Food Processing Equipment Market to Top $80B

Green technologies, IIoT, machine learning and changing dietary habits are all playing a role.

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(PRNewswire) recently added a new report detailing trends of the food and beverage equipment market. It estimates the global value of this sector at $55.9 billion in 2018. Looking forward, the research projects the global food and beverage processing equipment market to grow at a compounded annual growth rate of seven percent during 2019-2024, exceeding a value of $82.5 billion by 2024.

According to the report, the arrival of green technologies has encouraged manufacturers to replace old food and beverage processing equipment with energy-efficient variants that help in minimizing the overall cost of production and reducing their carbon footprint. Manufacturers are also introducing advanced technologies to improve the existing processing equipment. 

This includes integrating machine learning and Industrial Internet of Things (IIoT) technologies, as well as offering equipment that is more flexible and customizable. Some of the other factors driving growth in this market include altering dietary preferences, a rising number of quick-service restaurants, and growing demand for healthy, nutritious and ready-to-eat food products.