Case Packers Market to Reach $7.30 Bn, Globally, By 2023 At 6.1% CAGR, Says Allied Market Research
Increased global population, rise in labor cost, changing lifestyle, and inclination toward convenience food are expected to propel the growth of the global case packers market
13 Feb, 2019, 10:47 GMT
PORTLAND, Oregon , Feb. 13, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Case Packers Market by Automation Mode (Automatic and Semi-Automatic), by Machine Type (Horizontal, Vertical, Overwrapping, Robotic, and Others), and by End Users (Food & Beverage, Chemical, Pharmaceutical, Consumer Goods, and Others): Global Opportunity Analysis and Industry Forecast, 2017–2023". The report provides comprehensive analyses of the top winning strategies, industry dynamics, market size & estimations, key market segments, and competitive landscape. According to the report, the global case packers market was pegged at $5.12 billion in 2017 and is expected to reach $7.30 billion in 2023, registering the CAGR of 6.1% during the period 2017–2023.
Changing lifestyle & inclination toward convenience food, increasing population, and rise in labor cost have boosted the growth of the global case packer market. However, high cost of case packers and non-compatibility with flexible packaging products hamper the market growth. On the contrary, increasing awareness of cost-effective packaging machines and rapid growth of online retail & logistics industry is expected to create lucrative opportunities for the market players in the near future.
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Overwrapping segment held the largest share
The overwrapping segment held the largest share in 2017, contributing about two-fifths of the market, owing to its advantages such as fast speed compared to horizontal case packer and increasing demand from industries such as beer & soft drinks, pharmaceutical, nutraceutical, personal care, and medical device. However, the robotic segment is expected to manifest the fastest CAGR of 7.3% during the forecast period, owing to implementation of robotic case packers into various packaging operations in order to retain global competitiveness against the ever-changing product types and varying volumes.
Consumer goods segment to manifest fastest growth
The consumer goods segment is expected to portray the fastest CAGR of 7.4% during the forecast period, owing to rise in growth of e-commerce industry that incorporates secondary packaging before shipping to ensure safety of the purchase items. However, the food & beverage segment dominated the market in terms of the revenue, contributing nearly two-fifths of the total market share in 2017.
Automatic case packer to become lucrative segment
The automatic case packer segment held the largest share, contributing nearly two-thirds of the market in 2017, owing to adoption of automation in packaging industry. Moreover, the segment is projected to register the fastest CAGR of 6.8% during the study period. The semi-automatic case packer segment is also analyzed at the country level in the report.
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Asia-Pacific region to manifest fastest growth
Asia-Pacific region is estimated to manifest the fastest CAGR of 6.9% during the forecast period, owing to increase in consumption rate in the region and rise in urbanization, and increase in consumption pharmaceuticals and cosmetics. The report includes analysis of the other regions such as North America, Europe, and LAMEA.
Major market players
The report includes analysis of the major companies in the market, including ADCO Manufacturing, Illinois Tool Works Inc., Marchesini Group S.p.A., Molins PLC, Robert Bosch GmbH, U-PACK ENGINEERING (SHANGHAI) CO., LTD, Hangzhou Youngsun Intelligent Equipment Co., Ltd., KN Packaging Solutions Pvt. Ltd., Massman Automation Designs, LLC, and Pro Mach, Inc.
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