Based on the newly released State of the Industry US Packaging Machinery Report Infographic by show owner and producer PMMI, The Association for Packaging and Processing Technologies, packaging machinery shipments could reach $11.2 billion.
Las Vegas; Sept. 23, 2019 - The largest packaging show in the world in 2019—PACK EXPO Las Vegas and co-located Healthcare Packaging EXPO—opened today accompanied by projections that the U.S. packaging machinery market could surpass $11 billion for the first time. Based on the newly released State of the Industry US Packaging Machinery Report Infographic 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. For more information, contact Paula Feldman, senior director, business intelligence, PMMI at firstname.lastname@example.org.
PACK EXPO Las Vegas and Healthcare Packaging EXPO is open now and runs through Wednesday, Sept. 25. Registration is available onsite or online at packexpolasvegas.com and hcpelasvegas.com.
PMMI, The Association for Packaging and Processing Technologies, represents more than 850 North American manufacturers and suppliers of equipment, components and materials as well as providers of related equipment and services to the packaging and processing industry. We work to advance a variety of industries by connecting consumer goods companies with manufacturing solutions through the world-class PACK EXPO portfolio of trade shows, leading trade media and a wide range of resources to empower our members. The PACK EXPO trade shows unite the world of packaging and processing to advance the industries they serve: PACK EXPO International, PACK EXPO Las Vegas, Healthcare Packaging EXPO, PACK EXPO East, EXPO PACK México, EXPO PACK Guadalajara and ProFood Tech. PMMI Media Group connects manufacturers to the latest solutions, trends and innovations in packaging and processing year-round through brands including Packaging World, Automation World, Healthcare Packaging, Contract Packaging, ProFood World, Mundo PMMI and OEM. PMMI Business Drivers assist members in pursuing operational excellence through workforce development initiatives, deliver actionable business intelligence on economic, market and industry trends to support members' growth strategies and actively connect the supply chain throughout the year.
Learn more at pmmi.org and packexpo.com and pmmimediagroup.com.