The packaging machinery market is projected to reach USD 56.7 Billion by 2027 from USD 46.4 Billion in 2022, at a CAGR of 4.1%.
By machine type, the filling machine segment accounted for the largest share of the packaging machinery market. The significant market share is mostly attributed to the rising demand for filling and labeling equipment in the food and beverage sector. Liquid filling machines are machines used to fill any type of bottle or container with a specified and precise volume of liquid. Growth in this market is largely driven by factors such as the rapidly growing population, growing disposable incomes, and the rising demand for packaged food & beverage products.
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By end-use industry, the food industry accounts for the largest market for Packaging machinery. In the food industry, packaging machinery is used for filling, capping, labeling, and preparing food and Dairy products. Depending on the type of food being packed, packing comes in various types. To pack food items, various food packaging machines are used. The packing styles also change depending on the storage life of the product. Highly perishable food, like fresh processed meats and frozen items, are usually vacuum-packed to extend their storage life.
Asia Pacific accounted for the largest share followed by Europe and North America. It is also projected to grow at a higher CAGR during the forecast period. The growing population and rapid urbanization are among the key factors propelling industry expansion in the region. Other factors such as changing lifestyles, the growing healthcare industry, and the expanding food & beverage industry in China and India are also driving the growth of the Asia Pacific packaging machinery market.
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China held the largest share of the packaging machinery market in the Asia Pacific in 2021. Factors such as rising consumer spending and the increasing population will boost the demand for consumer goods, which will further support the growth of the packaging machinery market during the forecast period. The Chinese food & beverage industry has grown tremendously in the past ten years, which, in turn, boosts growth in the packaging machinery market.
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