Food Processing Equipment Market worth $ 84.88 Billion, Globally, by 2028 at 5.85 % CAGR: Verified Market Research
Global Food Processing Equipment Market Overview
One of the primary growth drivers of The Global Food Processing Equipment Market is the rising concerns about the nutrition value and safety of the food. This is evident by the fact that the 2019 R&D survey by foodprocessing.com reveals that. According to Innova, close to three-quarters of American consumers "strongly agree" that it's important for foods to have mostly recognizable ingredients.
According to a poll by PR agency Ingredient Communications, just about that many are willing to pay more for such products. The rising concern about the quality of food is the due to an increase in population and a rise in disposable income. Market players also try to come up with new and improved food products by the means of increase in their research and development activities. In a 2019 R&D survey by Foodprocessing.com, more than 35% of the participants laid their emphasis on the introduction of new food products in the market. Increased R&D to introduce new food products in the market increases the demand for food processing equipment, thus helping to grow the Global Food Processing Equipment Market. The world's top 61 leading food and drink companies collectively invested €8.7 billion in R&D in 2012. Out of these 61 companies, 17 are based in the EU and invested €2.3 billion in 2012. The amount of incremental expenditure on research and development is expected to be responsible for further market boom. Rising government concerns about the quality of food is also propelling market growth.