Europe to Dominate Global Food Processing Seals Market till 2024
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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