As the demand for products packaged in innovative and convenient and highly protective packaging increases across the globe, the packaging industry is increasingly incorporating technologically advanced machines across its several stages. Bagging is one such sector is being revitalized to include the most advanced technologies in areas such as automation so as to match the mounting demand from numerous industrial verticals. The bagging machines Market is expected to witness expansion at a healthy rate in the next few years according to a recent report by Transparency Market Research.
According to the report, the market is envisaged to exhibit a CAGR of 5% from 2017 and 2025, witnessing a rise in its revenue opportunity of US$12.4 bn in 2017 to US$18.4 bn by the end of 2025.
In this blog post, TMR analysts uncover some of the key trends associated with the market:
Q. Which industries show high uptake potential for bagging machines?
A. While the demand is seen across most industries displaying promising growth avenues for packaging, it is the food and beverages industry that has shown the most potential for the bagging machines market. The sector is likely to be accountable for nearly 60% of the overall revenue of the global bagging machine market over the next few years. Such massive growth opportunities in the sector can be attributed to factors such as the vast rise in consumption of packaged food products across the globe and the rising demand for innovative packaging designs that can keep packaged foods fresh for a longer time have led to the increased uptake of innovative bagging machines in the sector.
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The market has also benefitted from the rising demand for foods and beverages of international brands across emerging economies of India and China as food consumption choices continually shift and the consumer, with high disposable incomes and a larger exposure to world cuisines through the internet, becomes more appreciative of new tastes and recipes. These countries are also increasingly becoming the hubs of manufacturing facilities of several international food and beverages brands and are expected to increase the need for effective bagging machines in the near future.
Q. How is the competitive dynamics shaping in the market?
A. The vendor landscape of the globe bagging machine market is highly fragmented and no companies hold a considerable share in it. The level of competition is therefore high and companies are looking at every opportunity to exploit growth opportunities across emerging markets and application areas. Focus on growth opportunities across the construction, healthcare, and agriculture sectors is increasing as the food and beverages sector becomes increasingly tough to penetrate amid intense competition from established vendors.
In the next few years, attempts from companies to consolidate their positions through mergers, acquisitions, and other forms of strategic collaborations are expected to rise in the market. Focus on emerging markets across countries such as China and India, which are massive consumers of food and beverage products and are also increasingly becoming the manufacturing hubs, is expected to rise too. Companies are likely to work on expanding their product portfolios and include more autonomous products in their offerings. Focus on the development of economical products to grab opportunities in promising emerging economies is also set to rise in the near future.
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