The global wrapping machine market is set to chart a higher trajectory, owing to a significant CAGR (Compound Annual Growth Rate), owing to improvements in standards associated with packaging and policies such as abolition of manual practices and employment of minors. Besides use of wrapping tools in multiple industries and is also contributing to growth positively.
Additionally, massive demand from household items is contributing to growth in the global wrapping machine market. Bottles, soaps etc are all wrapped using machines now, owing to new policies. And, so far owing to speed issues, it was done the traditional way; this area provides players with new opportunities. They would be eyeing packaging of other products too like sugar, chocolates and cigarettes.
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The global wrapping machine market is fragmented and key players include Duravant LLC; Robert Bosch GmbH; Aetnagroup S.p.A.; Lantech; ProMach, Inc.; Maillis Group; Coesia S.p.A.; and IMA Group, among others. These are focused on improving Research and Development (R&D). This will be a key determinant of who hold majority market share.
Revenue-wise, North America will hold a dominant share, followed by Europe, owing to technological advancement, robust infrastructure and favorable policies of the government. Demand for easy-to-eat food products that can be had on the go are also contributing to the CAGR. Besides, the market is supported by an increase in disposable income.
This is also a reason of growth in the Asia Pacific where economies are doing well and standard of living is improving. This is creating a number of lucrative opportunities in the region. Here, rapid urbanization is also adding to global wrapping machine market. Besides, the trend of dual-income families is leading to a quest for processed food and easy to eat meals, propelling wrapping machine market further.
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Rapid Urbanization will also lead to growth in the market in Russia.