Global Bagging Machine Demand Pegged At US$18.4 Billion By 2025
Tuesday, December 26th, 2017 | 657 Views
The Global Bagging Machine emerging markets of India and China are expected to fuel the demand for bagging machines as their supportive government policies are bringing in investments in the food and beverage industry, according to market intelligence company Transparency Market Research.
The global bagging machines market is anticipated to be worth US$12.4 billion by 2017 and is expected to reach a valuation of US$18.4 billion by the end of 2025.
During the forecast period of 2017 and 2025, the global market is projected to expand at a compound annual growth rate of five percent.
The market is expected to witness a prolific growth in the coming years as the food and beverage industry demands a great deal of packaging and bagging. The growing demand for a wide range of packaged food and beverages has been identified as the key growth driver for the global market.
Furthermore, growing awareness about carefully packaged healthcare devices has also triggered demand for bagging machines. Growing usage of fertilisers, insecticides, and fungicides in agricultural activities has also spiked the demand for bagging machines as these materials require careful packaging.
The automatic bagging machines are expected to dominate the global market as this segment is slated to acquire a share of 78.8 percent of the forecast period.
Regionally, Asia Pacific is poised to lead the pack in the foreseeable future as the food and beverage is booming at a phenomenal pace.