Increase in Hygiene Standard for High Quality Product Expected to Drive Global Food Packaging Technology Equipment Market: Ken Research
Food packaging is a packaging, used for packaging processed & semi-processed food products. It protects the food from contamination, damage, pest attacks, storage, tampering during transport, and retail sale. Food packaging equipment is an important part of global food industry. Packaging of food is essential in order to deliver them to consumers in a proper way. Food packaging equipment carry out multiple functions for instance sealing, wrapping, coding and filling in food packaging industry. Food packaging technologies and equipment include several technologies for packaging, packaging equipment, and numerous application. It helps to enhance the shelf life, quality sustainability of the food and much more.
According to study, “Global Food Packaging Technology Equipment Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” the key companies operating in the global food packaging technology equipment market are Multivac, Inc., Bosch Packaging Technology, Coesia Group, Ishida, Omori Machinery Co. Ltd., GEA Group, Oystar Holding GmbH, IMA Group, Nichrome India Ltd., ARPAC LLC. The key manufacturers occupy a substantial share of the global market and are expected to shift their interest to developing areas resulting into potential infrastructural & industrial development in regions like Asia Pacific etc. Companies also invest substantially in increasing their research & development (R&D) capabilities to get market insights that can be instructed in the business strategies offering competitive benefit over others.
Based on technology type, food packaging technology equipment market is segmented into intelligent technology, controlled technology, active technology, aseptic technology, and biodegradable technology and others (edible and nano-enabled technology). The biodegradable packaging technology is anticipated to grow rapidly as an extensive use of plastic as a packaging material has led to enhanced environmental concerns as it is not easily decomposable. Based on food packaging material, market is segmented into paper & paperboard, metal, glass & wood, plastics and other materials (proteins, polysaccharides, and lipids). Plastic packaging segment is estimated to witness higher growth rate due to its versatility, low cost, easy availability and availability of such properties for instance safety, hygiene, durability, and light weight during the forecast period. Based on equipment, market is segmented into cartooning, bottling line, case handling, wrapping & bundling, filling & dosing, closing, form, fill & seal, decorating & coding, labelling, palletizing, and others (cleaning, palletizing, and capping & sealing machines). In addition, based on application, market is segmented into dairy, meat, poultry & seafood, bakery & snack, candy & confectionery, frozen, perishable prepared, cereal & grain, and shelf stable and others (sauces & dressings and condiments).
The food packaging technology equipment market is driven by increase in hygiene standard for high quality product, followed by rise in shift toward convenient food packaging, increase in demand for fresh & high-quality food products, growth in packaging as a tool for product differentiation and rise in preferences of consumer for packaged protein rich meat, poultry, and seafood. However, stringent legislations for food safety and high cost of development & installation of equipment in developing countries may impact the market. Moreover, emergence of packaging as a tool for product differentiation and growth in demand from developing countries are key opportunities for market.
Based on geography, the Asian-Pacific is a leading region in global food packaging technology equipment market owing to growth in demand for processed food products in developing countries, rise in infrastructural development, and increase in disposable income in the regions. The North-American and European regions are In North America, the U.S. is anticipated to be the largest market for food processing equipment anticipated to exhibit considerable growth rate due to rise in awareness regarding new food products and growth in economy over the forecast period. In upcoming years, it is projected that the market will be reached at rapid pace as a result of rise in preference of online shopping of grocery and growth in economic stability during the forecast period.
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Ankur Gupta, Head Marketing & Communications