At 7.1% CAGR, Food Processing Equipment Market Size Is Expected to Exhibit USD 87.5 Billion by 2024
The Food Processing Equipment Market was worth USD 54348.8 Million in 2017 and is projected to reach around USD 87.5 Billion by 2024. The Food Processing Equipment Market is estimated to grow at a CAGR of 7.01% during the forecast period 2018-2024.
Pune, India -- (SBWire) -- 04/22/2019 --Study on Food Processing Equipment Market by Infinium Global Research is a comprehensive presentation of qualitative and quantitative research to identify key trends, growth prospects, drivers, restraints and opportunities in the global market. The report also deep dives into the sub-segments of food processing equipment market by type (methyl acrylate, ethyl acrylate, 2-ethylhexyl acrylate and butyl acrylate), by application (surface coatings, textiles, plastic additives, adhesives & sealants and detergents) through main geographies in the global market such as North America, Europe, Asia-Pacific and RoW. Browse through over 100 tables and figures to get a complete view of the global and regional markets of food processing equipment over the period of 2018 to 2024.
The food processing equipment market was worth USD 54348.8 Million in 2017 and is projected to reach around USD 87.5 Billion by 2024. The Food Processing Equipment Market is estimated to grow at a CAGR of 7.01% during the forecast period 2018-2024. The Asia-Pacific region accounted for the largest market share of approximately 40% in 2017 and is expected to remain dominant through the forecast period. The Asia-Pacific region is expected to grow at the highest CAGR of 7.16% during the forecast period.
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Innovation in the Technologies to Promote Growth in the Food Processing Equipment Market Over 2018 To 2024
Need to offer food products at affordable costs and innovation in the technologies are the major factors driving the growth of the food processing equipment market. In addition, Foods are usually processed to kill harmful bacteria or other microorganisms, to make them safer and for longer shelf life. Moreover, processed foods are obtained from laboratories and not nature. The foods are genetically modified and may cause gastrointestinal disorders, infertility and can damage your organs. This in turn is anticipated to hamper the growth of the food processed equipment market. Additionally, factors such as availability of raw materials, changing lifestyle are positively influencing the demand for food processing equipment market. However, processed foods are obtained from laboratories and not nature. The foods are genetically modified and may cause gastrointestinal disorders, infertility and can damage your organs, which may act as the restraining factor for the growth of the food processing equipment market over the forecast period.
Furthermore, the increasing number of women's in the workforce and an increasing number of nuclear families are leading to the replacement of regular food item with processed food or meals. This, in turn, is anticipated to open several doors of opportunity for the key players in the food processing equipment market over the upcoming years. On the other hand, new technological advancements, internet of things approach and digitization are boosting the market over the years to come. Nowadays Food processing equipment is often integrated with high-speed packaging and labeling equipment in various industry such as the meat and dairy industry.
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The Asia Pacific Region to Contribute to Growth in the Global Food Processing Equipment Market Over the Upcoming Years
Asia Pacific region is anticipated to be the fastest growing market for the food processing equipment market. China accounts for the largest market in the Asia Pacific region. Miss Pooja Baragale a research analyst at Infinium Global Research quoted that Significant growth in disposable income and increasing demand for food and beverages is Asian countries has augmented the market growth. Pooja Baragale further quoted that a rising economy and investment in research and development activities for the food processing equipment are some of the key factors driving the European region. Moreover, in the North American region, the US accounts for the largest market in the food processing equipment market.
Mergers and Acquisitions to Remain Key Expansion Strategies of the Leading Players in the Food Processing Equipment Market Between 2018-2024
Some of the prominent players in the global food processing equipment market are Buhler, Tetra Laval, GEA, Anko Food Machine, and Krones. In addition, the Buhler group is the prominent provider of the optical sorter. This company has innovated a significant technology to help frozen vegetables and food processors to achieve the highest food safety and hygiene standard. Moreover, the same company has announced the new innovative technology called SORTEX PolarVision. This product is an FM detection system that delivers an outstanding result from single products to more complex vegetable mixes.
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