Food Processing Equipment Market to Reach $14B by 2020

A report released Monday by BCC Research anticipates the global market for food processing and packaging equipment will total $31.5 billion by 2020, growing at a compound annual growth rate (CAGR) of 4.2% through the forecast period.

The market research firm attributes the growth over the next several years to an increase in families with working parents who desire processed food and drink products for convenience. Along with the changes in consumer behavior, equipment will have to meet the demands of new safety and quality standards, as well as industry’s need to reduce the size of its workforce and streamline production processes.

“Many manufacturers are creating standard design product with a large list of options that can be tailored to meet a specific customer’s need. This reduces lead time and also provides consistent design for machine expansion and maintenance in the future,” a press release announcing the forecast said.

The market for food packaging equipment is projected to reach $17.3 billion in 2020, while the market for food processing equipment is thought to hit $14.2 billion that year.

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