U.S. packaging machinery market now close to $10 billion

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The Association for Packaging and Processing Technologies (PMMI), which represents more than 800 North American manufacturers and suppliers of equipment, components and materials, has projected a strong growth in the U.S. packaging industry in its  2017 State of the Packaging Industry  report. The report was presented on the first day of Pack Expo Las Vegas 2017 on 25 September.

The State of the Industry U.S. Packaging Machinery Report shows a 4.8% increase in the U.S. packaging machinery market from 2015 to 2016, coming in with a total market value of US$ 9.8 billion.

The value of U.S. domestic shipments of packaging machinery is estimated to have been worth US$ 7.73 billion in 2016 and is forecast to grow at a compound annual growth rate (CAGR) of 2.2%, reaching US$ 8.8 billion in 2022.

As per the report, the pharmaceuticals sector is predicted to grow at a CAGR of 3.6%, the fastest of all sectors, from 2016 to 2022. This is followed by food (includes nutraceuticals), which is forecast to grow at a CAGR of 2.3% from 2016 to 2022.

“The forecast for the packaging machinery market continues to be robust. We anticipate growth in major market segments such as pharmaceuticals, as well as food and beverage. Factors such as population growth, growing demand for automation and machinery optimization, as well as rise in eCommerce is fuelling this development,” says Jorge Izquierdo, vice president, Market Development, PMMI.

Pack Expo Las Vegas, which opened on 25 September, will go on till 27 September. Over 30,000 attendees, including 5,000 international visitors from more than 125 countries, are expected to come together to see state-of-the-art technology, innovative solutions and participate in informative educational sessions held on the show floor. The show will feature over 2,000 exhibiting companies spanning nearly 900,000 net square feet of exhibition space.