The largest PACK EXPO International and co-located Healthcare Packaging EXPO in history opened its doors amidst forecasts of growth in the packaging industry. Based on the newly released State of the Industry U.S. Packaging Machinery Report, packaging machinery shipments are forecast to grow to USD10.5bn. The report is issued by PMMI, The Association for Packaging and Processing Technology, owner and producer of the PACK EXPO portfolio of trade shows.
Per the State of the Industry report, the value of domestic shipments of packaging machinery rose 6.4% to USD8.2bn in 2017 and are forecast to grow at a compound annual growth rate (CAGR) of 4.1% to 2023.
Food represents the largest packaging machinery sector in 2017, accounting for 36.6% of shipment revenues, followed by beverage at 22.1%. The largest machinery type category in 2017 was case handling at 15.1% bottling line machinery is forecast to grow the fastest to 2023, with a CAGR of 5.3%.
E-commerce has influenced much of this market growth with the first quarter of 2018 e-commerce sales accounting for 9.5% of total retail sales, according to PMMI’s recent report, E-Commerce: Think Inside the Box.
“Across all demographics, from Baby Boomers to Generation Z, a growing number of people are purchasing a large portion of their products online with greater frequency than ever before,” said Paula Feldman, director of business intelligence, PMMI. “E-commerce operations need advanced equipment in order to keep up with demand, manufacturers are investing in smarter, automated functionality to achieve a greater level of machine flexibility.”
“With so much growth in the packaging industry, PACK EXPO International is an invaluable event. It gives exhibitors and attendees the opportunity to see solutions from other vertical industries to assist in addressing production challenges and boost their company’s ability to innovate. You can learn first hand the latest innovations in the industry to be on the forefront of your business,” states Jim Pittas, president and CEO, PMMI.
October 14 – 17, PACK EXPO brings together 2,500 exhibitors and 50,000 attendees across 1.25 million net sqft of McCormick Place exhibit space, in Chicago, Illinois, the USA.