Global forecast 2022 reports released at Process Expo
During a press briefing at PROCESS EXPO, David Seckman, President of the Food Processing Suppliers Association (FPSA) provided insight into three important Global Forecast reports focused on Meat Processing Equipment, Poultry Processing Equipment and Pet Food Processing Equipment for the next five years. The luncheon was held at the PROCESS EXPO, the largest trade show dedicated to bringing the latest technology and integrated solutions to all segments of the food and beverage processing industry, taking place this week, September 19-22 at the McCormick Place Complex in Chicago, IL. For information, visit www.myprocessexpo.com.
"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."
The Global Meat Processing Equipment Market, valued at USD 9,075.1 million in 2015, is projected to reach USD 14.5 billion by 2022, at a Compounded Annual Growth Rate (CAGR) of 7.03% during the forecast period. Factors responsible for driving growth of the industry are the increased consumption of processed food, government support for equipment use in developing countries, demand for food safety and safety of workers, presence of small and medium enterprises in developing countries, rising raw material costs, and international trade rules.
The Global Poultry Processing Equipment Market was valued at USD 2.95 billion in 2014, and is projected to reach USD 3.83 billion by 2020, at a CAGR of 4.7% during the forecast period. The factors responsible for driving the growth of the industry are the increased consumption of processed food, the government support for the use of equipment in developing countries, the demand for food safety, 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 grow at a CAGR of 3.5% in the next six years to reach a market of USD 4.27 billion by 2022. The growth of the pet food processing equipment market is attributed to 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.