The food packaging technology market was valued at USD 38.77 billion in 2017 and is projected to grow at a CAGR of 6.9% from 2018, to reach USD 57.80 billion by 2023.

The growth of the food packaging technology & equipment market is affected by the growth of counterfeit food packaging. These counterfeit products harm the companies in terms of loss of revenue and also hamper their brand image.

The Asia Pacific region witnessed the fastest growth in the food packaging technology and equipment market; one of the key factors being the rapid economic growth and rise in urbanization.

The global demand for food packaging technology and equipment is driven by factors such as high demand for hygienic food packaging, along with rising consumption of fresh and high-quality food and demand for conveniently packaged food products.

The global demand for food packaging technology and equipment is driven by factors such as high demand for hygienic food packaging, along with rising consumption of fresh and high-quality food and demand for conveniently packaged food products.