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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.
Increase in demand for convenient food products and the trend for greater taste, safety and consistency are the major factors driving the global frozen bakery products market.
The market for poultry processing equipment will be worth $3.83 billion by 2020, at a CAGR of 4.7% from 2015-2020, according to a study produced by Markets and Markets, Dallas, Texas.
The food traceability market is projected to grow at a CAGR of about 9% to reach $14 billion by 2019, according to a study produced by Markets and Markets, Dallas, Texas.