The packaging equipment market outlook has observed an expanding demand for latest machinery from developing sectors

Ocean View, DE -- (SBWire) -- 04/21/2020 --The global packaging equipment market is projected to witness an accelerated growth rate over 2018-2024, primarily driven by the expanding F&B & pharma sectors. Having held a valuation of $38 billion in 2017, market thrives on the changing trends of the food industry that conceptualizes state-of-the-art packaging solutions depending on the shifting consumer preferences. The rising urbanization and improving living standards around the world with the rise in disposable incomes have conjointly led to a surge in the demand for ready-to-eat foods and subsequently, innovative packaging, thereby stimulating packaging equipment market growth.

Key Companies: - ACG Worldwide, Alfa Laval, BEUMER Group GmbH & Company KG, Graphic Packaging Holding Company, Illinois Tool Works Incorporated, KHS GmbH, Krones AG, Robert Bosch GmbH, Schneider Electric SA

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Palletizing equipment has been witnessing high adoption in various sectors due to the machines offering automated functions. The product helps in managing weighty loads and stacking bags, cases, cartons, and bottles for packaging and labeling of products. A few of the benefits of these machines among several advantages are automatic and manual handling, trouble-free circulation of commodities, worker injuries, and lower risks of product damage. Numerous companies have been adopting automated palletizing machines to improve manufacturing capabilities, provide superior end-products, and effectively handle their processes which in turn will drive packaging equipment market.

The food & beverage industry held more than 55% of overall packaging equipment industry share in 2017. The packaging equipment market outlook has observed an expanding demand for latest machinery from developing sectors. The growth in demand can be attributed to increase in expenditure on a wide range of ready-to-go and processed food & beverage products. Various key companies operational in food & beverage sector are looking to strengthen their footprints in untapped sectors to answer accelerating demand by constructing new plants and buying latest machinery. Additionally, with shifting consumer preferences, firms functioning in food & beverage sector are expected to announce a huge range of latest products which require advanced packaging machinery.

Packaging equipment market forecast report estimates that pharmaceutical packaging machinery industry will observe immense growth in coming years. The growth is attributable to increase in demand for flexible, integrated, and automated packaging lines from market. Producers have been targeting the requirement for advancing new drug delivery solutions which has contributed to enhance packaging equipment market trends. Numerous regulatory changes concerning medical product packaging are also likely to fuel industry growth. A few of these rules are labeling, pharmacopeia, and anti-tampering standards. Developing economies such as India, Brazil, and China are witnessing a high demand for packaging equipment due to advancing economic situation of population and augmenting investments by key pharmaceutical firms.

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Packaging equipment industry forecast report predicts that Asia Pacific is anticipated to experience relentless growth and is likely to reach $18 billion by 2024. The growth can be credited to amplification in number of pharmaceutical firms. Countries such as China, India, South Korea, and Japan are shifting toward automation and have been rapidly adopting smart industrial solutions in production processes. Strict regulations which instruct pharmaceutical companies to follow particular standards for drug packaging will positively augment packaging equipment market share.

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