World demand for food processing machinery to reach $73 billion in 2019
Cleveland, OH – Global demand for food processing machinery is projected to advance 7.6% per annum to $73 billion in 2019. Growth will be driven by industrializing nations, where strong consumer demand for processed foods is emerging. These and other trends are presented in World Food Processing Machinery, a new study from The Freedonia Group Inc., a Cleveland-based industry research firm.
In developing economies, rising personal incomes will result in a dietary shift to more processed foods, which will generate related processing machinery demand. In response to the demand for more processed foods, numerous food and beverage firms in developing areas will transition from manual to mechanical food processing in order to increase output and develop new products. China alone is projected to account for nearly 40% of all new food processing machinery demand through 2019.
Although Western Europe’s food processing machinery market is forecast to advance at a below-average pace through 2019, the region is still expected to post significant gains. According to analyst Gleb Mytko, “Sales of processing equipment are expected to rebound in several West European countries, including France, Spain, and the United Kingdom. The replacement of older equipment will be a major driver of growth.”
In addition, changing consumer preferences in Western Europe will encourage food and beverage firms to develop new products and invest in new processing equipment.
North America is projected to record weak food processing machinery sales growth through 2019. After a period of rapid gains, product demand in the US is expected to advance only 2.2% per year between 2014 and 2019. A significant portion of older equipment in use in the US was replaced in recent years. Food processing machinery sales growth in Canada and Mexico, on the other hand, is expected to accelerate.
World Food Processing Machinery (published 06/2015, 442 pages) is available for US$6,300 from The Freedonia Group. Information may be obtained at www.freedoniagroup.com.