Report: Global food processing machinery and equipment market to reach $102.8B by 2030
A new report forecasts that the global food processing machinery and equipment market will reach $102.8 billion by 2030 despite persistent inflation and COVID-19 concerns.
“Global Food Processing Machinery and Equipment Industry,” released last week by Reportlinker.com, projects a 6% compound annual growth rate of 6% from 2022-2030 for the market, valued at $64.3 billion in 2022.
Depositors, one of the segments analyzed in the report, is projected to record 7% CAGR and reach $31.3 billion. Growth in the Extruding Machines segment is readjusted to account for ongoing post-pandemic recovery to a revised 7.1% CAGR for the next 8-year period.
According to the report, food and fuel inflation will remain concerns, with higher retail inflation affecting consumer confidence and spending. Rising interest rates will slow new job creation, while companies will scale back investments.
Worries about new COVID outbreaks and China’s uncertain post-pandemic path threaten more supply chain and manufacturing disruptions in 2023, the report found. Volatile financial markets, growing trade tensions, stricter regulatory environments and pressure to mainstream climate change into economic decisions will magnify those challenges.
The U.S. food processing machinery and equipment market was estimated at $17.5 billion in 2022.