PMMI Corner: Continued growth forecasted for the U.S. packaging machinery market
The U.S. packaging machinery industry continues to experience strong growth. The value of domestic shipments of packaging machinery is projected to grow at a compound annual growth rate (CAGR) of 2.4% reaching $8.5 billion in 2020, according to PACK EXPO owner and producer PMMI, The Association for Packaging and Processing Technologies. More than half of this growth is expected to come from the food and beverage sector.
“The 2016 State of the Industry U.S. Packaging Machinery Report” also notes the value of domestic shipments of U.S.-produced machinery rose 0.3% to $7.51 billion in 2015. Exports of packaging machinery in 2015 increased by 3.2%, compared to 2014 and are now $1.1 billion. Backlog orders of packaging machinery grew by 14.1% compared to backlog orders at the end of 2014.