GLOBAL FOOD PROCESSING EQUIPMENT MARKET WILL REACH USD 74,019.6 MILLION BY 2022
In its latest publication Meticulous Research, states that global food processing equipment market will reach USD 74,019.6 million by 2022 with a CAGR of 6.1% from 2017. One of the prime factors for growth of food processing equipment market is the growing demand for the processed foods across globe.
Global processed food consumption has increased rapidly in recent decades so growing demand of food processing equipment market. This demand is associated with increasing urbanization, hectic lifestyles, rising number of nuclear families, increasing proportion of working women, and availability of less time for preparation. Simultaneously, growing brand consciousness, exposure to western products in Asian countries, introduction of new categories and new product variants catering to diversified tastes are ensuring higher acceptability of products. All these factors create a strong case for the accelerated growth of food processing equipment market.
However, out of all these factors, increasing urbanization is majorly responsible for the growing demand of processed foods and also food processing equipment market. According to the World Health Organization, the urban population in 2014 accounted for around 54% of the total global population, up from 34% in 1960, and continues to grow further. The global urban population is expected to grow approximately 1.84% per year between 2015 and 2020, 1.63% per year between 2020 and 2025, and 1.44% per year between 2025 and 2030. As a result, consumers are being exposed to a much wider choice and better availability of food within the urban environment, compared to those who are living in rural areas which growing demand for food processing equipment market. This urbanization trend contributes significantly towards improved living standards and rising incomes which in turn influence the affordability of products to a greater extent, thus leading to the significant increase in the processed food consumption and production of food processing equipment market worldwide.
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Further, processed have become increasingly accessible to all age groups and are sold as pre-prepared or ready-to-eat. The food processing equipment market make up vital parts of the supply and also contributing in security (ensuring that sufficient food is available) and nutrition security (ensuring that the quality meets human nutrient needs). The consumer is ever-changing towards more value-added categories and their hunt for health is having a great impact on the food processor.
As a result, consumer increasingly prefers processed food which in turn leads to its increased production by processors. As the demand for food processing equipment market is increasing, technological advancements are necessary for the growth of the sector and for the diversification of the existing production capacity of the processing firms to meet the demand to food processing equipment market. Also, there is a growing demand for processing basic products such as fruits, vegetables, and grains which require technologically advanced equipment. Therefore, there is a need to adopt new methods, technology, food processing equipment market, and machineries in the food processing industry with least impact on sensory qualities such as color and texture.
Thus, to find a technologic edge in the marketplace, are exploring new processing and preservation technologies with the help of processing equipment, thereby fueling the adoption of food processing equipment market across the globe.
Food processing equipment market form 2017-2022
Asia-Pacific region is expected to hold the largest share in the global food processing equipment market in 2018, followed by Europe, and North America.
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