The report “Food Packaging Technology and Equipment Market by Technology (Controlled, Active, Intelligent, Aseptic, and Biodegradable), Material (Metal, Glass & Wood, Paper & Paperboard, and Plastics), Equipment, Application, and Region-Global Forecast to 2023″, The food packaging technology market is projected to reach USD 57.80 Billion by 2023. The food packaging technology market is estimated at USD 41.36 billion in 2018 and is projected to reach USD 57.80 billion by 2023, at a CAGR of 6.92% during the forecast period. The food packaging equipment market is estimated at USD 19.72 billion in 2018 and is projected to reach USD 26.96 billion by 2023, at a CAGR of 6.46% during the forecast period. The market is driven by factors such as high demand for hygienic food packaging, as well as rising consumption of fresh & high-quality food and demand for conveniently packaged food products.
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Shift toward convenient food packaging
On-the-go lifestyles have emerged as a result of several factors. Longer working hours & commuting time and the growing number of smaller households contribute to the increased demand for convenient single serving or packaged food products. This is expected to drive the demand for the food packaging technology & equipment market as this trend has resulted in food manufacturers innovating and providing convenience food products to their customers.
Convenient packaging features such as easy opening, portability, resealable, micro-perforation, lightweight, and easy handling are increasingly gaining popularity and are driving the demand for food packaging technology & equipment for a wide range of products such as snacks, meat & poultry products, candy bars, chocolates, sauces, processed fruits & vegetables, and dairy products. This has encouraged food packaging technology & equipment manufacturers in investing in research & development activities and develop technologies to cater to the increased demand for convenient food packaging. They also emphasize on developing easy-to-handle mechanisms for food packaging for convenient usage.
Stringent environmental regulations
Packaging waste harms the ecosystem as it takes decades to decompose. Governments of several countries are addressing this issue by imposing strict laws that the food packaging industry must adhere to. For instance, governments in Europe take various steps to deal with packaging waste and recycling issues. For instance, the Packaging and Packaging Waste Directive 94/62/ EC (a.27) was introduced in the European Union with the aim to reduce or minimize the environmental impact of packaging and packaging wastes. This also restricts the use of recycled materials for food packaging as they might release toxic substances in food products. Furthermore, developing nations are also following their example by imposing strict regulations for food packaging and by promoting sustainable or biodegradable packaging solutions. This affects the overall food packaging market revenues as the profits decrease, which, in turn, would act as a restraint to the growth of the food packaging technology & equipment market.
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Asia Pacific is projected to grow at the highest rate in the food packaging technology and equipment markets during the forecast period.
The Asia Pacific region witnessed the fastest growth in the food packaging technology and equipment market; one of the key factors being the rapid economic growth and rise in urbanization. IMF World Economic Outlook estimated that the two economic giants of the Asia Pacific region—China and Japan—were the world’s second- and third-largest economies in 2017, respectively. Other drivers that would have a positive impact on this market are the rising household incomes and the growing middle-class population, which are expected to increase the demand for packaged and convenience food products in the region.
This report includes a study of the marketing and development strategies, along with the product portfolios of the leading companies. It includes the profiles of leading companies such as Robert Bosch (Germany), GEA Group (Germany), IMA Group (Italy), COESIA Group (Italy), Ishida (Japan), and ARPAC (US).Other players include Multivac (Germany), Omori Machinery Company (Japan), Nichrome India (India), Adelphi Group (UK), Kaufman Engineered Systems (US), and Lindquist Machine Corporation (US).
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