The global market for equipment used in food processing and packaging is expected to grow to $31.3 billion by 2018, with a five-year compound annual growth rate (CAGR) of 6.3 percent, according to a new report from BCC Research.
The food packaging market, the largest segment in this category, is expected to reach $19.3 billion by 2018, with a CAGR of 6.7 percent, the report notes.
Additionally, food processing equipment, the second-largest market segment, is projected to grow to $12 billion by 2018 and register a CAGR of 5.8 percent.
"Today's manufacturers of food processing and packaging equipment face a rapidly changing and highly demanding global competitive environment," said BCC Research food and beverage analyst Shalini S. Dewan. "They are being driven to offer a broader selection of products, at lower costs, and supplement their selections with a higher level of value-added engineering, design, and other services.”
The report, titled "Global Markets for Food Processing and Food Packaging Equipment," provides an overview of the global market for processing and packaging equipment in the food markets. It analyzes each market and its applications, regulatory environment, technology involved, market projections and market share. Technological issues, including the latest trends and developments, are also discussed.