According to recent reports by Fortune Business Insights, the global food processing
equipment market size is anticipated to reach USD 62.98 billion by 2027, registering at a Compound Annual Growth Rate of 4.4 percent over the forecast period. Food processing equipment is used for processing raw food materials into consumable food products, which includes commercial production and packaging of various types of food such as meat, baked food products, seafood, dairy, and beverages. Since the aforementioned products are rich in nutrition, shelf-stable, and have a lower risk of contamination, they are gaining immense popularity worldwide. Food processing equipment is available in numerous designs, sizes, and configurations and this facilitates the convenient operation of these machines.
The conventional food processing techniques and tools that were used earlier in the food processing industry or factories were designed to perform a single task. However, today with the help of technology, advanced processing equipment is designed and these comprise multiple processing lines capable of accommodating continuous and automated operations.
The food processing equipment market is classified into four types, these include application, mode of operation, geography, and type of equipment. Based on the type, the food processing machines are categorized into depositors, extruding machines, mixers, slicers and dicers, cutting machines, dispensing machines, and on the application type they are classified into bakery and confectionery, poultry and seafood, dairy and beverages. While it is classified into semi-automatic and fully automatic equipment based on the mode of operation, based on the region, the food processing equipment market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Contributing 13 percent to India’s annual GDP
The Indian food processing market was valued at INR 25691.30 billion in 2018 and is anticipated to reach INR 53435.52 billion by 2024, growing at a Compound Annual Growth Rate of 12.09 percent over the forecast period. The food processing sector is fueling the demand for the food processing equipment industry in India.
The trade body PHDCCI organized a conference in September where the experts who participated in the conference stated that the food processing industry in the country has huge growth potential. They also stated that food processing is the 5th largest sector of the country’s economy and explained numerous challenges faced by the employment-intensive industry.
“The contribution of agriculture towards GDP is far low as compared to the number of people involved in it. Food processing is the fifth largest sector of the country’s economy and contributes 13 percent to our annual GDP. The 127 agro-climate zones in the country provide a fertile ground for various plant-based edibles that cater to indigenous people and also global consumers,” said Anil Khaitan, former President, and Mentor MSME Mentoring and Guidance Centre, PHDCCI, while participating in a virtual seminar on “Promoting Entrepreneurship and Investment in Food Processing Industry” organized by the PHDCCI.