The global food packaging equipment market size is prognosticated to attract high revenue in the forecast duration owing to the accelerating demand from the food and beverage packaging industry worldwide. Fortune Business Insights™ in their report titled, “Food Packaging Equipment Market Size, Share & Industry Analysis, By Equipment Type (Filling, Bottling, Case Cartoning, Labeling, and Palletizing), By Application (Bakery and Confectionery Products, Meat and Poultry Products, Dairy Products, Beverages and Others) and Regional Forecast, 2019-2026” describes the market in a 360-degree analysis format.
As per the report, the global food packaging equipment market will be worth USD 22.78 billion by the end of 2026 from USD 16.60 billion in 2018. The forecast period is set from 2019 to 2026 and the market is expected to rise at a CAGR of 4.1%
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Some of the key food packaging equipment market manufacturers include –
- OPTIMA packaging group GmbH
- ARPAC LLC.
- GEA Group Aktiengesellschaft
- Tetra Pak International S.A.
- M.A. INDUSTRIA MACCHINE AUTOMATICHE S.P.A.
- Coesia S.p.A.
- Illinois Tool Works Inc.
- Robert Bosch Packaging Technology GmbH
- Krones AG
Key industry developments in the food packaging equipment market include:
November 2018 – The Modulfill HES by Krones was revised for several hygienic and technical aspects. All Modulfill HES products went under complete reconstruction right from the bottle infeed to bottle discharge for ensuring the safety of the filling systems. Other properties such as space savings, and operator-friendly handling, prioritizing hygiene were also ensured.
August 2019 – A new generation cross-web labeler was presented by Multivac Group, providing lower life cycle expenditure. This machine is furnished with IO-link along with a sensor system used for predictively maintaining the food product and to label the inspection.
Asia Pacific to Dominate Market with Rising Popularity for Packaged Food
As per geographical segmentation, the highest food packaging equipment market share from Asia Pacific. This is attributable to high investments made by food packaging companies for expanding their portfolio all over the region. Besides this, the rise in middle-class population and increasing disposable incomes of people in nations such as Japan, China, and India are likely to result in increased demand for packaged food. Furthermore, the rapid growth of the food processing industry is anticipated to reach USD 543.0 billion by 2020, and this will create lucrative growth opportunities for the future food packaging equipment market growth.
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