LONDON--(BUSINESS WIRE)--The global packaging machinery market is expected to grow at a CAGR of more than 5% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the market’s growth is the demand for packaging machinery from various end-users. Many end-users such as food and beverage, pharmaceuticals, personal care, and consumer goods industries contribute to the growth in the demand for packaging machinery. For instance, in the food and beverage industry, packaging machinery is used to ensure tamper resistance and provide special physical, chemical, and biological protection.
This market research report on the global packaging machinery market 2018-2022 provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increase in development of new products as one of the key emerging trends in the global packaging machinery market:
Global packaging machinery market: Increase in development of new products
One of the main trends in the market are the continuous new product developments. Several key vendors are investing heavily in R&D to introduce such product upgrades, which will lead to an increase in the demand for packaging machinery. These upgrades will also encourage other vendors to invest in developing advanced products to maintain their position in the market.
“The introduction of new products in the market will support the revenue inflow in the market. Recently, one of the major vendors in the market announced the launch of a new packaging machinery system with state-of-the-art robotic integration capabilities for the beverage industry. It will introduce a machine that runs cans, bottles, or PET containers in a variety of formats and carton designs,” says a senior analyst at Technavio for research on packaging.
Global packaging machinery market: Opportunity analysis and segmentation
This market research report segments the global packaging machinery market into the following products (FFS machinery, labeling and coding machinery, closing and sealing machinery, and wrapping and bundling machinery) and key regions (the Americas, APAC, and EMEA).
APAC was the largest regional segment of the global packaging machinery market in 2017, accounting for a market share of more than 36%. During the forecast period, APAC is expected to register the highest CAGR in the global packaging machinery market. This growth is mainly attributed to the rise in investments in the packaging industry in the region.
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