DUBLIN--(BUSINESS WIRE)--The "Food Packaging Technology and Equipment Market by Technology, Material, Equipment, Application, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The food packaging technology market is estimated at USD 41.36 billion in 2018 and is projected to grow at a CAGR of 6.92%, to reach USD 57.80 billion by 2023.
The food packaging equipment market is estimated at USD 19.72 billion in 2018 and is projected to reach USD 26.96 billion by 2023, at a CAGR of 6.46% during the forecast period.
The market is driven by factors such as high demand for hygienic food packaging, coupled with rising consumption of fresh and high-quality food. Furthermore, the globalization of business and growth of food trade have led to an increased demand for food products with increased shelf life, which in turn increases the demand for packaging technologies such as aseptic, controlled, intelligent, and active. The high cost of development and installation and stringent government regulations are restraining the market growth.
Based on type, the biodegradable segment is projected to grow at the highest CAGR during the forecast period in the food packaging technology market. The demand for biodegradable packaging technology is expected to grow rapidly, as the extensive use of plastic as a packaging material has led to increased environmental concerns, as it is not easily decomposable. Various governments have laid down stringent regulations regarding the use of plastic and other non-decomposable packaging materials.
Based on type, the filling & dosing segment of the food packaging equipment market is projected to grow at the highest CAGR during the forecast period. The increased demand for portion packaging is expected to increase the demand for filling & dosing machines, as they provide efficient need-based packaging and help in optimizing the packaging process.
Based on application, the bakery products segment in the food packaging technology and equipment market is projected to grow at the highest CAGR during the forecast period. Increasing globalization of business is expected to increase the demand for food packaging technology and equipment markets as they help in retaining the texture, taste, and quality of the bakery products.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Food Packaging Technology Market, By Type
8 Food Packaging Technology Market, By Material
9 Food Packaging Equipment Market, By Type
10 Food Packaging Technology & Equipment Market, By Application
11 Food Packaging Technology & Equipment Market, By Region
12 Competitive Landscape
13 Company Profiles
- Adelphi Packaging
- Coesia Group
- GEA Group
- IMA Group
- Kaufman Engineered Systems
- Lindquist Machine Corporation
- Nichrome India
- Omori Machinery
- Robert Bosch
For more information about this report visit https://www.researchandmarkets.com/research/59h2vg/84_76_bn_food?w=4