Global food processing equipment market is projected to reach more than $123 billion by 2027
The global food processing equipment market is projected to reach more than US$89 billion (AU$123 billion) by 2027, a study found.
The report by Precedence Research highlights several factors that will contribute to a compound annual growth rate of 6.2% from 2020 to 2027.
The growing demand for packaged and processed food products as a result of the intensifying population is anticipated to contribute to the substantial market expansion in the near future.
A key trend forecasted is that rising urbanisation will alter lifestyles across major cities in developing nations. These populations, who are likely to adopt changing attitudes towards their food preferences, often come from heavily populated areas, predominantly in the Asia–Pacific region. The rise in demand sets the pace for the region to be the fastest-growing market for food processing equipment over the projection period. The region is projected to experience a sharp growth in the demand for advanced food processing equipment that helps decrease the processing time and improve the efficiency of manufacturing operations.
The urgent need for efficiency is expected to increase awareness and growth towards innovative food products across Europe and North America.
The North America region is expected to dominate the global food processing equipment market by occupying the maximum market share.
In addition, the food processing sectors in Asian countries such as China, India, Australia and New Zealand are export-oriented with a high focus on technology adoption and automation in these countries.
Overall, the food processing industry is progressively focusing on using energy-efficient equipment to condense operational costs.
Escalating investment by manufacturers in high-end automation, robotics and innovative equipment seems to be the current trend in the food processing equipment market.
However, there is still the major hurdle to overcome in the near future as countries ebb and flow in and out of pandemic-induced restrictions.
A link to the study is found here.
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