Ken Research says packaging machinery market will be USD 60-bn

As per the Ken Research study, “The global packaging machinery market is forecasted to reach nearly USD 60-bn by 2028.” It is driven by the rising adoption of automated packaging machinery along with advancement in technologies such as robotics and automation. 

It performs a variety of functions such as filling, container cleaning, bagging, packing, bottling, sealing, and many others. Packaging machinery is required by various logistic organisations to package their products before shipping.

Ken Research shares insights on this high-opportunity market from its research study. This includes increasing demand for efficient packaging machinery in industries which encourages the market growth. 

As per the report, packaging machinery is adopted by manufacturers of various industries such as foods, beverages, pharmaceuticals, personal care, and others to package goods. The increasing popularity of the eCommerce sector coupled with the rising penetration of the internet and online retailing in the different sectors, is likely to boost the demand for packaging and packaging machinery. 

However, the requirement for high initial investment may impede the growth of the market. The advancement in new technologies for packaging machinery to make it more efficient and environmentally friendly is creating immense opportunities for the growth of the global packaging machinery market.

According to Ken Research estimates; the global packaging machinery market – valued at around USD 35-bn in 2017 and estimated to reach USD 45-bn by 2022 – is expected to grow to around USD 60-bn opportunity by 2028.

Automated and semi-automated packaging machines are expensive for small and medium-scale manufacturers

The second trend points to the growing popularity of eCommerce sector which is driving market growth. The change in consumer purchasing behaviour for goods such as food, beverages, medicines, nutraceuticals, chemicals, and others along with the wide adoption of eCommerce service due to its convenience is expected to boost the demand for packaging, which in turn increases the demand for packaging machinery among manufacturers. In addition, millennials and GenZ prefer purchasing products online as it offers convenience, discounts, price comparisons, and other advantages. 

The increase in demand for consumer goods and increased penetration of the internet in the industry is expected to boost the demand for packaging machinery to package goods efficiently and temper proof.

The third trend points to the requirements for high initial investment in packaging machinery pose a significant barrier to the growth of the market. Automated and semi-automated packaging machines are expensive and difficult to afford for small and medium-scale manufacturers of any industry. This may hamper the growth of the market. Moreover, packaging machinery requires a lot of space to set up as they are huge and they need constant maintenance, which adds up to the cost of packaging machinery. 

The manual process for packaging is time-consuming and not feasible for any manufacturers. Thus, the requirement for a high amount of initial investment to purchase packaging machinery is expected to restrict the growth of the global packaging machinery market.