Newark, Sept. 19, 2022 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global food packaging technology & equipment market is expected to grow from USD 46.99 billion in 2021 to USD 83.52 billion by 2030, at a CAGR of 6.60% during the forecast period 2022-2030.
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The increasing demand for fresh and high-quality food products is anticipated to expand the food packaging technology & equipment industry demand during the projection period. Moreover, the increased demands for ready-to-eat food products and growing integration of automation technologies & flexibility of machinery are also helping to propel market growth. However, the stringent legislation for food safety and the high cost of development & installation of equipment in developing countries restrain the market growth. Furthermore, the emergence of packaging as a tool for product differentiation and the adoption of effective and advanced packaging techniques are opportunities for market growth.
To enhance their market position in the global food packaging technology & equipment market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
Report coverage & details:
|Market Size in 2021||USD 46.99 billion|
|Market Size in 2031||USD 83.52 billion|
|No. of Pages in Report||220|
|Segments Covered||Material, Type, Application, Regions|
|Drivers||The growing awareness about the consumption of healthy foods|
|Opportunities||Adoption of effective & advanced packaging techniques|
|Restrains||The high cost of progressive food packaging solutions|
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Market Growth & Trends
The growth of the food packaging technology & equipment market is driven by growth in packaging as a tool for product differentiation and the rise in consumer preference for packaged foods. Moreover, the growing demand for smart packaging solutions is the market growth trend. The increasing industrialization coupled with strong demand for superior logistics & supply chain management, the rise in living standards, and stringent food safety regulations is also helping to drive market growth. Further, intelligent packaging is the latest technology within the packaging sector. This technology is increasing faster in the food sector, with huge potential to improve customer convenience. In addition, the increasing inclination towards online shopping of grocery and packaged protein-rich meat, seafood, and poultry is helping to drive market growth. Also, the increase in purchasing power, rising household incomes, and the growing middle-class population are boosting the market growth during the forecast period.
• In 2021, the plastics segment dominated the market with the largest market share of 27.15% and market revenue of 12.75 billion.
The material segment is divided into paper & paperboard, glass & wood, metal, plastics, and others. In 2021, the plastics segment dominated the market with the largest market share of 27.15% and market revenue of 12.75 billion. This growth is attributed to its low cost, flexibility, and ease of availability. Further, by 2030, the paper & paperboard segment will likely dominate the market due to the food manufacturers’ broad adoption of paper-based packaging products.
• In 2021, the biodegradable segment dominated the market with the largest market share of 22.34% and market revenue of 10.49 billion.
The type segment is divided into intelligent, controlled, biodegradable, active, aseptic, and others. In 2021, the biodegradable segment dominated the market with the largest market share of 22.34% and market revenue of 10.49 billion. This growth is attributed to the growing awareness of an eco-friendly environment.
• In 2021, the poultry, seafood, and meat products segment dominated the market with the largest market share of 21.13% and market revenue of 9.92 billion.
The application segment is divided into confectionery products, dairy & dairy products, poultry, seafood, and meat products, bakery products, fruits & vegetables, convenience foods, and others. In 2021, the poultry, seafood, and meat products segment dominated the market with the largest market share of 21.13% and market revenue of 9.92 billion. This growth is attributed to the growing consumption of processed meat products worldwide due to the advancements in cold-chain logistics and efficient packaging solutions. Further, by 2030, the convenience foods segment will likely dominate the market due to the growing customer demand for ready-to-eat food products brought on by busy lifestyles.
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Regional Segment Analysis of the Food Packaging Technology & Equipment Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia Pacific region occurred as the largest market for the global food packaging technology & equipment industry, with a market share of 49.39% and a market value of around 23.20 billion in 2021. The Asia Pacific dominates the food packaging technology & equipment market due to the increased demand for processed food products in developing countries. Moreover, the growing demand for biodegradable and more sustainable packaging solutions and rising investment in R&D of food processing equipment are also helping to drive the region’s market growth. Further, the North American region is expected to show the fastest CAGR of 9.01% over the projection period. This growth is attributed to the rise in awareness regarding new food products. In addition, stringent regulations regarding food hygiene and the food processing companies’ strong foothold propel market growth in this region.
Key players operating in the global food packaging technology & equipment market are:
• Coesia S.p.A.
• ARPAC LLC
• Kaufman Engineered Systems
• GEA Group AG
• Ishida Co., Ltd
• NICHROME INDIA LTD
• IMA Group
• Omori Machinery Co., Ltd.
• MULTIVAC Group
• Robert Bosch GmbH
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global food packaging technology & equipment market based on below mentioned segments:
Global Food Packaging Technology & Equipment Market by Material:
• Paper & Paperboard
• Glass & Wood
Global Food Packaging Technology & Equipment Market by Type:
Global Food Packaging Technology & Equipment Market by Application:
• Confectionery Products
• Dairy & Dairy Products
• Poultry, Seafood, and Meat Products
• Bakery Products
• Fruits & Vegetables
• Convenience Foods
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About the report:
The global food packaging technology & equipment market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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