NEW YORK, Aug. 13, 2019 /PRNewswire/ --
Packaging machinery is a general equipment following the versatility suit across various domains. For instance, the food processing and packaging industry is a worldwide trillion dollar global industry. Major factors such as rise in income in less economically developed countries has resulted in improved living conditions that involve a significant consumption of packaged foods. The food safety guidelines are more stringent and along with this, the number of stakeholders has increased in the past.
Likewise, in the U.S. the market for packaging machinery accounted for $20 billion in 2018 with a higher stake for domestic manufacturers. Manufacturers in processed food and beverages represent almost 60 percent of the market whereas pharmaceutical vendors accounted for more than 10 percent. Other end-user segments such as agriculture, household industrial chemicals, and personal care products exert a high influence over the packaging industry. At present, manufacturers face a challenge of intense competition in various sectors all across the globe.
The market is highly driven by increase in consumerism across the world. Technical competence to cater to the packaging of items is gaining higher grounds. Growth in e-commerce transactions have resulted development of efficient machines. Use of automation for packaging of items plays an important role in ascertaining product safety. Innovative packaging techniques in the food sector such as edible packaging, micro packaging, smart packaging, anti-microbial packaging and water soluble packaging is likely to gain traction during the forecast period.
On the other hand, a high irregularity exists in the market pertaining to manual and robotic packaging. For instance, organizations that are used to manual packaging may experience glitches after implementing automated packaging machines at their units hence lack of awareness is a major restraining factor. In addition, the high cost of maintenance for these machines is more likely to hinder the market growth in the forecast period.