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The food processing market is growing

Date: 2020-11-16 18:27:27     

The food processing market is growing. With an overall global value of over 75,200 million euros and a growth forecast of 5.5% by 2024, the economic data of the segment show an upward trend thanks to the forecast of 85,992 million euros in 2024.

Africa and the Middle East are leading the restart, with a 20-24 CAGR expected at + 7.1%, Eastern Europe at + 6.6% and Western Europe at + 4.9%, a trend that translated into millions of euros means respectively 1,709; 3,387 and 31,004.

Positive news even if we enter into the detail of the process machines for food and beverage, expected to grow in the period 2020-2024. The food processing machinery, in fact, is expected to grow by 5% with a leap from 32,904 million euros in 2019 to 40,936 million in 2024. Furthermore, in the milk and beverage processing machinery category, the acceleration expected for 2024 is even more significant with the CAGR at + 6.3% for a market value that in 2024 will reach over 20,200 million euros, according to data processed by Ipack Ima Business Monitor in cooperation with MECS.