The Insight Partners has published a new study, "Packaging Robots Market Size and Forecast (2021–2028), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Industry Vertical (Food & Beverages, Pharmaceuticals, Consumer Electronics, and Others), Application (Primary Packaging, Secondary Packaging, and Tertiary Packaging), and Geography." The market was estimated to be worth $3.94 billion in 2021 and is poised to reach $8.44 billion by 2028, growing at a CAGR of 11.49% from 2021 to 2028.
Since the COVID-19 pandemic, there has been a surge in online shopping across the world. E-commerce sales have witnessed a significant growth rate over recent years. According to the International Air Transport Association (IATA), in 2021, 2.14 billion people (i.e., 27.6% of the world's population) shopped for products from online portals. The growing demand for online shopping is pushing companies to perform faster picking and placement operations, which is raising the demand for packaging robots, the report says. In the e-commerce industry, picking robots are used for order fulfillment as manually picking of items is associated with a lot of time and cost.