Packaging Report (Cont’d from Page 1)
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cantly while others reported record growth. For this reason, forecasts have been revised with packaging machinery growth now forecast to decline by only -0.5 percent year-on-year in 2020.A speedy recovery in all sectors in 2021 and a return to above average growth from 2022 to 2024, with an overall Compound annu- al Growth Rate (CAGR) of 4.1 percent from 2018 to 2024 is projected.
•The two largest markets are estimated to have been filling and dosing machinery and labeling, decorating, and coding machinery, which accounted for 20.7 per- cent ($8.6 billion) and 12.6 percent ($5.2 billion) of the market in 2018, respectively.
• Asia Pacific was the largest market for packaging machinery, accounting for 36.3 percent ($15.0 billion) in 2018. It is forecast to be the fastest growing region with a CAGR of 4.5 percent to $19.6 billion in 2024, remaining the largest region. (Cont’d on Page 6)
To boost your market presence contact:
Greg Kishbaugh / 317-306-1060 / flexo@nvpublications.com
Robyn Smith / 910-553-4055 / rsmith@nvpublications.com
4 March 29, 2021 Flexo Market News
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