During a press briefing at Process Expo, David Seckman, president of the Food Processing Suppliers Association (FPSA), provided insight into three important global forecast reports, including a focus on pet food processing equipment over the next five years. The luncheon was held at the Process Expo, a trade show dedicated to bringing the latest technology and integrated solutions to all segments of the food and beverage processing industry. The trade show took place the week of September 19-22, 2017, at the McCormick Place Complex in Chicago, Illinois.
"We have been working with Markets&Markets, a strategic analytic company who compiled the finding in these reports from surveys of key opinion leaders at processing companies in the three different sectors as well as through public and private databases," said Seckman in a press release. "Our goal was to define, segment and project the global market size for processing equipment through 2022, to analyze the opportunities in the market for the stakeholders, and provide a competitive landscape outlook. We are pleased to report that each of the segments is forecasting healthy growth within the next five years."
The pet food processing equipment market is projected to grow at a CAGR of 3.5 percent in the next six years to reach a market of US$4.27 billion by 2022. The growth of the pet food processing equipment market is attributed to the increase in the global demand for pet food supplies, especially in growing economies such as China, Brazil, Argentina and India, owing to a growing urbanization that has stimulated a desire to keep pets and has resulted in the increasing usage of processed pet food products; and advancements in the manufacturing processes and technologies.