Packaging Report (Cont’d from Page 4)
• EMEA was the second largest regional market, ac- counting for 33.2 percent ($13.8 billion) of global sales in 2018. It is forecast to be the hardest hit region during the 2020 COVID-19 pandemic and is forecast to decline at a CAGR of -1.2 percent in 2020. However, it is forecast to recover and grow modestly at a CAGR of 3.6 percent to $17.1 billion by 2024. • The Americas was the smallest market, accounting for 30.5 percent ($12.6 billion) in 2018. It is forecast to grow at a CAGR of 4.2 percent to $16.1 billion in 2024.
• The United States and China were the two largest subregional markets in 2018, accounting for 21 percent ($8.7 billion) and 15.4 percent ($6.4 billion),respective- ly. China is forecast to grow the fastest to 2024, with a CAGR of 5.3 percent. Most major countries are expect- ed to bounce back quickly after the devastating eco- nomic downturn from the coronavirus in early 2020. • The horizontal and vertical form, fill, and seal ma- chinery sectors along with bottling lines and filling and dosing machinery are forecast to have the highest growth rates over the period 2018 to 2024, with CA- GRs of 4.2 percent, 4.1 percent, 4.5 percent and 5.1 percent, respectively.The largest end market for pack- aging machinery was the beverage sector, which ac- counted for over a third of sales in 2018.
6 March 29, 2021 Flexo Market News
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