“With so much growth in the packaging industry, Pack Expo International is an invaluable event. It gives exhibitors and attendees the opportunity to see solutions from other vertical industries to assist in addressing production challenges and boost their company’s ability to innovate,” said Jim Pittas, president and CEO, PMMI.
The event brings together 2,500 exhibitors and 50,000 attendees across 1.25 million net square feet of McCormick Place exhibit space.
Per the State of the Industry report, the value of domestic shipments of packaging machinery rose 6.4% to $8.2 billion in 2017 – and are forecast to grow at a compound annual growth rate (CAGR) of 4.1% to 2023.
Food represents the largest packaging machinery sector in 2017, accounting for 36.6% of shipment revenues, followed by beverage at 22.1%. The pharmaceuticals sector is expected to grow the fastest to 2022, at a CAGR of 3.5%. While the largest machinery type category in 2017 was case handling at 15.1%, bottling line machinery is forecast to grow the fastest to 2023, with a CAGR of 5.3%.
E-commerce has influenced much of this market growth with the first quarter of 2018 e-commerce sales accounting for 9.5% of total retail sales, according to PMMI’s recent report, E-Commerce: Think Inside the Box.
“Across all demographics, from Baby Boomers to Generation Z, a growing number of people are purchasing a large portion of their products online with greater frequency than ever before,” says Paula Feldman, director of business intelligence, PMMI. “E-commerce operations need advanced equipment in order to keep up with demand, manufacturers are investing in smarter, automated functionality to achieve a greater level of machine flexibility.”