CLEVELAND, Feb. 21, 2020 /PRNewswire/ -- A new Freedonia Group analysis projects healthy 4.5% annual growth for the global packaging machinery market through 2023, driven by global increases in manufacturing activity, rising mechanization in developing countries, and high-value sales of state-of-the-art equipment in affluent markets. In particular, trends in the dominant food and beverage market and in the leading regional market, the Asia/Pacific, will continue to be major influences on global sales.
Food & beverage applications to account for 56% of new demand
Manufacturers of food and beverage products are among the most intensive users of both packaging materials and associated machinery. Accordingly, these markets will account for 56% of all new packaging machinery demand through 2023, as:
Asia/Pacific market to total $27 billion in 2023
The Asia/Pacific region, led by China, will account for a majority of new product sales through 2023. In part, the robust annual growth projected for the region will be driven by fast expected gains in countries outside of China, such as Indonesia, India, and Thailand, as manufacturing activity and mechanization rates increase. Furthermore:
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Global Packaging Machinery is now available from The Freedonia Group. This study analyzes global supply and demand for packaging machinery by product, market, region, and country. Historical data for 2008, 2013, and 2018, and forecasts for 2023 and 2028 are provided for shipments, demand by product type, and net exports of new packaging machinery on a country-by-country basis, valued in millions of current US dollars, including inflation.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group