Witnessing Growth At A CAGR Of Over 7%, Food Processing Equipment Market Is Expected To Reach USD 72.32 Billion By 2024 | TechSci Research
Global Food Processing Equipment Market is expected to reach USD 72.32 Billion by 2024, witnessing growth at a CAGR of over 7%, in value terms due to rising applications of food processing in end-use industries like beverages, dairy, poultry etc. Moreover, the increasing concerns in consumers regarding food safety and growing demand of convenience foods due to the increase in working population is expected to drive the market further. Based on type of equipment, thermal equipment possesses the largest market share and is expected to maintain its position in the forecast period due to its widespread use in various end-use industries. Based on the application, Bakery & Confectionary segment is projected to lead the market owing to the rising demand for ready-to-eat food items. Based on the mode of operation, Semi-Automatic segment is expected to lead the market due to widespread adoptions by manufacturers in developing countries. Asia-Pacific region is projected to gr...