The global packaging machinery market is projected to grow by 4.5 per cent a year through 2023, driven by global increases in manufacturing activity, rising mechanisation in developing countries, and high-value sales of equipment in affluent markets, reports Freedonia Group.
The Asia/Pacific region in particular will continue to be a major influence on global sales in the food and beverage market. These markets will account for 56 per cent of all new packaging machinery demand through 2023.
The robust annual growth projected for the region will be driven by fast expected gains in countries outside of China, such as Indonesia, India, and Thailand, as manufacturing activity and mechanisation rates increase. Furthermore, the Asia/Pacific region’s packaging equipment needs will continue to expand as new plants are built and existing production facilities are upgraded.
Due in part to increasing foreign participation in the regional manufacturing sector, the use of higher quality packaging materials and technologically advanced packaging machinery will grow at a swift pace, adding to gains in value terms.
