U.S. packaging machinery market nears $10B
Infographic highlights key findings from 2017 State of the Industry report
Three demands from consumer packaged goods (CPG) companies—single source solutions, increased machine versatility and a move to flexible packaging—are pushing the packaging industry towards unprecedented heights, according to the 2017 State of the Industry – US Packaging Machinery report and accompanying infographic.
Produced by PMMI, The Association for Packaging and Processing Technologies, the infographic serves as a visual snapshot of the report and shows a 4.8 percent increase in the U.S. packaging machinery market from 2015 to 2016, with a total market value of $9.8 billion.
“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 are fueling these developments,” says Jorge Izquierdo, vice president, Market Development, PMMI.
Solutions for the aforementioned challenges and more will be on display at PACK EXPO East (April 16-18, Pennsylvania Convention Center, Philadelphia).
“Attending PACK EXPO East is the most efficient way to engage over 400 suppliers of packaging technologies in the industry’s manufacturing-rich East Coast,” says Jim Pittas, president and CEO, PMMI. “The region represents one of the fastest growing areas in the industry and the regional event allows attendees and exhibitors to spend quality time understanding each other’s operations.”
PACK EXPO East show organizer, PMMI, produces the State of the Industry study and infographic based on U.S. Census Bureau reports and shipments data provided by association members who manufacture packaging machinery. The report, which analyzes 28 packaging machinery categories, 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.