Study: Global food robotics market worth $2,159.3M by 2022
Europe holds the major share in the global food robotics market, followed by North America and Asia-Pacific.
The global food robotics market will grow at a CAGR of 12.5% from 2017 to 2022 to reach $2,159.3 million by 2022, according to a report published by Meticulous Research, UK. This market is mainly driven by increasing food safety regulations, rising demand for advanced food packaging, growing need to improve productivity, increasing production of low-cost robots, increase in investments for automated solutions in the food industry and rising demand for reducing production cost. However, lack of skilled workforce in emerging economies, the high cost of installation and service charges of robotic systems restricts the growth of this market.
Europe holds the major share in the global food robotics market, followed by North America and Asia-Pacific. The large share of this region is primarily attributed to the rising investment for automation in the dairy industry, increasing demand for automation in prepared foods and meat processing and enhanced competitiveness in the region. However, the Asia-Pacific region possesses profitable growth potential for the food robotics market during the forecast period.