Packaging Equipment & Technology Markets Will Grow Steadily Through 2019
By Isaac Fletcher, contributing writer, Food Online
Spurred by an increased need for food packaging to meet a broad spectrum of consumer demands, the food-packaging equipment and technology markets are expected to experience healthy growth in the coming years
A recent report from RnRMarketResearch.com, Food Packaging Technology & Equipment Market by Technology, by Equipment, by Application and Geography — Trends & Forecast to 2019, indicates that the food-packaging equipment market is expected to grow steadily with a CAGR of nearly 6 percent over the next four years. Market growth is partially driven by untapped potential in developing countries of the Asia-Pacific region. This factor also contributes to the projected growth of the food-packaging technology market, which is expected to experience a CAGR of more than 9 percent over the same time period.
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Food packaging technologies include controlled packaging, active packaging, advanced packaging, intelligent packaging, and aseptic packaging. Of these, controlled packaging is the most widely used thanks to its numerous applications. With regard to food-packaging equipment, the market includes form, fill and seal, labeling and coding, wrapping, and case packing equipment.
The report uses aggregate information from the various segments of the food-packaging technology and equipment markets and accounts for a handful of influential factors, including: technology types, equipment types, applications, and geography. As market data continues to show that consumers demand more and more food products that offer convenience, the market for the packaging of convenience foods is projected to grow at a CAGR of 7 percent from 2014 to 2019.
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Likewise, the food-packaging equipment market for the convenience-food segment is slated to grow at a CAGR of 5.5 percent. Additionally, the increased awareness about health and food safety plays an integral role in shaping future growth in both markets.
Although the North American and European food-packaging technology and equipment markets have been stable over recent years, the Asia-Pacific market shows better growth prospects for the near future. The markets are dominated by a handful of large players, but are also comprised of many small and medium players.