The global food processing equipment market size is expected to reach USD 89.31 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.1% from 2021 to 2028. The changing lifestyle of people, increasing inclination toward nutritious food, and awareness about the health benefits of marine products are expected to surge the product demand over the coming years.
Population growth and rising disposable income, along with increasing urbanization, are expected to drive the consumption of processed foods, which, in turn, is expected to benefit the industry growth. Moreover, the governments of Middle Eastern countries are focusing on reducing their reliance on the petroleum sector and promoting investments in industries, such as construction, automotive, and food and beverage.
Farmed fish solutions for the marine industry had provided a convenient solution for the demand-supply imbalance. However, the industry witnessed a price hike for fresh and processed fish. The positive economic condition of the market and potential customers are some of the prominent factors that assure the prominent growth of the market over the forecast period.
Rising population, dietary shifts, and a rise in spending power influence the market growth, which exerts pressure on the industry to fulfill the ever-increasing demand of the world. In addition, the growing need for equipment in the wake of the rising consumption of processed foods in the developing economies in Asia Pacific is expected to drive the industry.
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