The global food processing seals market size is likely to grow to US$ 3.40 billion in 2023 and is anticipated to increase at a CAGR of 4.3% from 2023 to 2033. The global market size is to reach US$ 5.19 billion by 2033.
Market Influencers:
- The food processing seals industry is expected to grow as more people use the product to prevent food contamination and leaks. The demand for packaged foods and beverages is expected to increase, which is likely to help the industry expand.
- The demand for processed foods and drinks is anticipated to increase as the living standards and purchasing power of people rise in key economies like the United States, China, India, the United Kingdom, and Germany. This factor is going to boost the food processing seals market expansion.
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Market Restraining Factors:
The rate of growth might be slowed down by the government’s strict regulations that must be followed for the seals to be produced to the required standards. The food processing seals market is going to see less room for expansion as a result of fluctuating raw material prices.
The market growth can be hampered by an increase in the demand for organic products brought on by growing awareness of their advantages.
Regional Distribution
- The food processing seals market is predicted to be dominated by the Asia Pacific region. The potential market in Asia Pacific is expected to bolster over the next few years due to an increase in demand for processed food items in the region as a result of changing living standards and increased disposable income of people.
- It is anticipated that the growing demand for meat products in nations like China, Indonesia, India, and others due to the rising population may accelerate market expansion in the region.
- According to estimates, North America and Asia Pacific regions use food processing seals the most. Over the following few years, the food processing seals industry in North America is anticipated to expand considerably.
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Key Takeaways:
- More than 74% of the market was accounted for by the elastomers materials segment, which is anticipated to expand at a high CAGR of 3.3% between 2023 and 2033.
- The bakery and confectionery application sector dominated the market with a share of over 30% and is expected to continue to hold the top spot during the anticipated years.
- During the forecast period, the United States food processing seals market is projected to generate US$ 810.2 million.
- By 2033, China is expected to have a projected market size of US$ 1265.67 million, securing a 7.4% CAGR from 2023 to 2033.
- Japan market may expand at a CAGR of 2.3% between 2023 and 2033.
- Canada food processing seals market might record a CAGR of 3.5% between 2023 and 2033.
- German market is expected to increase at a CAGR of about 3.1%.
- Over the years 2023 to 2033, the market in Asia-Pacific is anticipated to expand to US$ 525.5 Million, led by nations like Australia, India, and South Korea.
Competitive Landscape:
Top companies like A.W. Chesterton Company (U.S.), SKF (U.S.), Parker Hannifin (U.S.), Trelleborg AB (Sweden), and IDEX Corporation are present in the global food processing seals market.
To establish a firm position in the market on a global scale, these players may come up with a potent growth plan. Players may also use organic marketing strategies to draw in new clients.
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Recent Developments:
- The acquisition of Airtech Group, Inc., U.S. Valve Corporation, and affiliated firms from investment funds run by Eagle Tree Capital to cost IDEX Corporation $470 million in cash, subject to customary post-closing adjustments, according to an announcement made on April 27, 2021.
- On March 11, 2021, IDEX Corporation finalized the previously announced acquisition of Hillenbrand, Inc.’s Abel Pumps, L.P., and a few of its affiliates (ABEL) (NYSE: H.I.). For a range of end markets, ABEL designs and manufactures highly engineered reciprocating positive displacement pumps.
Key Segments
By Material:
- Metal
- Face Materials
- Elastomers
By Application:
- Bakery & Confectionery
- Meat, Poultry & Seafood
- Dairy Products
- Beverages
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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