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Food Processing Equipment Market Poised for Growth in Next 5 Years

Published on: Friday 28th July 2017

The global market of equipments used for food processing is booming day by day & projected to grow to $31.3 billion by 2018, with a compound annual growth rate (CAGR) of approximately 6.3 %.  Also, the food packaging market, the largest segment in this category is expected to cross the turnover of USD 19.3 Billion by 2018, with a CAGR of 6.7 % approximately. By 2022, the global market for food processing equipments will reach to 72.27 % at CAGR of 7 % approximately, experts in the verticals say. 

Food processing equipment industry is witnessing rapidly changing, highly dynamic, global environment. Technological advancements happening across the globe are playing a vital role in the improvisation of the functioning of this industry. The industry is being driven to offer a wider range of products at challenging prices and supplement them with a higher level of value-added engineering, design and other complementary services. To survive in this challenging environment is the biggest challenge for the industrialists in the vertical.

In the end product form segment, the solid food products segment has the largest market in the food processing equipment industry. These include meat, seafood, bakery products, ready to eat products, dairy products. Out of which, meat and seafood processing industry is the fastest growing segment that accounts the largest share in the food processing equipment industry. The consistent increase in the consumers of meat and seafood is driven by fast food and convenience food trend across the globe. Naturally, the industry is seeing a satisfactory growth the densely populated regions in the world. 

Asia-Pacific region has witnessed the significant growth of food processing equipment industry in the recent years. China is estimated to have the largest share in the regional and global market. The Asia-Pacific region has a significant potential for food and beverage market growth; rapidly changing the lifestyle of the consumers, due to the rise in the disposable income is also one of the major factors contributing to the growth of food processing equipment market in the region.

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