Automation, integration and advancements in customized equipment could drive the market past $78 billion by 2022, finds Frost & Sullivan
SANTA CLARA, California, Dec. 12, 2018 /PRNewswire/ -- Growth in the global food and beverage processing and packaging equipment market looks promising over the next four years. Frost & Sullivan's latest analysis reveals that improved economic conditions in emerging nations, changing dietary preferences globally, and a rising demand for nutritious and ready-to-eat food products are driving demand for food processors and boosting growth in the packaging equipment market. The global food and beverages processing and packaging equipment market is expected to expand at a CAGR of 4.1% from 2017 until 2022 and reach $78.6 billion.
"With increasing food and beverages product demand and a growing emphasis on food safety, food processors are reliant on equipment manufacturers to provide processing and packaging equipment that is agile and utilizes advanced technologies to minimize energy usage, operate at a higher efficiency, and improve yield," said Arun Ramesh, Team Lead, Agriculture and Nutrition, Visionary Science, Frost & Sullivan.
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The global demand for food products has led equipment manufacturers to acquire, merge, and partner with companies to leverage technology innovation. To remain competitive in an evolving market, Ramesh recommends that players create smarter products by investing in new capabilities such as advanced data and analytics, robotics and automation, and extend their capabilities to offer full solutions, including installation, monitoring, services, and integration. Additional factors imperative to growth include:
- Equipment manufacturers upgrading to advanced machinery for processing and packaging to cater to changing consumer preferences and consumption patterns
- Using machine learning and other tools to predict process delays, make improvements to engineering and optimize equipment design
- Refreshing operating models with an emphasis on enhanced after-sales and growth-focused strategies
"Machine downtime is still a major concern in the industry, and there is room for further investment in research and development among equipment manufacturers to develop equipment that is flexible and modular and customized to fit different products and customer needs while optimizing total cost of ownership," noted Ramesh.
Global Food and Beverages Processing and Packaging Equipment Market, Forecast to 2022 market intelligence examines global growth opportunities in the food and beverages processing and packaging equipment market in detail with an emphasis on key growth factors across end-application segments, global and regional market trends, technologies, and product innovations.
Global Food and Beverages Processing and Packaging Equipment Market, Forecast to 2022 is the latest addition to Frost & Sullivan's Visionary Science research and analysis available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Global Food and Beverages Processing and Packaging Equipment Market, Forecast to 2022
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SOURCE Frost & Sullivan