According to a new report published by Allied Market Research, titled, “Food Packaging Equipment Market by Equipment Type, Application, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2022-2031,” The global food packaging equipment market size was valued at $16,901.0 million in 2020, and is projected to reach $33,148.2 million by 2031, registering a CAGR of 6.3% from 2022 to 2031. The shelf stable segment was the highest revenue contributor to the market, with $4,209.8 million in 2020, and is estimated to reach $7,106.9 million by 2031, with a CAGR of 4.8%.
Food packaging equipment market includes machines used at each stage of the packaging process. Food packaging equipment that performs distinct packaging functions at different stages of processing includes bottling lines, cartoning, case handling, closure, filling & dosing, FFS (form, fill & seal) machinery, labeling, decorating, & coding, palletizing, wrapping & bundling, and others. The food and beverage industry is one of the major industries that drive demand for food packaging equipment market share. Purchasing power parity, industrial development, and the adoption of automated technology are all expected to boost growth during the forecast period.
The rise in food packaging equipment market demand for appealing and innovative packaging in the food industry for product differentiation; rise in consumption of processed meat, poultry, and seafood; surge in purchasing power, and preference for online grocery shopping all lead to increase in demand for packaged food, which is expected to drive the food packaging equipment market.
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Demand for ready-to-eat, dairy and other perishable products, as well as convenience food items, is expected to drive the market growth. Increased health awareness and dietary changes are projected to boost development even further. Westernization of food preferences and lifestyle in Asia-Pacific and other developing regions is expected to augment demand for these food packaging equipment market.
Rise in demand for equipment in developing countries is expected to drive the growth of the food packaging equipment market. Manufacturers’ increased efforts in R&D propel the food packaging equipment market in a positive direction. The surge in demand for ready-to-eat, dairy, and other perishable products, as well as convenience food items, is expected to boost the food packaging equipment market growth. Growth in health consciousness and change in eating patterns are projected to drive growth in the global food packaging equipment market during the forecast period. The increased consumption of packaged food products around the world has positively impacted the global food packaging equipment market growth.
Strict government requirements governing equipment quality are likely to motivate food packaging equipment producers to invest in and improve their R&D skills. The most recent trend in technical improvement in industries, particularly the manufacturing sector, has enabled manufacturers to produce high-quality products with minimal time, labor, and operational costs.
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The coronavirus pandemic has had a major impact on the global food packaging equipment market. The virus’s unexpected emergence has prompted government officials to adopt strict lockdown restrictions and social separation techniques. The implementation of travel regulations has switched consumer focus to packaged goods and beverages for daily meals. Furthermore, the virus’s spread among manufacturing workers has generated labor scarcity issues for manufacturers and production facilities, affecting packaging output. To meet industrial demand, this factor has stimulated the adoption of modern packaging equipment. Growth in packaging equipment is anticipated to be aided by increased use in the future years.
On the basis of application, the market is divided into meat, poultry & seafood, dairy, bakery & snack, frozen, candy & confectionery, cereal & grain, perishable prepared, and shelf stable. Meat, poultry, and seafood processing equipment held the greatest percentage of the entire food processing equipment market in 2020. This segment’s substantial share is mostly due to rise in demand for processed meat products, surge in urbanization & disposable income, and customer preferences for protein-rich food products & convenience foods.
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Labels and codes are used on every kind of food product to brand, decorate, provide information, and track products. It consists of high ink-jet coders for printing barcodes, graphics, and text on cartons. Moreover, it has a wide array of print and applies labelers for labeling bottles, cartons, and pallets with high resolution graphics text and barcodes. This provides protection against tampering.
Whereas, 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 &machinery hamper the market growth.Growth in packaged food industry in emerging economies such as China, India, Indonesia, and Brazil make way for growth opportunity.
Key findings of the study
Asia-Pacific is expected to maintain its dominant position in the market in terms of value during the forecast period, followed by Europe.
Meat, poultry, and seafood are the fastest growing segment of the market in 2020, and shelf stable segment was the largest contributor in 2020.
The Asia-Pacific food packaging equipment market is anticipated to grow at the highest CAGR from 2022 to 2031.
North America accounted for approximately one-seventh share in the market, and is expected to grow at a CAGR of 5.4%during the forecast period.
The key players operating in the global food packaging equipment market are Arpac LLC, Bosch Packaging Technology, Coesia Group, GEA Group, IMA Group, Ishida, Multivac, Inc., Nichrome India Ltd., Omori Machinery Co. Ltd., and Oystar Holding GmbH.
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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.