Process Expo: Processing equipment markets continue to grow
The global meat processing equipment market is projected to reach 14.5 billion dollars by 2022 from 9,075.1 million in 2015, with a Compounded Annual Growth Rate (CAGR) of 7.03% during the forecast period. The main elements that drive this growth, according to FPSA, are the increased consumption of processed food, government support for equipment use in developing countries, demand for food safety and safety of workers, the presence of small and medium enterprises in developing countries, rising raw material costs, and international trade rules.
The global poultry processing equipment market is forecast to reach 3.83 billion dollars by 2020 from 2.95 billion in 2014, at 4.7% CAGR during the mentioned period. The growth will be based on the increased consumption of processed food, the government support for the use of equipment in developing countries, the demand for food safety, the safety of workers, the presence of small and medium enterprises in developing countries, rising raw material costs, and international trade rules.
The pet food processing equipment market is projected to reach 4.27 billion dollars by 2020, at CAGR of 4.7%. The increase will be driven by the following factors: the increase in the global demand for pet food supplies, especially in growing economies such as China, Brazil, Argentina, and India, owing to a growing urbanization that has stimulated a desire to keep pets and has resulted in the increasing usage of processed pet food products; and advancements in the manufacturing processes and technologies.
"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," said David Seckman, President, FPSA. "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."
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