Rise in Consumer Spending On Manufactured Goods & Launch of Automated Packaging Equipment to Drive the Global Packaging Machinery Market
Rise in consumer spending on manufactured goods, recovery in industrial output, in addition to the roll out of advanced machinery with automation functions to maximize packaging flexibility, speed and control are poised to drive the global market for Packaging Machinery to reach US$47.6 billion by 2024 . Usually a part of automated assembly lines, packaging machinery comprise equipment used for both primary and secondary packaging of products. One of the major factors influencing the trends in global packaging machinery market is rise in manufacture of innovative products in several variants, all of which demand innovative and functional packaging. Over the last few years, the packaging industry has witnessed an increased shift towards value added machines that offer improved efficiency, sustainability, flexibility and superior performance. Demand for packaging machinery is mainly underpinned by increase in consumer spending in addition to rise in industrial manufacturing. Contin...