Food Packaging Technology and Equipment Market and its key opportunities and challenges

Chicago, 2019-Nov-07 — /EPR Network/ —

The Food Packaging Technology and Equipment Market was valued at USD 38.77 Billion in 2017 and is projected to grow at a CAGR of 6.92% from 2018, to reach USD 57.80 Billion by 2023, as per a report by MarketsandMarkets.

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How increase in demand from developing countries such as China and India is a leading opportunity?

Emerging economies, such as BRIC (Brazil, Russia, India, and China), offer several growth opportunities for the food packaging technology & equipment market. Growth in these regions is mainly driven by the consumers’ inclination toward ready-to-eat and convenience food products. Some of the key factors driving the demand for packaged or processed food products are:

• Rapidly rising disposable income
• Changing lifestyles and long working hours
• Rising brand awareness
• Increasing number of working women
• Low price sensitivity among consumers
• Increased concerns about the quality of food products

These emerging economies across the globe will act as new revenue pockets for the food packaging industry. According to Agriculture and Agri-Food Canada (AAFC), China is one of the largest and fastest-growing packaged food products market. It grew at a CAGR of 11.5% between 2017 and 2018, to reach USD 347 billion by 2018. This is expected to provide growth opportunities for the packaged food industry, which, in turn, will lead to the growth of the food packaging technology & equipment market.

Why ensuring the correct mixture of gases in controlled environment packaging could act as a major challenge?

Providing the correct mixture of gases in controlled environment packaging technology, such as modified atmosphere packaging and active packaging, is a key challenge faced by the packaging technology & equipment manufacturers. For example, ready-to-eat meals contain a complex mixture of ingredients which require an accurate mixture of different gases to prolong their shelf life. Packaging technologies such as MAP include providing the correct mixture of gases in the packaging. The gases used in MAP include oxygen, nitrogen, and carbon dioxide. In the packaging of meat products, the mix of 20% carbon dioxide and 80% oxygen is a suitable proportion, which balances the attractive color of meat and increases the visual appeal; any discrepancy can decrease the product quality. This acts as a major challenge for food packaging technology & equipment manufacturers.

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Asia Pacific is projected to grow at the highest rate in the food packaging technology and equipment markets during the forecast period.

The Asia Pacific region witnessed the fastest growth in the food packaging technology and equipment market; one of the key factors being the rapid economic growth and rise in urbanization. IMF World Economic Outlook estimated that the two economic giants of the Asia Pacific region—China and Japan—were the world’s second- and third-largest economies in 2017, respectively. Other drivers that would have a positive impact on this market are the rising household incomes and the growing middle-class population, which are expected to increase the demand for packaged and convenience food products in the region.

This report includes a study of the marketing and development strategies, along with the product portfolios of the leading companies. It includes the profiles of leading companies such as Robert Bosch (Germany), GEA Group (Germany), IMA Group (Italy), COESIA Group (Italy), Ishida (Japan), and ARPAC (US).Other players include Multivac (Germany), Omori Machinery Company (Japan), Nichrome India (India), Adelphi Group (UK), Kaufman Engineered Systems (US), and Lindquist Machine Corporation (US).