Study: Food packaging equipment market worth $60.40B by 2025
The filling and dosing equipment segment is expected to register significant CAGR over the forecast period.
The global food packaging equipment market size is estimated to surpass $60.40 billion by 2025, and is anticipated to expand at a CAGR 4.87% over the forecast period, according to a study produced by Grand View Research, San Francisco. Growing demand for convenient, packaged, processed and ready-to-eat food products is favoring the packaging industry, especially in emerging regions like Asia Pacific.
Increasing awareness regarding packaging, hygiene and nutritional value of food coupled with the rise in demand for dairy, bakery, confectionery, meat, poultry, seafood and allied products is anticipated to trigger the market growth. In addition, rising investments for developing efficient manufacturing units for packaging equipment is predicted to encourage growth of the food packaging equipment market over the forecast timeframe. Government regulations regarding manufacturing materials and processes along with secure work environment and product standardization is also expected to further drive the growth.
The filling and dosing equipment segment is expected to register significant CAGR over the forecast period. Product standardization, quality and value-added engineering in manufacturing processes offer competitive advantage to manufacturers. The shift in dietary habits, westernization in lifestyles and food consumption supported by inclination of consumers toward ready-to-eat and packaged food is projected to augment the demand for packaging equipment favoring the food packaging equipment market.
Russia is expected to attain $5.40 billion by 2025. Increasing industrial automation, purchasing parity power and shifts in the dietary habits are some of the reasons expected to propel the market growth. India was valued at $3.01 billion in 2017.
Bakery, confectionery and convenience food applications are forecasted to have significant market share in 2017. The growth of Indian market for food packaging equipment is driven by rapid infrastructural development, change in lifestyle, health consciousness, healthy food habits and other macroeconomic factors.
Further key findings from the report suggest:
- Filling and dosing equipment is expected to lead the equipment segment with a CAGR of 4.99% over the forecast period, owing to ongoing research in packaging automation, adoption of Industry 4.0 and technological advancements.
- Dairy products are expected to emerge dominant application segment and expand at a CAGR of 4.99% over the forecast period.
- The Canada food packaging equipment market is expected to expand at a CAGR of 5.72% over the forecast period, owing to favorable market opportunities, industrialization and supportive government policies.