PMMI: American Packaging Industry Approaching USD10bn
The U.S. packaging machinery market had a total value of USD9.8bn, according to PMMI, The Association for Packaging and Processing Technologies.
Released on the first day of PACK EXPO Las Vegas (September 25-27), The State of the Industry U.S. Packaging Machinery Report shows a 4.8% increase in the U.S. packaging machinery market from 2015 to 2016, amounting to a total market value of USD9.8bn.
On the other hand, registration for PACK EXPO East 2018 (April 16–18, Philadelphia), a recent addition to the PACK EXPO portfolio of tradeshows, has recently opened amidst forecasts of strong growth in the U.S. packaging industry.
“Attending PACK EXPO East is the most efficient way to engage suppliers of packaging technologies in the industry’s manufacturing-rich East Coast,” says Jim Pittas, COO, PMMI. “The show brings together large multinational exhibitors, as well as some of the fastest growing regional packaging companies who target niche markets.”
PACK EXPO East show organizer, 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 USD7.73bn in 2016 and is forecast to grow at a compound annual growth rate (CAGR) of 2.2%, reaching USD8.8bn in 2022.
The fastest growing sector is pharmaceuticals, followed by food (including nutraceuticals) which is forecast to grow at a CAGR of 2.3% 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.