Food Packaging Technology and Equipment Market Size is estimated to be $41.36 Billion in 2019 and is growing at a CAGR of 6.74% during the forecast period 2020-2025. Food packaging is a packaging that prevents food from infection, damage, pest attack, etc. Packaging of food is important to deliver them to customers in a suitable way. Food packaging equipment carries out several functions such as stretch trading equipment, wrapping, coding, and filling in the food packaging industry. Food packaging technologies and equipment include several methods for packaging. It helps to increase shelf life, ensure the quality of the food, and much more. Owing to a rising health consciousness, the intake of healthy foods has increased, leading to an increase in the adoption of more efficient and advanced packaging techniques. Thus, driving the growth of the market. Furthermore, increased focus to improve the shelf life of convenience foods, as well as continuous development in packaging design is set to increase the demand for food packaging technology and equipment.
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Material – Segment Analysis
Based on the Material, the Food Packaging Technology and Equipment market is divided into metal, glass & wood, paper & paperboard, plastics, and others. Among these, Plastics hold a major share in the food packaging technology and equipment market in 2019. This is mainly owing to its flexibility, low cost, and ease of availability. Additionally, plastic is lighter in weight, sturdy, or durable which increases its use over other materials. According to the U.K. Parliament Office of Science and Technology, 46.2% of plastic packaging from all sectors was gathered for recycling, in 2017. The plastic segment hence poised to retain its dominance in the coming years owing to its functionality and recyclability. These materials are used to manufacture various food packaging supplies such as boxes, jars, trays, bags, wrappings, and more.
Geography – Segment Analysis
Asia-Pacific accounts for 35.49% of the food packaging technology and equipment market share in 2019. Growth in demand for processed food in developing countries and the rise in infrastructural development are the drivers for the food packaging technology and equipment market in the Asia-Pacific region.
However, the North America is projected to be the fastest-growing region during the forecast period 2020-2025. This is mainly owing to the rising consumption of healthy food, increasing investment in R&D of food processing equipment and technology.
Drivers –Food Packaging Technology and Equipment Market
Rising health awareness and increased consumption of healthy food along with an increase in hygiene standards are driving the growth of food packaging technology and equipment market. Also, an increase in demand for fresh and high-quality food, rise in consumer preference for packaged foods is also set to increase the market growth.
Adoption of effective and advanced packaging techniques and increasing shelf life of food are the factors for the growth of food packaging technology and equipment market. Continuous development in packaging designs, increasing investment in R&D also contribute to the growth. The rise in pollution owing to plastic usage has increased environmental awareness among consumers who are reducing their use of plastic products. Moreover, strict government rules are also being established to eliminate the use of plastics in packaging and substitute it with biodegradable packaging.
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Challenges – Food Packaging Technology and Equipment Market
The high initial investment for food packaging equipment and high cost of packaging are the factors that restraint the growth of food packaging technology and equipment market. Besides, presence of toxic substances in packaging and increasing concern for food safety and hygiene are further restraining the growth of food packaging technology and equipment market.
Food Packaging Technology and Equipment Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players of the Food Packaging Technology and Equipment market. Food Packaging Technology and Equipment top 10 companies are Robert Bosch, GEA Group, COESIA Group, Ishida, ARPAC, Multivac, Omori Machinery Company, Nichrome India, Adelphi Group, Kaufman Engineered Systems, and Lindquist Machine Corporation.
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