Overwrapping machines market is flourishing owing to the growing needs in food industry and improved production output with low material costs.
DUBAI, UAE / ACCESSWIRE / September 23, 2020 / The box and carton overwrapping machines market is expected to surpass US$ 912 million in the forecast period .When talking about packaging market, adoption of these wrappings requires heavy investment and increased workforce. Due to the increment in need for convenient packaging solutions in food and beverage or retail industries, demand is gaining popularity in the market.
"Availability of wide range of technologies and higher preference for moisture resistant and sustainable packaging solutions across the world, demand for wrappers has surged lately helping the manufacturers gain an insight about the kind of production this market demands," says the FMI Analyst.
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Box and Carton Overwrapping Machines Market- Key Highlights
- By region, Western Europe is expected to register highest CAGR among others in the upcoming years.
- According to analysts at FMI, this market is expected to expand at a CAGR of 4.0% through 2028.
- Food and beverage industry accounts for 31.9% market value share and this is likely to increase through the forecast period.
- In terms of machinery production, China and USA will witness a steady growth tracing the past.
Box and Carton Overwrapping Machines Market - Driving Factors
- Food and beverage packaging industries require a great deal of convenient packaging moisture-resistant solutions.
- Establishment of machines in USA and Germany has fuelled machinery production, thereby, boosting the market.
- The convenience of multi-pack wrapping capabilities and cutters with smooth film cutting is attracting the manufacturers and bringing in new opportunities.
- Manufacturers are also presenting numerous opportunities ranging from BOPP to cellophane.
Box and Carton Overwrapping Machines Market - Key Restraints
- Requirement of higher investment in the market is acting as a restraint.
- Increased labour cost and lack of skilled labour also hampers market growth to a great extent.
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Expected Impact on Market by Coronavirus Outbreak
Box and carton overwrapping machines market might experience considerable pressure due to reduced production and high labour cost or lack of labour, especially now. In times like these, social distancing and proper hygiene is demanded. The packaging market has always been in demand and can revive soon to the pre-pandemic position because properly packaged and attractive and transparent packaging with moisture-resistant and fresh quality will gain popularity. Value added features like cost-efficiency will also attract the consumers.
Competition Landscape
Key manufacturers are incorporating innovative techniques like reduced labour costs and advanced packaging to enhance market growth. Major players in the market include Marden Edwards Ltd., JET Pack Machines Pvt. Ltd., Focke & Co. (GmbH & Co. KG), Wega Electronics sp. z.o.o., ULMA Packaging, Sollas Holland BV,ProMach, Inc., I.M.A. Industria Macchine Automatiche SpA, Tenchi Sangyo & Tenchi Kikai Co., Ltd.
For an instance, key companies are focussing on adopting better technologies without any signs of deterioration. Manufacturers are also working on expanding product portfolio ranging from BOPP to cellophane to achieve better market insights and are also planning on increasing production within limited time period.
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FMI's report provides proper segmentation and analysis of market trends and macro-economic factors on the basis of product type (manual, semi-manual, and automatic), end-use (retail, food, beverages, healthcare, cosmetics etc.) and region-wise segmentation (North America, Asia-Pacific, Eastern and Western Europe).
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SOURCE: Future Market Insights