Food packaging machinery sector to grow over the next 3 years
Based on forecasts made by the Ipack Ima Monitor in collaboration with the Research Department of UCIMA (Italian packaging machinery manufacturers’ association), total revenues posted by global food packaging machinery manufacturers is set to grow at a CAGR (compound annual growth rate) of +2.9% over the next three years.
Several countries will perform even more strongly than this estimated annual growth rate. In North Africa, the prospects for 2019-2021 are particularly good in Algeria (CAGR +5%) and Egypt (+4.3%).
Above-average annual growth rates will also be recorded in Kenya (+8.9%) and, with regard to the Middle East, in Saudi Arabia (+7.1%) and the UAE (+5.1%). Several Eastern European countries will also see strong performances: Poland with expected annual growth of 5.8%, Bulgaria with 4.9% and the Czech Republic with 3.7%. Last but not least, Italy is expected to grow at practically double the world average with a CAGR of +5.6% over the next three years.
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