June 10, 2021
According to a research report titled ‘Global Wrapping Machine Market Size study, by Machine Type (Stretch, Shrink, Others), Mode of Operations (Automatic and Semi-automatic) Application (Beverages, Food, chemicals, Personal care, Pharmaceuticals, Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global wrapping machine market was worth USD 2.85 billion in 2019 and is projected to record a CAGR of 6.7 % over 2020-2027, attaining a valuation of USD 4.79 billion by the forecast period end.
Report findings state that rapid growth of food and beverage industry owing to factors such as rising population, spike in household income levels, as well as increased spending capacity is stimulating worldwide wrapping machine market growth.
Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/3793391/
Moreover, increasing infrastructural developments, growing industrialization, and inflowing investments in food and beverage sector are also propelling the overall market remuneration.
For the unversed, a wrapping machine is a type of machine used to roll or wrap up cylindrical products, or a group of products in a series of folding-gluing operations or via heat sealing to form roll shaped packs.
Despite the positive outlook of the business landscape, increasing focus towards differentiation of products using innovative packaging, and growing consumer preference for fresh food are likely to impede global wrapping machine market expansion in the upcoming years.
From a regional frame of reference, Asia Pacific accounted for a major market share in the recent past owing to the expansion of pharmaceutical and food & beverage industries in the region.
Meanwhile, North America wrapping machine market is poised to register a healthy growth rate over the forecast period 2020-2027. This can be credited to favorable government policies and regulations, technological advancements, as well as rise in infrastructure development projects.
Elaborating further on a country-level analysis, Statista reported that the U.S. had the largest global production capacity of wrapping using wrapping machines, at 52.5 million metric tons in 2019, followed by Japan with a capacity of 13.5 million metric tons.
Key contenders in global wrapping machine market space are Aetna Group S.p.A., Robert Reiser & Co. Inc., Lantech, Tetra Laval International S.A., Atlantic Packaging Corp., Pro Mach Inc., Beumer Group GmbH & Co. KG, Maillis International S.A., Robert Bosch GmbH, and Duravant LLC.