Packaging Equipment Market Size, Share, Trends, and Outlook Report 2024-2033

Overview and Scope

Packaging equipment offers producers and packers effective ways to package and safeguard goods for sale and transportation. Machines that are correctly calibrated and supported can reduce the number of packaging materials used and increase packing speeds.

Sizing and Forecast

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..

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Segmentation & Regional Insights

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

Asia-Pacific was the largest region in the packaging equipment market in 2023. The regions covered in the packaging equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

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.

Key Industry Players

Major companies operating in the packaging equipment market are focused on developing automated machines such as automated in-line packing machines to improve packaging efficiency. Automated in-line packing machines are a type of packaging machinery used in the end-of-line packing process. For instance, in September 2022, Ranpak, a US-based paper packaging company, launched 2-EH Pro 100, a new grade of 2-Ethylhexanol (2-EH) with 100% renewable, traceable mass-balanced carbon content, offering a negative carbon footprint cradle to gate. This product is designed to minimize the carbon footprint throughout the value chain and supports sustainable sourcing of renewable and recycled raw materials.

The packaging equipment market report table of contents includes: