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According to a report by Frost & Sullivan, the global food processing and packaging equipment market has a market value of US$100.35 billion in 2023, and this market will grow steadily with a CAGR of 5.8% to reach US$133.27 billion in 2028. Growing focus on sustainability and stringent food safety and quality control standards have led to the strong demand.
The Asia Pacific region held the largest share of this market at 36% and the region will also enjoy the highest growth at 6.3% annually. According to the report, with growing number of smaller household sizes in Asian countries, demand for smaller portion sizes also increase and this in turn leads to higher SKUs and packaging costs.
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