DECEMBER 20248REBAR CUTTING TOOLS SEE SPIKE IN DEMAND OWING TO SMART CITY INITIATIVESFOOD MACHINERY MARKET WITNESSING BENEFITS OF RISING SEDENTARY LIFESTYLEThe global food product machinery market reached a value of nearly $39,048.49 million in 2023, having grown at a compound annual growth rate (CAGR) of 4.74 percent since 2018. The market is projected to expand further, reaching $53,779.38 million by 2028 at a growth rate of 6.61 percent. From 2028, it is expected to grow at a CAGR of 5.52 percent, achieving a value of $70,339.16 million by 2033. This growth in the historic period was driven by factors such as increased disposable income per capita, strong economic growth in emerging markets, rising consumption of bakery and dairy products, and a heightened preference for ready-The rebar cutting tools market has experienced significant growth in recent years, with its size increasing from $4.24 billion in 2023 to an anticipated $4.50 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.3 percent. This growth during the historic to-eat meals. However, the shortage of skilled workforce acted as a constraint during this time.Looking forward, the market is set to benefit from increasing urbanization, the expansion of the e-commerce sector, the rising demand for processed and packaged foods, government incentives for the food processing industry, and the continued growth of the food and beverage sector. Additionally, major companies in the food product machinery market are introducing innovations to enhance efficiency and reduce waste. One such example is Tetra Pak's launch of the Tetra Pak Industrial Protein Mixer in June 2024. This advanced solution addresses challenges like foaming in liquid protein mixing by incorporating automation and multi-step processes to minimize air ingress. While the market holds strong growth prospects, challenges such as the high costs associated with food product machinery could hinder its expansion. Nonetheless, the increasing urbanization, coupled with technological advancements and the rise of the e-commerce industry, is expected to drive sustained growth. The introduction of innovative solutions like Tetra Pak's mixer underscores the industry's commitment to addressing evolving consumer demands and improving efficiency, positioning the food product machinery market for significant development in the coming years. TOP STORIESperiod can be attributed to a combination of factors, including urbanization, an increase in construction activities, government infrastructure initiatives, broader economic development, and a rise in residential building projects.Looking ahead, the market is poised for further expansion, with projections indicating growth to $5.78 billion by 2028 at a CAGR of 6.4 percent. This anticipated growth is fueled by several drivers, including smart city initiatives, an increase in commercial building projects, the adoption of sustainable construction practices, the rise of prefabricated construction methods, and heightened renovation activities.Extensive infrastructure development projects are expected to play a critical role in propelling the growth of the rebar cutting tools market. These projects, which include the construction and enhancement of essential services such as roads, bridges, water supply systems, and energy grids, are crucial for supporting economic growth, modernization, and societal development. For instance, data from the United States Census Bureau in October 2023 highlighted a seasonally adjusted annual rate of construction spending of $1,983.5 billion in August 2023, a 0.5 percent increase from July and a 7.4 percent rise from the previous year. Such trends underscore the critical role of infrastructure development in driving the demand for rebar-cutting tools, positioning the market for sustained growth in the years ahead.
< Page 7 | Page 9 >