Global Food Packaging Equipment Market Set To Grow To $22bn By 2022
Visiongain comprehensive new 122-page report assesses that the global food packaging equipment market will be valued at $16bn in 2017. This market is estimated to grow at a CAGR of 5.9% in the first half of the forecast period.
LONDON, UK. January 2018: Visiongain has launched a new Food report Global Food Packaging Equipment Market 2018-2028: Form-Fill-Seal, Labelling & Coding, Wrapping & Bundling, Beverages, Bakery & Confectionary, Dairy & Frozen Desserts, Meat & Seafood, Snacks, Others
The food packaging equipment market has intense competition due to the presence of large number of large- and small-scale firms. Expansions & investments, new product launches, partnerships, and agreements & joint venture were some of the main strategies adopted by the market players to achieve growth in the market. Growth in technology has led to the emergence of innovative food packaging equipment to maintain the efficacy, flavour, and taste of food products. Moreover, growth in purchasing power, rise in number of online grocery orders, and wide consumer base of on-the-go consumer further fuels the demand for packaging, which in turn is expected to drive the market.
The visiongain report analyst commented “A major factor for the growth of the market is rising demand for labelling and coding. The growing need for shippers to accurately track food products has led to an increase in the demand for labelling and coding products. Radio-frequency identification tags are used to track and secure non-durable goods. The need to prevent counterfeiting is also one of the major drivers of the demand for technologically advanced labelling and coding machines.
One of the major challenges confronting the global food packaging equipment market is rapid fluctuation in raw material prices. These uncertainties in raw material prices have an adverse effect on food packaging equipment manufacturers, which reduces their profitability. 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.”
Leading companies featured in the report include Arpac LLC, Bosch Packaging Technology, Coesia, Buhler AG, GEA Group, IMA Group, Ishida, Krones AG, Multivac, Nichrome India Ltd.
Notes for Editors
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