Food processing machinery sales to hit $53.3 billion by 2016
Global sales of food processing machinery are set to increase by 7.3% per year to reach $53.3 billion in 2016, according to a new study from The Freedonia Group. The market research group attributes the growth to the increased demand for processed foods in developing countries as personal wealth increases.
Countries like China and Brazil are seeing a shift in dietary habits towards higher value-added foods such as meat and chocolate, which Freedonia predicts will prompt food manufacturers to broaden their operations and invest in additional manufacturing capacity in these areas.
Industrial bakery equipment is a boom area at the moment, Freedonia says, accounting for one-fifth of all food processing machinery sales in 2011. And it will continue to grow: Freedonia anticipates it will post the largest value gains into 2016.
The Asia-Pacific region will lead the pack, with an average of 9.5% growth per year from 2011 to 2016, Freedonia says, with the strong Chinese market driving regional sales. India, Indonesia and Thailand are expected to show healthy growth that will complement China’s sales gains.
“Rising personal incomes will spur increased demand for processed foods and a dietary shift toward more costly, non-staple items, while advancing industrialisation in these nations will make it more efficient to process basic foods such as grains, fruits, vegetables and nuts by machine rather than manually,” Freedonia said. “Sales of food processing machinery in other developing areas of the world will, generally speaking, climb at a healthy pace.”
While the developing world is experiencing rapid gains, growth in food processing machinery demand in developed countries was much slower between 2006 and 2011, and Freedonia says this trend will continue through to 2016.
“As these nations have relatively stable dietary preferences and consistently high personal incomes, the food manufacturing industries in these countries are very mature, and as a result there will be fewer growth opportunities for food processing machinery manufacturers,” Freedonia said.
To access Freedonia’s World Food Processing Machinery report, email the company at email@example.com.
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