Increase in demand for ready-to-eat natural and organic food products that are highly perishable promoted the packaging industry to come up with new packaging equipment and solutions for food safety and hygiene. Thus, hygienic packaging of food majorly drives the food packaging equipment market.
Portland, OR -- (SBWIRE) -- 02/23/2018 -- The global food packaging equipment market was valued at $14,740 million in 2016, and is projected to reach $19,268 million by 2023, registering a CAGR of 4.0% from 2017 to 2023. In 2016, the labelling, decorating, & coding equipment segment accounted for approximately one-seventh share of the global market in terms of revenue.
Food packaging equipment includes machineries that are present in every stage of packaging process. Bottling line, cartoning, case handling, closing, filling & dosing, FFS (form, fill & seal) machinery, labelling, decorating, & coding, palletizing, wrapping & bundling, and others are some types of food packaging equipment that perform different packaging functions at different stages of processing.
The growth in demand for attractive and innovative packaging in the food industry for product differentiation; rise in consumption of processed meat, poultry, and seafood; increase in purchasing power and rise in preference of online shopping of grocery leads to increase in demand for packaged food, which in turn is expected to drive the food packaging equipment market.
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In 2016, labelling, decorating, & coding equipment accounted for the highest revenue growing at a significant CAGR of 5.2% from 2017 to 2023. Labels and codes are used on every kind of food product to brand, decorate, provide information, and track products. It consists of high ink-jet coders for printing barcodes, graphics, and text on cartons. Also, it has a wide array of print and apply labelers for labeling bottles, cartons, and pallets with high resolution graphics text and barcodes. This provides protection against tampering.
Whereas, high cost of development and installation of food packaging equipment in most of the developing countries, stringent legislations for food safety and energy-inefficient packaging equipment and machinery hamper the market growth. Growth in packaged food industry in emerging economies such as China, India, Indonesia, and Brazil make way for growth opportunity.
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