- The global market for food safety testing should grow from $16.3 billion in 2019 to $23.4 billion by 2024, at a compound annual growth rate (CAGR) of 7.5% from 2019 through 2024.
- The global market for fermentation-derived fine chemicals should grow from $26.4 billion in 2019 to nearly $32.1 billion by 2024, at a CAGR of 4.0% from 2019 through 2024.
- The global market for food waste management should grow from $31.3 billion in 2019 to $43.1 billion by 2024, at a CAGR of 6.6% from 2019 through 2024.
Food industry is emerging as a high-growth, high-profit industry with huge potential, especially in the food processing, packaging and functional foods segment. The advent of technology provides information for companies in making better decisions and providing transparency to consumers that is required in the supply chain. Technology is one of the prime factors that has enabled simpler packaging and processing solutions with modern industrial convenience. The newer packaging and processing solutions generate less waste and have increased recyclability. The technological breakthroughs are increasing the consumer demands with practical packaging solutions such as resealable packages, single-portion packages.
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Food processing is any deliberate change of raw ingredients into consumable food. It involves a series of procedures to achieve foodstuff that is consumable. The food processing chain involves a variety of machines and equipment. The processed food industry is growing at a moderate rate. The growth in food processing industry is directly attributed to the utilization of food processing machinery. Complex food processing equipment has become acceptable in segments such as fruit and vegetable processing, dairy processing and poultry and meat processing. Manufacturers have developed equipment with increasingly sophisticated levels of control to reduce cost, improve product quality and enable the production of a variety of foodstuffs. Microprocessors are now used almost universally to control food processing equipment. Entire processes are automated, from the receipt of materials, through processing and packaging to warehousing. This automation requires high levels of capital investment by manufacturers, but automation also results in improved quality assurance, reduced production costs and less waste.
The food industry has embraced sustainable packaging, which means packaging that is compostable, recyclable, reusable and created and transported with renewable energy. Packaging machinery manufacturers follow a number of business strategies. Big players have emerged as providers of complete, integrated turnkey packaging lines. Such companies offer value-added design, engineering and integration services, along with machinery and traditional after-sales service and support. Others dominate specialized technologies, such as equipment for dispensing adhesives or coding packages. A number of converters (firms that produce packaging materials from basic products such as paper, metal, etc.) also manufacture equipment to process the materials that make up their principal business. Many other companies offer specific equipment types, components and technology services.
Manufacturers of packaging machinery face a rapidly changing and highly competitive environment. The large consumer packaged goods manufacturers that purchase most packaging machinery have global supply chains not only for their production inputs, but also for the machinery and materials they use to package their finished goods.
For years, consumers living on the U.S. coast have enjoyed access to healthy foods, easily stumbling upon kombucha or probiotic-filled chocolates in trendy, niche boutiques and health food stores. In recent years, we’ve seen larger corporations embrace wellness, starting a strong ripple effect and bringing better food at better prices to grocery stores across the country. These moves indicate a strong interest among millennials, a demographic that with an estimated buying power of $1 trillion is more dedicated to eating well and supporting ethical, sustainable business practices with its dollars than any other generation.
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This Food Research Review provides a sampling of the type of quantitative market information, analysis and guidance that has been aiding business decision making since the inception of BCC Research in 1971.
It includes the highlights of reports published in 2019 on the following markets:
FOD066C Global Markets for Food Processing and Food Packaging Equipment.
FOD044C Global Market for Non-Sugar Sweeteners
FOD020F World Markets for Fermentation Ingredients
FOD011K Global Markets and Technologies for Food Safety Testing
HLC227A Health Food Reigns
FOD081A Dairy Ingredients and Dairy Alternatives Market Outlook
FOD082A Global Food Waste Management Market.
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