The food processing equipment market is gaining traction on the back of booming processed and packaged food and beverages sector globally. The increase in health-conscious consumers changes preferences for dietary requirements. And, several government organizations are implementing policies to support the adoption of food processing equipment to ensure the quality of products.
As a result, the food processing equipment market is estimated to grab a value of $70,510.1 million by 2022 and exhibit CAGR of 6.7% over the forecast period from 2017-2022, according to a study presented by Transparency Market Research, Albany, N.Y.
However, factors such as the high cost of food processing equipment and absence of the standard design are restraining growth of the global food processing equipment market. Nonetheless, the trend of automation in the food and beverages is propelling growth. Additionally, rapid globalization and rising disposable income continue to increase demand for processed and packaged food products, which is expected to favor growth of the market in the coming future.
The bakery and confectionery segment is likely to grab a value of $20,000 million by the end of the forecast period. Moreover, the growing demand for meat and other poultry-based products is likely to fuel the demand for food processing equipment market. Thus, the segment is likely to exhibit the strongest growth by the end of the forecast period.
Regionally, the Asia Pacific market is likely to be dominant in the global food processing equipment market in the coming years by accounting for the two-fifth revenue share by the end of the forecast period. This growth is attributable to the high demand from emerging countries such as China, Indonesia and India. Further, the North America market is predicted to stand on the second-leading position due to high manufacture of the equipment coupled with high adoption of equipment in the food and beverage industry.
Moreover, growing investment in R&D activities for the innovation of newer technologies in the food processing is augmenting growth of the global food processing equipment market, especially in the developed region such as North America.