LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global food and beverage packaging machinery market to grow at a CAGR of close to 6% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global food and beverage packaging machinery market for 2016-2020. Market size has been calculated based on the demand for packaging machinery from the food and beverage industry.
As per Technavio’s findings, the beer industry in APAC is estimated to grow from USD 170 billion in 2015 to USD 219 billion by 2020, registering a CAGR of over 5%. The increasing demand for beer is expected to attribute to the rise in investment in capacity expansion, propelling the growth of the beverage packaging machinery market.
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Technavio analysts highlight the following four factors that are contributing to the growth of the global food and beverage packaging machinery market:
- Emerging brewing industry in APAC
- Upgrading of modular packaging machines
- Growth in highly visible packaging
- Increasing demand for single-serve, multipacks, and sustainable packaging
Emerging brewing industry in APAC
In 2015, APAC dominated the beer packaging market, and is anticipated to continue dominating during the forecast period. Some of the major players in the beer packaging market in APAC are Amcor, Ball, Graphic Packaging, Owens-Illinois, Rexam, Smurfit Kappa, and Tetra Laval.
A total of 28.60 million metric tons of material was consumed in 2015 for the packaging of beer. This is expected to increase to 35.56 million metric tons by 2020, growing at a CAGR of 4.45%.
The global beer packaging market is expected to grow moderately during the forecast period. The major contributors to the beer packaging market are China, Germany, and the US. A robust increase in beer consumption is expected in countries in South America and Asia, especially in Brazil, China, and India. One of the major reasons for the growth of the market is the introduction of lightweight beer bottles. These bottles are a cost-effective and eco-friendly solution for beer manufacturers.
Upgrading of modular packaging machines
“Manufacturers of plastic packaging machinery are prompted to introduce high-quality products to survive in an intensely competitive environment. Machinery with features such as enhanced automation, integrated systems, and shorter turnaround times are being introduced in the market to meet the production capacity due to the growing demand,” says Anju Ajaykumar, a lead unit operations research analyst at Technavio.
The demand for multi-functional systems is growing, as they are equipped with enhanced features such as increased efficiency, high speed, and high capacity. Færch Plast launched a modular packaging solution for food containers used in the airline industry. Modular packaging machines comply with safety regulatory requirements. The demand for such machines is also increasing due to the following advantages:
- Cost effective and flexible
- Low maintenance
- Consumes less energy
- Low transportation costs
Growth in highly visible packaging
Highly visible packaging materials are used to pack various retail, pharmaceutical, and food products. They are rapidly gaining importance in developed economies, such as the US and Europe. These packaging designs allow customers to deduce the quality and quantity of the packaged item, easily identify the brand, and differentiate products with their sense of sight. The major demand for such packaging is expected to arise from the US. These products are child-resistant and tamper-proof, protecting the enclosed product from damage. Blister packaging, clamshell packaging, skin packaging, windowed packaging, tubs, cups, and trays are some types of highly visible packaging models.
Increasing demand for single-serve, multipacks, and sustainable packaging
The rise in the number of single-person households has led to an increase in demand for single-serve packs in alcoholic beverage and food packaging products. In the US, the number of single-person households reached 35 million in 2014. The preference for single-serve packs fuels opportunities for brand switching, as consumers are not committed to consuming large volumes at a time and prefer to opt for small portions of products regularly.
“Another factor contributing to the increased market for single-serve packaging is that merchants opt for packaged products that use less shelf space to be able to stack and fit more items on a shelf. They also prefer attractive packaging to increase shelf presence to spur sales,” adds Anju.
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