(MENAFN- EIN Presswire) Food Packaging Equipment Market
Rise in urbanization and increase in number of supermarket and hypermarkets have boosted the growth of the global food packaging equipment market.
The food and beverage industry is one of the major industries that drive demand for food packaging equipment market share.” - Allied Market ResearchPORTLAND, OR, US, September 6, 2023/EINPresswire/ -- 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%.
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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.
Leading Key Players:
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.
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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On the basis of distribution channels, market is bifurcated into offline and online. Physical routes to market continue to be the most popular channel for purchasing food packaging equipment. Physical or offline purchases provide buyers a better chance to see and feel what the item genuinely looks like. Moreover, equipment trials are supplied by the makers to get better understanding of the food packaging equipment.
The shelf stable segment dominated the market
By application, the shelf stable segment held the lion's share in 2021, contributing to nearly one-fourth of the global food packaging equipment market, as these foods demand extra packaging requirements. However, the meat, poultry & seafood segment is estimated to manifest the highest CAGR of 7.9% from 2022 to 2031, due to high consumption rate and wide availability of variproducts across the globe.
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On the basis of distribution channels, market is bifurcated into offline and online. Physical routes to market continue to be the most popular channel for purchasing food packaging equipment. Physical or offline purchases provide buyers a better chance to see and feel what the item genuinely looks like. Moreover, equipment trials are supplied by the makers to get better understanding of the food packaging equipment.
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.
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.
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