LONDON — According to a new market research report by Meticulous Research, the food processing equipment market is expected to reach $98.4 billion by 2027.
Food processing is considered one of the fastest-growing industries, globally. The food processing sector's contribution to gross value added (GVA), employment and investment is significant worldwide.
The report found that the increasing consumer demand for processed food, growing focus on food safety and safety of workers, growing need to increase productivity, increasing focus of food manufacturers to reduce production costs and government support to promote the food processing sector are the major factors driving the growth. In addition, emerging economies, such as Latin America, Southeast Asia and Africa, provide significant opportunities for manufacturers in the food processing equipment market. However, the high cost of equipment and increasing consumers' inclination towards consumption of minimally processed food products hinders the growth of this market. On the other hand, the lack of a trained labor force in many parts of the globe poses a challenge to the food processing equipment manufacturers.
The food processing equipment market study presents historical market data in terms of value and volume (2018 and 2019), estimated current data (2020) and forecasts for 2027. The market is segmented based on type and geography. The study also evaluates industry competitors and analyzes the market at the country level.
According to the study, in 2020, the meat, poultry and seafood processing equipment segment commanded the largest share of the overall food processing equipment market. The large share of this segment is mainly attributed to the increasing production of processed meat products, increasing urbanization and disposable income, and growing consumer preference for protein-rich food products. In addition, the growing middle-class population in developing countries, expanding meat processing industry, stringent food safety regulations and increasing global trade network are also supporting the growth of this segment.
The study also looked at the impacts of COVID-19, beverage industry equipment and more.