Rising urbanization and increase in the number of supermarkets and hypermarkets have boosted the growth of the global food packaging equipment market.
PORTLAND, OR, USA, July 19, 2022 /EINPresswire.com/ — According to the report, the global food packaging equipment industry was worth $18.25 billion in 2021 and is expected to reach $33.14 billion by 2031, growing at a steady pace. CAGR of 6.3% from 2022 to 2031.
Drivers, constraints and opportunities
Rising urbanization and increase in the number of supermarkets and hypermarkets have boosted the growth of the global food packaging equipment market. However, the increase in counterfeit food packaging is hampering the growth of the market. On the contrary, advancements in technology and increased awareness of the components and contents of the packaging box would open new opportunities for market players in the future.
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The Covid-19 pandemic has led to reduced demand for certain types of packaging due to lockdown restrictions and increased demand for packaging equipment for e-commerce shipments.
However, easing restrictions and increasing demand for logistics and packaging equipment would help the market get back on track.
The case processing segment held the largest share
By type of equipment, the case handling segment held the largest share in 2021, accounting for nearly one-sixth 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 consistent packing rate.
Shelf-stable segment dominated the market
By application, the shelf stable segment held the lion’s share in 2021, contributing nearly a quarter of the global food packaging equipment market, as these foods require additional packaging requirements. However, the meat, poultry and seafood segment is estimated to have the highest CAGR of 7.9% from 2022 to 2031, due to high consumption rate and wide availability of various products. worldwide.
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Asia-Pacific, followed by Europe and North America, held the largest share
By region, the Asia-Pacific market, followed by Europe and North America, dominated in 2021, holding around two-fifths of the global food packaging equipment market. Additionally, the region is expected to register the highest CAGR of 7.2% during the forecast period, owing to the widespread application of the product in end-use sectors and increasing local manufacturing. and consumer income.
Main market players
Bosch packaging technology
Nichrome India Ltd.
Omori Machinery Co.Ltd.
Oystar Holding GmbH.
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