Global market for food processing machinery to reach US$73 billion by 2019

The global market for food processing machinery is projected to reach US$73 billion by 2019, with growth driven by emerging consumer demand for processed foods among industrialising nations.

The overall trend is for a 7.6% growth per annum, according to market analysis presented by The Freedonia Group, a US industry research firm, in its World Food Processing Machinery report.

The study predicts that rising personal incomes in developing economies will result in a dietary shift to more processed foods, which will in turn generate demand for processing machinery.

Many food and beverage firms in developing areas are forecast to 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 to 2019.

While Western Europe’s food processing machinery market is forecast to advance at a below-average pace, the region is still expected to deliver significant gains. Analyst Gleb Mytko said that sales of processing equipment are expected to rebound in several West European countries, including France, Spain and the United Kingdom, with the replacement of older equipment being a major driver of growth.

Changing consumer preferences in Western Europe is expected to encourage food and beverage firms to develop new products and invest in new processing equipment.

North America is projected to record weak sales growth in food processing machinery, with gains of only 2.2% expected per year between 2014 and 2019. A significant portion of older equipment has already been replaced in recent years.

In contrast, sales growth in Canada and Mexico is expected to accelerate.

© 2015 by The Freedonia Group, Inc.

The World Food Processing Machinery report is available from The Freedonia Group.

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