The Food Processing Suppliers Association (FPSA), the McLean, Va.-based owners of the PROCESS EXPO tradeshow, provided insight into global forecast reports focused on meat and poultry processing equipment for the next five years.
"We have been working with Markets&Markets, a strategic analytic company who compiled the finding in these reports from surveys of key opinion leaders at processing companies in the three different sectors as well as through public and private databases," says David Seckman, president. "Our goal was to define, segment and project the global market size for processing equipment through 2022 to analyze the opportunities in the market for the stakeholders and provide a competitive landscape outlook. We are pleased to report that each of the segments is forecasting healthy growth within the next five years."
The global meat processing equipment market, valued at $9,075.1 million in 2015, is projected to reach $14.5 billion by 2022, at a compounded annual growth rate (CAGR) of 7.03% during the forecast period. Factors responsible for driving growth of the industry are an increased consumption of processed food, government support for equipment use in developing countries, demand for food safety and safety of workers, presence of small and medium enterprises in developing countries, rising raw material costs and international trade rules.
The global poultry processing equipment market, valued at $2.95 billion in 2014, is projected to reach $3.83 billion by 2020, at a CAGR of 4.7% during the forecast period. The factors responsible for driving the growth of the industry are increased consumption of processed food, government support for the use of equipment in developing countries, the demand for food safety, safety of workers, the presence of small and medium enterprises in developing countries, rising raw material costs and international trade rules.