Author: Vikas Kumar
01 April 2022
The global Wrapping Machine market is expected to grow significantly by 2027 expanding at an exponential CAGR during the forecast period (2021-2027).
The rapidly growing population coupled with the rise in disposable income across the globe is leading to the increase in consumption of different types of beverages and food products which are resulting in the growing demand for wrapping machines. Amongst all types of beverages, water is one of the most common beverages that is consumed by people globally. Furthermore, the demand for bottled water is also escalating owing to the easy availability of the product and a surge in tourism. For instance, in 2019, 14.4 gallons of bottled water were consumed by Americans, 3.6% up from 2018. Also, the retail dollar sales of bottled water grew in 2019 by 5.2% and reached $34.6 billion.
Also, the demand for wrapping machines is rising dramatically across the globe owing to the growing consumption of processed food in many high-income countries leading to the increase in sales of processed and packaged food. The sales of packaged food across the globe were nearly USD 2,339.7 billion in 2015 and was gradually increased to USD 2578.9 billion in 2017 and USD 2,644.1 billion in 2019. Furthermore, advancement in technologies used in packaging and the ability the stretch and shrink films to maintain and prolong the shelf life of products to enhance the quality of the food is also propelling the market growth.
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The tourism industry is one of the significant contributors to the problem with plastic use, however, it is also an industry that suffers from it. According to National Geographic 73% of beach litter worldwide is plastic, while in the Mediterranean Sea it constitutes 85% of the floating litter and 45% to 95% of the litter found on the seafloor. The most found items are straws, bottles, or cotton buds. It is a twofold problem, where tourists are responsible for the generation of waste but also at the same time are being repulsed by the quality of the destination’s environment.
A rise in tourism, surging the food & beverage industry across the globe is one of the prominent factors, which is driving the market for biodegrading tableware. As per the World Bank, the number of international tourists reached 2.28 billion in 2019, up from 1.96 billion in 2015. Moreover, the expenditure by international tourism reached 6.1% of total imports, up from 5.6% of the total, imports. Also, the number of international departures more than doubled between 1997 and 2017, from 687 million to 1.57 billion per annum.
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A rise in the GDP per capita is a factor that is impacting the demand for wrapping machines across the globe owing to the growing demand for the products. A rise in GDP per capita signifies the increased standard of living. So, consumers in the developed and developing countries where per capita income is witnessing a rise can think of spending more items such as food & beverage, consumer goods, health, and wellness, etc., Also, a rise in awareness coupled with the availability of advanced Stretch and Shrink Films s is gaining traction among consumers with high per capita income.
Based on the machine type, the market is fragmented into Stretch, Shrink, and Others. The shrink segment grabbed XX% market share in 2020 and captured USD XX Mn market in 2020. A shrink film machine is used for almost every kind of application. Essentially, it is used to protect and package a single product, or to bundle multiple products together. The growing beverage industry globally is one of the prominent reasons that is driving the demand for shrink machines.
Based on the mode of operation the market is fragmented into automatic and semi-automatic. The automatic segment captured XX% Market share in 2020 and dominated the market. The market of this segment would reach USD XX Mn by 2027. The key benefit of an automatic machine is that an automatic wrapping machine does everything automatically. It carries a pallet to the wrap zone via roller conveyors. Once the machine is done wrapping the pallet, it sends it to the end of the packaging line down the exit conveyor.
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Additionally, the report provides detailed initiatives that are being taken in the field of Wrapping machines. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, and United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, and the Rest of APAC), Rest of World has been conducted. Asia Pacific region grabbed XX% market and captured USD XX Mn market share in 2020. A rise in the café, hotels, and restaurants across in Asia pacific region coupled with the availability of healthy food as per consumer demand is leading to the growing demand for the Wrapping Machine market. Asia-Pacific had the most establishments at over 17 million. In comparison, the region with the second-highest number of foodservice establishments was Latin America with over 2.3 million.
Global Wrapping Machine Market Segmentation
Market Insight, by Machine Type
Market Insight, by Mode of Operation
Market Insight, by Application
Market Insight, by Region
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