Packaging Machinery Industry - Regional Synopsis
Asia Pacific industry is poised to dominate majority revenue share by 2037, driven by rising demand for packaging machineries by the major food & beverages manufacturers present in the region. Moreover, increasing government investment in the manufacturing industries in developing countries, such as, China and India, along with the availability of a large consumer base, is anticipated to drive the market growth.
North America Market Analysis
The packaging machinery market in the North America is projected to hold a significant share throughout the forecast period owing to the presence of leading market players in the region backed by the growing manufacturing sector. Moreover, the market in countries, such as, USA, and Canada are export-oriented, which magnifies the need for proper packaging of the products in order to minimize the damage that may occur during transportation. According to the World Bank, the goods and services export in the U.S. valued USD 3.068 trillion, in the year 2019. Moreover, due to lack of cheap labor in the region, consumer goods manufacturers prefer packaging machinery to reduce total production cost, which is estimated to boost the market growth.
