LONDON–(BUSINESS WIRE)–Technavio market research analysts forecast the global food processing machinery market to grow at a CAGR of close to 6% during the period 2018-2022, according to their latest report.
In this report, Technavio highlights the growing focus on safety features of food processing machinery as one of the key emerging trends in the global food processing machinery market. One of the major concerns for food manufacturers is the safety of operators of food processing machinery, especially for those operating commercial meat processing machinery. In countries such as the UK, nearly 15%-20% of the fatal injuries suffered by workers was caused by contact with machinery in the manufacturing sector during 2016-2017. In the US, the number of injuries in food processing plants is more than in other manufacturing sectors. Some of the common injuries include cuts and amputations, electric shocks, burns and scalds, and soreness and loss of function of wrists and arms.
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In this report, Technavio analysts pinpoint the growth of the global packaged food market at over 17% as a major driver for the global food processing machinery market:
Anticipated growth of over 17% in the global packaged food market during the forecast period
Packaged food offers the convenience of consumption and is widely being adopted by consumers. The demand for packaged food is expected to grow exponentially, as packaged food offers longer shelf life, better hygiene, and improved convenience in handling and storage over other food products. For example, in countries such as the UK, the demand for packaged food products are 4-5 times more than that of loosely sold, fresh food products.
According to a senior analyst at Technavio for packaging, “The global packaged food market was valued at USD 2.58 trillion in 2017 and is expected to rise to USD 3.03 trillion by 2022 during 2017-2022. Countries such as North America is one of the biggest markets for packaged food mainly owing to the increased consumption of packaged food in North America when compared with fresh food consumption.”
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Global food processing machinery market segmentation
This market research report segments the global food processing machinery market into the following applications (meat, poultry, and seafood; bakery; and dairy) and key regions (the Americas, APAC, and EMEA).
Of the three major applications, the meat, poultry, and seafood segment held the largest market share in 2017, accounting for nearly 39% of the market. The market share for this application is expected to increase by 2022. The fastest growing application is bakery, which will account for nearly 29% of the total market share by 2022.
The Americas was the leading region for the global food processing machinery market in 2017, accounting for a market share of nearly 36%. However, by 2022, EMEA is expected to surpass APAC to become the leading region, accounting for a market share of nearly 34%.
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