This report is an excerpt from the 2017 Packaging Outlook Report, featured in Packaging Strategies NEWS.
PMMI’s “2016 State of the Industry: U.S. Packaging Machinery Report” analyzed 28 packaging machinery categories and revealed the value of domestic shipments of packaging machinery is projected to grow at a compound annual growth rate (CAGR) of 2.4% from $7.51 billion in 2015 to $8.5 billion in 2020.
More than half of shipment revenues came from the food (37%) and beverage (21.7%) sector, while the pharmaceutical industry is forecast to grow the fastest of all markets through 2020, at a CAGR of 2.8%. The beverage sector is second to pharma in forecasted growth at a CAGR of 2.4%.
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