuum Packaging

3) By Application: Food & Beverage, Pharmaceuticals, Chemicals, Personal Care

Technological advancements are a key trend gaining popularity in the packaging equipment market. Major players are concentrating their efforts on creating innovative technologies to sustain their position in the packaging equipment market. For instance, in 2022, Viking Masek Packaging Technologies, a US-based manufacturer of high-performance automated packaging systems, launched the 4SC-235, a new automated pouch packaging machine developed with small businesses in mind. Viking Masek has helped an entirely new client market with the invention of the 4SC-235 prefabricated pouch machine. It also provides existing brand-loyal customers with a small, highly productive, premade pouch packaging solution.

The packaging equipment market report table of contents includes: