20 According to the latest report by IMARC Group titled, “Packaging Machinery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global packaging machinery market reached a value of US$ 49.2 Billion in 2020. Packaging machines are devices which are used for packaging various products, such as food products, beverages, electronic components and consumer goods. Packaging provides protection to the product against microbiological spoilage, breaking, moisture, dust, temperature changes, thereby extending its shelf-life. Moreover, packaging enhances the visual aesthetics of the product and becomes an effective tool for crucial marketing and communication. Looking forward, IMARC Group expects the global packaging machinery market to exhibit moderate growth during the next five years (2021-2026).