Global Packaging Machinery Market to Hit 4.5% CAGR to 2023

A new Freedonia Group analysis projects 4.5% annual growth for the global packaging machinery market through 2023, driven by global increases in manufacturing activity, rising mechanization in developing countries and high-value sales of state-of-the-art equipment in affluent markets. The food and beverage markets will account for 56% of all new packaging machinery demand through 2023.
Global food and beverage production will expand, and suppliers will develop new products, which often requires new packaging configurations. As well, leading suppliers will increase spending on newly developed technologies (e.g., using more sensors to improve product performance and increasing the number of functions on a machine) and specialty models; and producers will invest in new equipment to comply with new technical and safety standards targeting the food and beverage industries. The Asia/Pacific region will account for a majority of new sales through 2023. The robust annual growth projected for the region will be driven by fast expected gains in countries outside of China, such as Indonesia, India and Thailand.

Source: The Freedonia Group