Triangle Tea Bag Packaging Machinery Market Competitive Landscape By 2023
The global triangle tea bag packaging machinery market is expected to gain an unprecedented value of USD 194.58 million by 2023 with a CAGR of 4.43% during the forecast period (2018–2023). The report covers segmentation and the market dynamics for a better glimpse of the market in the coming years. Triangle tea bag packaging preserves and protects the contents in the tea bag. The pyramid shape gives enough space to the leaves to expand, enhancing the taste and flavor without tea pot brewing. However, high initial investments could hamper market growth during the forecast period.
Regional Analysis
On the basis of region, the market is segmented in to North America, Europe, Asia-Pacific, and Rest of the World. Europe is anticipated to lead the triangle tea bag packaging machinery market during the forecast period, followed by Asia-Pacific. The region has high demand for lightweight and easily transportable packaging. Germany, followed by the UK, are countries that are expected to dominate the triangle tea bag packaging machinery market in Europe.
The global triangle tea bag packaging machinery market is expected to reach USD 194.58 million at a CAGR of over 4.43% by the end of the forecast period.
Taste the market data and market information presented through more than 160 market data tables and 30 figures spread over 147 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on "The Global Triangle Tea Bag Packaging Machinery Market Research Report- Forecast to 2023."
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Segmental Analysis
The global triangle tea bag packaging machinery market is segmented based on capacity, type and application.
On the basis of capacity, the global triangle tea bag packaging machinery market is segmented into into less than 1,800 bags/hour, 1,800 to 3,000 bags/hour, 3,000 to 4,800 bags/hour, and more than 4,800 bags/hour. Less than 1,800 bags/hour segment is expected to dominate the market, owing to the increased demand by various industries for packaging purposes.
The less than 1,800 bags/hour segment dominated the market and was valued at USD 64.95 million in 2017. This value can reach USD 80.46 million by 2023. Meanwhile, the 1,800 to 3,000 bags/hour segment is witnessing significant growth and is expected to attain 4.78 % CAGR during the forecast period.
On the basis of type, the global triangle tea bag packaging machinery market is segmented into horizontal and vertical. In 2017, the vertical segment held the maximum market share and was valued at USD 82.16 million. This value can rise to USD 106.50 million by 2023. This segment is expected to grow with the fastest CAGR of 4.75% during the forecast period.
On the basis of application, the global triangle tea bag packaging machinery market is segmented into green tea, black tea, coffee, and others. In 2017, the green tea segment held the maximum market share and was valued at USD 56.74 million. This value can rise to USD 73.88 million by 2023. This segment is expected to grow with the fastest CAGR of 4.82% during the forecast period.
Competitive Analysis
Some of the prominent players operating in the global triangle tea bag packaging machinery market report are CAMA (LuoYang) Electromechanic Co., Ltd. (China), dph International GmbH (Germany), E.C. Packtech Machines Pvt. Ltd (India), Grace Food Processing & Packaging Machinery (India), Fuso International (Japan), SELO (The Netherlands), Sidsam Group (India), Tecpacking Group (Tianjin) Co., Ltd (China), Vista Technopack Machines (India), Xiamen Sengong Packing Equipment Co., Ltd (China).
Sidsam Group strategizes to collaborate with the packaging machinery manufacturers in Italy to manufacture machines that satisfy European quality standards in India. It emphasizes on improvement and innovation to provide quality services to its customers. The company plans to add more models of user-friendly food processing equipment, confectionery equipment, and packing equipment into its product portfolio. It also plans to collaborate with reputed manufacturers located in the US and European countries to set up manufacturing units abroad.
CAMA (LuoYang) Electromechanic Co., Ltd strategizes to develop customized and automatic integrated tea/herb packaging production machines, which feature full computer control and does not require an operator. It has a diversified portfolio to cater to the diverse needs of end-use industries. It has a wide distribution network with the cooperation between domestic and overseas companies. The company offers various products to cater to various customer requirements.
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