U.S. Packaging industry market value approaching $10 Billion
Amidst strong industry growth, PMMI report shows robust sector.
The U.S. packaging machinery market is expected to increase 4.8 percent from 2015 to 2016, coming in with a total market value of $9.8 billion.
That’s according to the 2017 State of the Packaging Industry report by PMMI, The Association for Packaging and Processing Technologies. The report was released during PACK EXPO Las Vegas, which highlighted the technology in the sector.
PMMI produces the study based on data provided by manufacturers in the US and import and export data from the US Census Bureau. The report analyzes 28 packaging machinery categories and describes trends and the outlook for packaging machinery shipments through 2022.
The value of U.S. domestic shipments of packaging machinery is estimated to have been worth $7.73 billion in 2016 and is forecast to grow at a compound annual growth rate (CAGR) of 2.2 percent, reaching $8.8 billion in 2022.
Per the report, the pharmaceuticals sector is predicted to grow at a CAGR of 3.6 percent, 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 percent 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 a rise in e-commerce is fueling this development,” says Jorge Izquierdo, vice president, Market Development, PMMI.
Much of the technology also will be on display during PACK EXPO East 2018, which is slated for April 16–18 at the Pennsylvania Convention Center, Philadelphia. The show is a recent addition to the PACK EXPO portfolio of tradeshows launched to keep up with demands in a prospering market. Registration is now open.
Learn more at PMMI.org.