Packaging Machinery Market Size

Packaging Machinery Market size was over USD 47.85 billion in 2023 and is poised to reach USD 81.69 billion by the end of 2036, growing at around 4.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of packaging machinery is assessed at USD 49.46 billion.

Machines are preferred over manual packaging as it is time saving, cost effective, and more hygienic. Moreover, machine packed products are more uniform in terms of quantity, size, and form. In addition to that, the wastage of packaging materials is minimum in machine packaging, which reduces the material cost along with reducing the labor expenses. Such features of packaging machinery are expected to boost the market growth throughout the forecast period. Furthermore, growing consumption of consumer goods and advancement in packaging technology is forecasted to further promote the market growth. Growing demand for sustainable packaging methods, to reduce single-use plastic waste is also anticipated to promote the market growth. In 2018, the United States, alone generated more than 14,500 thousand tons of plastic as municipal solid waste. Out of this, only a small amount of around 1800 thousand tons of this waste was recycled. On the other hand, in the same year, more than 40,000 thousand tons of paper and cardboard packaging waste was generated, out of which, 33,500 thousand tons waste was recycled.