LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global beverage packaging machinery market size to grow to USD 12.69 billion by 2021, at a CAGR of close to 7% over the forecast period, according to their latest report.
The research study by Technavio on the global beverage packaging machinery market for 2017-2021 provides a detailed industry analysis based on application (non-alcoholic beverages and alcoholic beverages) and geography (APAC, EMEA, and the Americas).
Packaging machinery is used to pack products before dispatching them to the distribution networks. The beverage packaging machinery market is expected to be driven by the increase in the consumption of beverages in tandem with the growing variety of products offered.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global beverage packaging machinery market:
- Expansion of brewing industry
- Growth in consumption of low-calorie and natural ingredient soft drinks
- Increase in demand for functional drinks and ready-to-drink beverages
Expansion of brewing industry
China is the leading beer producer and consumer in the world, driven by the availability of low-cost skilled labor and easy availability of raw materials, which facilitate mass production of beer. The brewing industry in APAC is swiftly progressing, aided by the rapid economic development, changes in consumer spending habits, and rising disposable incomes in the region.
“China, India, and Vietnam are the major contributors to the growth of the brewing industry in APAC. The increasing consumption and production patterns is projected to drive the demand for packaging machinery, thereby increasing the revenue generated in the market,” says Anju Ajaykumar, a lead analyst in Technavio for engineering tools research.
Growth in consumption of low-calorie and natural ingredient soft drinks
The rising health consciousness is encouraging healthy food and beverage consumption patterns, which has boosted the demand for low and zero fat, all natural ingredient soft beverages across the globe. Leading vendors such as Tesco have responded to this demand by introducing alternative low-calorie drinks to all their popular offerings. These products use stevia as a sweetener instead of sugar, which is better suited to the consumer needs and lifestyles. These new beverage offerings will create a demand for more packaging machinery, thereby driving market growth.
Increase in demand for functional drinks and ready-to-drink beverages
“A functional drink is a non-alcoholic beverage considered to provide instant energy and assist in improving immunity and digestion. The introduction of these drinks by major market players will create a demand for equipment to package these drinks,” says Anju.
Also, the ready-to-drink (RTD) tea and coffee market is expected to show constant growth, which will increase market demand for beverage packaging machinery. Many vendors are undertaking R&D to provide beverages better suited to consumer expectations, thereby increasing product penetration.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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