In recent years, there has been steady and consistent growth in pharmaceutical, food & beverage, and consumer electronics, among other industries that are major end users of packaging machinery. These industries are scaling up manufacturing activities due to increased consumption, driving the utilization of packaging machinery. These industries are also witnessing an influx of investments that are driving the utilization of modern technologies and systems. For instance, from April to September 2022, foreign direct investment (FDI) in the food processing sector reached USD 410.6 million, an increase of 86% over the same period in 2021. Also, according to the EY FICCI report (2022), the pharmaceutical market in India is projected to reach USD 130 billion in value by the end of 2030 due to the development of new innovative therapies. The global pharmaceutical market is expected to cross USD 1 trillion in 2023. Such high growth in manufacturing is expected to increase the adoption of packaging machinery, driving the packaging machinery market. Several countries, including Spain, Germany, Italy, and Switzerland, are witnessing growth in food processing and goods manufacturing activities, which is expected to drive the demand for packaging machinery.
Rising Foodborne Diseases is Expected to Provide Lucrative Opportunity to the Packaging Machinery Market
The growth in foodborne illness has been linked to improper food packaging. Human interventions during food packaging may degrade food quality due to contamination by human hair, sweat, and nails or the lack of proper hygiene. Several countries, including India, the U.S., and China, are witnessing an increased prevalence of foodborne illnesses. Each year, the consumption of unsafe food causes 600 million cases of foodborne diseases resulting in approximately 420,000 deaths. According to the Centers for Disease Control and Prevention, foodborne diseases account for an estimated 76 million cases, 350,000 hospitalizations, and 5,000 deaths in the U.S. every year. Around 30% of deaths due to foodborne illnesses occur among children under five years of age. The WHO African Region is estimated to have the highest burden of foodborne diseases by population. More than 91 million people are estimated to fall ill, with 137,000 deaths recorded each year. Diarrheal diseases account for more than 70% of the burden of foodborne diseases in the African region. Therefore, governments across the globe are implementing regulations and policies to ensure the safety of food meant for human consumption.
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