According to Future Market Insights, the global packaging automation market will experience significant growth over the next decade.
The packaging automation market currently holds a value of USD 74.53 billion in 2023, and it is expected to register a compound annual growth rate of 8.05 percent over the forecast period,
By 2033, the demand over this forecast period will have driven the value of the Packaging Automation market to reach a value projected at USD 161.66 Billion.
This value increase can be attributed to the market's broad reach and automation increase across multiple sectors, including food and beverage, pharmaceuticals, and personal care.
Government initiatives also support digital transformation, particularly in the APAC, and particularly regarding pharmaceuticals. Research suggests that the pharmaceutical sector is experiencing a fundamental shift in product formats due to the rise of injectables and individualised medicines. With stringent government regulation for safety and quality control, companies in the manufacturing sector are looking to utilise power automation as automated packaging allows for consistent quality to be maintained.
Another reason driving the growth of this market is that there has been a dramatic increase in the number of people adopting the practice of buying online, with customised packaging becoming a significant feature of the e-commerce experience, further driving growth.
However, these technological advancements are an investment that becomes profitable for their potential to save costs. A hindering aspect of this market's expansion is the significant initial expenses related to implementing automated systems and the need for more personnel and necessary skills to operate automation systems.
