Growing demand for automation and energy efficiency driving packaging machinery trends
A growing demand for high-quality, advanced machinery and the rising focus on automation, and energy efficiency is driving growth in packaging machinery market trends.
According to estimates, the packaging machinery market is estimated to be valued at US$ 59.3 billion in 2023. The market is expected to reach US$ 92.0 billion by 2033 developing at a CAGR of 4.5%.
The rise in popularity of a wide range of goods available in various shapes, growth in global food packaging equipment, and sizes of packaging solutions are expected to drive the packaging machinery market. Out of the total sales of packaging machinery in 2022, the food and beverages companies accounted for almost 67.5% of the market share.
Leading participants in the market are focusing on adopting capacity expansion, collaboration, mergers, and acquisition strategies to gain an edge in the highly competitive market. Future Market Insights (FMI) singled out three companies. For example, Tetra Laval International has been working on sustainable packaging materials and solutions, such as renewable plastics and carton-based packaging. Tetra Pak has also been involved in initiatives to reduce food waste through innovative packaging designs.
ProMach has been expanding its product portfolio through acquisitions, allowing it to offer a broad range of packaging equipment. ProMach has also been investing in advanced automation and robotics to enhance its packaging solutions.
Krones has been investing in digitalisation and automation to improve the performance and reliability of its machines. Krones has also focused on lightweight and sustainable packaging materials.
Recent advancements in the development of packaging technology complying with energy-saving protocols and worker safety norms have boosted the prospects for the global packaging machinery market.
Packaging machinery market drivers – a summary
- Increasing automation in various industries like food & beverages are expected to boost the packaging machinery market size.
- The rise of e-commerce has led to a surge in the need for efficient and automated packaging solutions to handle a high volume of small parcels and packages, driving the demand for packaging machinery.
- Increasing global population and urbanisation lead to great consumption of packaged products and fuel the need for packaging machinery to meet the rising demand.
- The growing stringent food safety regulations by governments in many countries are prompting food and beverage manufacturers to invest in advanced packaging machinery. This can further ensure the safety and integrity of their products.
- Rapid industrialisation and urbanisation in emerging markets, particularly in Asia-Pacific and Latin America, are driving the packaging machinery market.
Country-wide insights indicate there is increased demand for food and beverage packaging in the United States. The United Kingdom presents a significant opportunity, according to FMI, with demand for manufacturing high-quality and innovative packaging machinery for various industries.
The rising need for prepared meals and the consumption of organic and nutritious food items are all predicted to render the country a promising market for high sales of packaging machinery.
The packaging machinery market in the United Kingdom is anticipated to rise at a 4.3% CAGR from 2023 to 2033. By the end of the said forecast period, a valuation of US$ 37.5 billion is expected.
