The global food processing market is forecasted to reach USD 4.1 trillion (EUR 3.4 trillion) by 2024, with the seafood industry contributing to that growth, according to a new report released this month by ResearchAndMarkets.
According to the report, the food processing sector will grow at a CAGR of 4.3 percent from 2019 to 2024, with several trends driving demand, including increased interest in ready-to-eat food products, changing lifestyles, and the rising prevalence of nuclear families and working women.
“Emerging trends, which have a direct impact on the dynamics of the industry, include the development of food processing technologies that reduce detrimental changes in food and maintain the nutritional value,” ResearchAndMarkets noted.
The report lists Cargill Foods, Nestle, PepsiCo, Archer Daniels Midland, and Unilever as major manufacturers in the space. While seafood stands to gain, it’s the processed fruits and vegetables segment that is “expected to witness the highest growth over the forecast period due to the inclination of people towards a vegan diet,” the report projected.
“The Asia Pacific will remain the largest region over the forecast period due to increasing demand towards ready-to-eat foods and increasing working professionals and students. The growing health consciousness is enabling consumers to move towards healthy and high-quality food products,” ResearchAndMarkets said.
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