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Packaging Machinery Market Likely to See Slowest Growth Since 2020

The U.S. packaging machinery market is expected to see a short-lived dip in growth in 2024 but pick up speed in the years ahead.

Pandemic-related backlogs in machinery purchases largely cleared by late 2023, resulting in a decline in market growth.
Pandemic-related backlogs in machinery purchases largely cleared by late 2023, resulting in a decline in market growth.
PMMI Business Intelligence: 2024 State of the Industry

The saying “good things come to those who wait” rings true in a packaging machinery market forecast shared in PMMI Business Intelligence’s “2024 State of the Industry” report.

A post-pandemic return to normalcy

The market is expected to bottom out in growth in 2024, reaching a low of 2.5% growth. That’s the lowest the market has fallen since the disruptions of the COVID-19 pandemic in 2020.

Fortunately, unlike many other machinery markets, this market bottom still results in growth. The 2.5% mark is significantly higher than the forecast for the broader machinery market, which is expected to contract by low single digits in the same period.

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