The global packaging machinery market is expected to be worth USD 52.83 billion by 2027, growing at a 3.6% CAGR during the forecast period. According to Fortune Business Insights in a report titled "Packaging Machinery Market Size, Share & Industry Analysis, By Machine Type (Bottling Line, Cartoning, Case Handling, Closing, Filling & Dosing, Form, Fill & Deal, Labelling, Decorating & Coding, Palletizing, Wrapping & Bundling and Others), By End User (Food, Beverages, Pharmaceuticals, Personal Care, and Others)," the unending demand for packaged food In 2019, the market was worth USD 40.08 billion.
The coronavirus incident has caused massive damage to all industries around the world. Several countries' governments have imposed a state of emergency to prevent the spread of this lethal virus. Such plans have disrupted the production and supply chain. But, with time and determination, we will be able to overcome this difficult period and return to normalcy. Our thoroughly revised reports will assist businesses in receiving detailed information about the current state of each market, allowing you to implement the necessary strategies.
Rising demand for packaging in logistics and transportation could be a critical factor driving market growth. Before shipping, various logistics and transportation companies require packaging machinery to wrap and bundle their goods and commodities. During the forecast period, the expanding logistics and transportation industry is expected to have a significant impact on the global market. Packaging ensures product and consignment safety during transportation. Furthermore, the thriving E-commerce industry is expected to create opportunities for the market in the near future.
The disruption in various sectors' supply chains has also impacted the packaging industry. Manufacturers are limiting the workforce at manufacturing facilities due to government regulations. However, OEMs' use of advanced techniques to increase production capacity bodes well for the market. Similarly, the increased consumer preference for E-commerce as a result of the outbreak will significantly accelerate the industry's revenue.
The Asia Pacific market was valued at USD 13.34 billion and is expected to account for the largest share of the market due to heavy investments in the manufacturing sector. Rising government support in countries such as India and China is expected to allow for rapid market expansion. Because of the low adoption of packaging machinery in the regions, North America and Europe are expected to grow at a steady rate during the forecast period.