Food & Beverage, Pharmaceutical Needs To Drive Packaging Industry Growth
Changing consumer demands and increased regulation mixed with growing sales are pushing growth in the packaging industry.
That’s according to a recent report from the Association for Packaging and Processing Technologies (PMMI), which expects domestic shipments of packaging machinery to grow to $8.5B by 2020, SupplyChainDive reports. The pharmaceutical industry along with the food and beverage industry are expected to increase their use of machinery the most, by 2.8% and 2.4%, respectively.
This increased need for machinery, due in part to new labeling and serialization regulations, is expected to be a further boom for industrial real estate over the next few years. Additionally, PMMI found nearly all execs in the industry are planning to maintain or increase their budgets next year. [SCD]
