According to a research study from ReportLinker, the global market for equipment used in food processing and packaging is expected to reach nearly $31.5 billion by 2020 from $25.7 billion in 2015, rising at a compound annual growth rate (CAGR) of 4.2%, from 2015 to 2020. By equipment category, the study reports:
- The food packaging market is expected to grow from $14.4 billion in 2015 to nearly $17.3 billion in 2020 at a CAGR of 3.6% for the period 2015-2020.
- The food processing market is expected to grow from $11.2 billion in 2015 to $14.2 billion in 2020 at a CAGR of 4.8% for the period 2015-2020.
The purpose of the report was to measure and forecast the equipment market and food segments, and to provide an overview of the current and future characteristics of the global market. In addition, the report:
- Analyzes the strength and weaknesses of equipment used in food processing and packaging in light of the new technologies, growing competition and changing customer needs,
- Identifies present and future strategies within the market
- Explores the advantages of food processing and packing equipment in their production and processes.