Based on the newly released State of the Industry US Packaging Machinery Report infographic (see image above) by show owner and producer PMMI, The Association for Packaging and Processing Technologies, packaging machinery shipments could reach $11.2 billion.
“Our goal with PACK EXPO Las Vegas and Healthcare Packaging EXPO has always been to provide a first-class trade show experience that meets the needs of the current industry climate,” says Jim Pittas, president and CEO, PMMI. “As the packaging market grows, so do our shows, providing endless opportunity for exhibitors to present their solutions to attendee challenges. It’s the only place this year to see such a diverse collection of innovations under one roof.”
With 2,000-plus exhibitors convening together with nearly 30,000 attendees across 900,000 net square feet of the Las Vegas Convention Center, the largest PACK EXPO Las Vegas and co-located Healthcare Packaging EXPO to date is positioned to meet industry needs that show no signs of slowing down.
Illustrating findings from PMMI’s State of the Industry U.S. Packaging Machinery Report, the infographic shows the value of domestic shipments of packaging machinery rose 6 percent to $8.7 billion in 2018 – and are forecast to grow at a compound annual growth rate (CAGR) of nearly 4 percent through 2024.
“The outlook for the packaging machinery market continues to be robust,” says Jorge Izquierdo, vice president, market development, PMMI. “We anticipate growth in major market segments such as pharmaceuticals, as well as food and beverage with flexible packaging continuing to make inroads on rigid packaging.”
The market for flexible packaging is flourishing and at the expense of cartons and bottles, but the throughput rates of rigid packaging are still significantly higher than those of pouches.
Food represents the largest packaging machinery sector in 2018, accounting for 38.8 percent of shipment revenues, followed by beverage at 23.6 percent. The pharmaceuticals sector is expected to grow the fastest to 2024, at a CAGR of 4.4 percent, but beverage isn’t too far behind, forecasting at 4.1 percent. While the largest machinery type category in 2018 was case handling at 15.1 percent, form/fill/seal equipment is forecast to grow the fastest to 2024, with a CAGR of 4.7 percent. Filling and dosing machinery—clearly paced by the expected growth in pharma—is forecast to grow the next fastest to 2024, with a CAGR of 4.1 percent.
The Executive Summary of the 2019 State of the Industry Report is now available for download at pmmi.org.