Pune, Aug. 20, 2020 (GLOBE NEWSWIRE) -- The global food packaging equipment market size is projected to reach USD 23.03 Billion by 2027, exhibiting a CAGR of 3.6% during the forecast period. Integration of automation tools with food packaging processes will accelerate the expansion of this market, observes Fortune Business Insights™ in its report, titled “Food Packaging Equipment Market Size, Share & COVID-19 Impact 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, 2020-2027”.
Deployment of Internet of Things (IoT) by food packaging companies has raised the food safety quotient considerably in recent years. For instance, many companies are utilizing the Automated Hazard Analysis and Critical Control Points (HACCP) checklists throughout the manufacturing, production, and transport processes to gather consistent data and put in place appropriate safety norms. Similarly, manufacturers are adopting Radio Frequency Identification (RFID) technology to effectively monitor the distribution and supply chain as well as ensure proper warehousing practices. Together, smart technologies are furthering the progress of the food packaging machinery market.
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The report states that the global market value stood at USD 17.43 billion in 2019. It also offers the following:
- Quantitative and qualitative analysis of the current market trends and drivers;
- In-depth examination of the market restraints;
- Detailed assessment of all the possible market segments; and
- Comprehensive study of the regional and competitive dynamics of the market.
Rising Pollution Levels from Food Packaging to Challenge Market Growth
The materials used for food packaging processes, mainly plastic derivatives, are designed for single-use purposes. Their high popularity is based on the fact that they lengthen the shelf-life of the packaged item. However, these materials are also responsible for elevating pollution levels in the environment. For example, during its 2018 annual beach cleanup, the US-based environmental advocacy group, Ocean Conservancy, found food packaging to be the second most common trash item littered around the beaches across the country. This finding is further bolstered by the US Environment Protection Agency’s (EPA) revelation that food packaging materials constitute roughly half of the total municipal solid waste in the country. Moreover, the retrieved materials are scarcely recycled. The EPA, for instance, reported that in 2014, 63% of the 258 million tons of municipal waste was of packaging materials and out of this only 35% was recycled or composted. Environmental concerns associated with the packaging industry may obstruct the food packaging equipment market growth.
Strong Government Backing to Food Packaging Industry to Fuel the Asia Pacific Market
Asia Pacific, where the market size stood at USD 5.72 billion in 2019, is expected to occupy a commanding market position during the forecast period as governments across the region are providing strong policy and financial support to the food processing and packaging industry. For instance, India’s National Investment Promotion & Facilitation Agency expects the processed food industry will attract investments worth USD 33 billion by 2024.
In Europe, the market is anticipated to showcase lucrative growth as manufacturers in Europe are increasingly adopting advanced food packaging equipment to comply with the stringent food safety standards framed by the European Union (EU). On the other hand, the market in North America is predicted to grow steadily on account of high demand for ready-to-eat convenience foods across the region.
Sustainable Packaging Solutions to be the New Growth Strategy for Key Players
Competitors in the food packaging technology and equipment market are increasingly focusing on designing, developing, and launching sustainable packaging offerings to reduce the carbon footprint of this industry. As a result, players are ramping up investments in R&D to come up with path-breaking innovations and facilitate the progress of the global market.
- February 2020: MULTIVAC showcased its novel vacuum skin packaging solutions for prolonging the shelf-life of fish and other seafood at the Seafood Expo Global in Brussels. Besides this, the company will also be launching its concept sustainable packaging products to meet the recycling parameters for such solutions.
- March 2019: Bosch introduced the Pack 403, the first machine of its kind of flow wrappers in the Asian and European markets. The machine is a 100% automated, horizontal flow wrapper with narrow dimensions, perfectly suited for packaging biscuits, bars, crackers, cookies, and chocolates.
List of the Leading Companies Profiled in the Food Packaging Equipment Market Report are:
- OPTIMA Packaging Group GmbH (Schwaebisch Hall, Germany)
- ARPAC LLC. (Illinois, U.S)
- GEA Group Aktiengesellschaft (Düsseldorf, Germany)
- Tetra Pak International S.A. (Pully, Switzerland)
- I.M.A. INDUSTRIA MACCHINE AUTOMATICHE S.P.A. (Bologna, Italy)
- Coesia S.p.A. (Bologna, Italy)
- Illinois Tool Works Inc. (Illinois, U.S)
- Robert Bosch Packaging Technology GmbH (Waiblingen, Germany)
- Krones AG (Neutraubling,Germany)
- MULTIVAC (Wolfertschwenden, Germany)
Quick Buy – Food Packaging Equipment Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/101803
Detailed Table of Content
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Food Packaging Equipment Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Equipment Type (Value)
- Case Cartoning
- By Application (Value)
- Bakery and Confectionery Products
- Meat and Poultry Products
- Dairy Products
- Others (Grains, Fruits, Nuts and Vegetables, etc.)
- By Region (Value)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
- By Equipment Type (Value)
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