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iCrowdNewswire Dec 29, 2020 3:54 PM ET

Global Packaging Machinery Market is Poised to Reflect 6% CAGR by 2023


iCrowd Newswire - Dec 29, 2020

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As per Market Research Future (MRFR), the global packaging machinery market is estimated to grow at a CAGR of 6% from 2017 to 2023 (forecast period).

The research report includes a succinct overview of the impact of COVID-19 on current/future market conditions. The report describes some of the main market factors that will influence the growth of the industry, such as market share, key region, and major players.

Packaging machinery is used for many functions like container cleaning, filling and forming, canning, sealing and lidding, bagging, packaging, bottling, unpacking, wrapping, shrink film and heat sealing, inspection and check weighing, palletizing and depalletizing, case forming, labelling, encoding, and many other applications.

Market Dynamics

The global packaging machinery market is very competitive and is expected to experience substantial growth over the forecast period. The global market for packaging machinery is driven by growing demand from various industries, such as food, beverages, pharmaceuticals, personal care, and others. There has been a high reliance on ready-to-eat products. This is backed by a rise in population, automation, and investment by packaging firms, which has contributed to the packaging machinery industry’s growth. Increased demand for packaging robots from a range of end-user industries is also anticipated to push market growth over the forecast period.

Other factors responsible for the development of the packaging machinery market are the growing use of automation in the packaging industry, the rise in consumer goods consumption, the development of energy-efficient packaging machinery technology, the increasing use of vacuum packaging machines, and the introduction of strict government regulations to encourage environmentally friendly packaging.

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Market Segmentation

The global market for packaging machinery has been segmented into type and end-user.

Regional Analysis

Region-wise, the global packaging machinery market has been segmented into Asia Pacific, North America, Europe, and the rest of the world. 
The Asia Pacific region is expected to boost the global market for packaging machinery. The market’s growth can be ascribed to the existence of a large number of food & beverage manufacturers and personal care manufacturers in the region. The North American region is also expected to develop significantly in the global packaging machinery market due to the presence of a large number of players in the market, including Bosch Packaging Technology, Dover Corporation, and Nordson Corporation.

Key Players

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Keywords:    Packaging Machinery Market, Packaging Machinery Market 2020, Packaging Machinery Market Size, Packaging Machinery Market Share, Packaging Machinery Market Analysis, Packaging Machinery Market Forecast, Packaging Machinery Market Growth, Packaging Machinery

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