Growing demand for poultry, dairy, bakery and confectionery products coupled with increasing demand for processed and convenience food to boost global food processing seals market through 2024
According to TechSci Research report, “Global Food Processing Seals Market By Material Type, By Application, By Region, Competition, Forecast & Opportunities, 2024’’, food processing seals market is projected to reach $ 3.6 billion by 2024, primarily driven by growing demand for poultry and processed and convenience food. However, volatile raw material prices and presence of seal less equipment are expected to hinder market growth in coming years. Some of the key players operating in global food processing seals market are Freudenberg Group, AESSEAL, Smiths Group Plc (John Crane), Flowserve Corporation, A. W. Chesterton Company Inc., IDEX Corporation and Enpro Industries (Garlock).
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Based on material type, the market has been segmented into metals, face materials, elastomers and others. The elastomer material type segment is expected to register the highest CAGR during the forecast period, backed by its exceptional properties, including chemical compatibility, superior aging characteristics and temperature range. Moreover, the rate of replacement of elastomers is greater than other materials.
Based on application, the market has been categorized into bakery & confectionery, meat, poultry & seafood, dairy products, non-alcoholic beverage, alcoholic beverage and others. Of these categories, alcoholic beverage segment is anticipated to register the highest CAGR during the forecast period, on account of rising demand for alcohol in countries such as China, South Korea and India, in addition to the existence of major alcoholic beverage manufacturers, such as Asahi Group Holdings, Ltd. and Heineken Holding N.V. Backed by increasing production of processed food and bakery & confectionery products, Asia-Pacific food processing seals market is expected to grow at the fastest rate during the forecast period.
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“Europe dominated global food processing seals market in 2018 and is expected to continue its market dominance over the course of next five years, on account of expanding food processing and production in the region. Moreover, strict regulations regarding the use of seals in numerous food & beverage applications are anticipated to propel the demand for food processing seals in the region.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Food Processing Seals Market By Material Type, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global food processing seals market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global food processing seals market.
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