|
|
|
You can get e-magazine links on WhatsApp. Click here
|
|
|
|
|
|
Food processing industry current scenario worldwide
|
|
Tuesday, 15 March, 2022, 12 : 00 PM [IST]
|
|
Joshna Joseph
|
Food processing is the method used to turn fresh foods into a finished product. It is a process of converting agriculture products or raw material into direct consumable food. The world population is going to reach from 7 billion to 9.3 billion by 2050, in fast developing economies agricultural production needs to grow by 100% as compared to the other developing economies which will grow by 70%.
The annual production of the food processing industry is $7 trillion and is one of the largest global sectors. The foods which are just confined to one area are now available globally, thanks to globalisation; people are becoming aware of various types of foods available worldwide. The global food processing market growth rate is projected to be 7.60% until 2030. The global food processing market value was $99.68 billion in 2020. It should be $134.7 billion in 2030.
Supply chain is one of the major factors that affect the food industry. Supply chain involves the movement of goods from the producer to the consumer which involves time and money. Bigger the supply chain higher will be the product cost which may result into wastage. Improvement in the supply chain will lead to the selling of better quality products and shorter supply time.
Global food processing market growth is primarily being driven by the fact that the growing middle classes in developing nations around the world are increasingly becoming conscious about the sanitary conditions that the foods that they eat are processed. They also want to eat more processed foods. The same is occurring on a much larger scale in the developed world.
The global masses want to eat foods that are processed in safe and sanitary conditions, especially in the post-pandemic world. Companies in the global food processing market are responding by buying and developing technologically advanced and sanitary food processing equipment at their processing facilities.
Many people around the world are leading much busier lives than their parents did. Also, both the husband and wife work in most families around the world. This leaves much less time for cooking. Women may not want to cook but both they and their families still need to eat. Hence, demand for convenience meals is on the rise. This is a major factor that’s driving growth in the global food processing market.
Many companies in the food processing industry may not be completely aware of all of the new food processing rules and regulations that governments and various governing agencies are passing in response to Covid-19 and the attempt to try to stop or at least control its spread. It’s this ignorance that is holding back growth in the Food Processing Market.
Another factor that’s holding back growth in the market is the fact that the latest and most technologically advanced food processing equipment is expensive. Therefore, only larger firms can afford to purchase and use it.
Many companies in the global food processing industry are seeing that there’s real money to be made in this market. That’s why they’re investing heavily in newer and technologically advanced equipment which can process food in healthier and more hygienic conditions. The result is a more nutritious food that’s safer to eat.
Based on the Application, the market is bifurcated into Beverages, Dairy, Meat & Poultry, Bakery, Convenience Food & snacks, Fruits & Vegetables, Confectionery, and Other. The Bakery & Confectionery segment is anticipated to have the highest CAGR in the forecasted period. The factors can be attributed to the upsurge in the consumption of bakery products all over the globe and change in the dietary patterns of people.
Based on regional analysis, the Global Food Processing Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The largest share in the market will be dominated by the Asia Pacific owing to the growing number of working professionals and students and rising demand for ready-to-eat foods in this region.
There is a continued shift in consumer consumption patterns, particularly in developed markets, towards natural, organic, healthy eating, which often includes GMO- and antibiotic-free food. This shift is influencing manufacturers’ product offerings and leading to acquisitions of companies by transnational companies (TNCs) wishing to expand their product range.
Food consumers are increasingly interested in food transparency. They want to know where their food is sourced from, under what conditions it is produced, and often the impact on the environment. Certification schemes have arisen over the past few decades in an effort to address this trend.
Food processing industry is currently growing in a good way due to advancement in the technology and consumer awareness. The future of the food processing industry holds good.
(The author is senior executive QA and regulatory at Roha Dyechem Pvt. Ltd)
|
|
|
|
|
|
|
|
|
|