The global food processing machinery market was valued at $52,787 million in 2016, and is projected to reach at $68,882 million by 2023, growing at a CAGR of 3.9% from 2017 to 2023, according to a new report published by Allied Market Research, Portland, Ore. The study, “Food Processing Machinery Market by Type, Mode of Operation and Application Industry: Global Opportunity Analysis and Industry Forecast, 2017-2023,” reveals that the meat, poultry and seafood segment dominated the market in 2016, and accounted for around two-fifths market share, in terms of revenue.
The demand for processed food has increased due to rapid change in the lifestyle of people globally. Thus, food processing companies have upgraded machines to offer high-processing capacity.
The depositor food processing machines segment is expected to dominate the market throughout the forecast period, and accounted for around one-fourth share in 2016, in terms of revenue. In addition, the extruding machines segment is expected to witness higher growth rate as compared to others.
In 2016, the meat, poultry and seafood segment dominated the market with two-fifths market share, in terms of revenue, owing to the higher rate of meat consumption in developed countries as compared to dairy and other food products.
Key findings of the report include:
- Europe is expected to lead the market during the forecast period, followed by Asia-Pacific.
- The extruding machines segment is expected to show the highest growth rate, registering a CAGR of 4.6% from 2017 to 2023.
- The bakery and confectionery segment is expected to grow at a higher rate of 5.9% during the forecast period.
- Brazil accounted for 28.39% share, in terms of revenue, in the LAMEA market in 2016.
- Germany accounted for 26.45% share, in terms of revenue, in the European market, in 2016.
- India is expected to grow at the highest CAGR of 5.0%.
Europe and North America collectively accounted for more than half of the market share, in terms of revenue, in 2016. Europe dominated the market, owing to the increase in demand for food processing machines and high machinery production in Germany in 2016. Asia-Pacific is expected to be the highest growing region during the forecast period.