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Report Overview: Food Processing Seals MarketThe global food processing seals market size was valued at USD 2.7 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 1.4% from 2021 to 2027. Increasing use of the product to avoid food contamination and leakage is anticipated to promote the expansion of the industry. In addition, rising demand for packaged foods and beverages is likely to benefit market growth. Improved standards of living coupled with rising spending capacity among individuals across major economies, such as the U.S., China, India, the U.K., and Germany, are projected to benefit the demand for processed foods and beverages, thereby supporting the market growth. The U.S. market was valued at USD 218.3 million in 2020 and is estimated to grow at a CAGR of 1% from 2021 to 2027. Rising demand for bakery products and packaged alcoholic and non-alcoholic drinks is anticipated to propel the market growth over the forecast period 2021-2027. Moreover, stringent regulations pertaining to the use of the product and seal materials are anticipated to benefit the market growth over the forecast period. In addition, rising demand for dairy and meat products is anticipated to stimulate market growth. However, volatile raw material prices are projected to have a negative impact on the overall market growth. In addition, growing demand for healthy, organic and fresh food products is expected to limit the demand for food processing seals, which, in turn, will limit the industry growth over the forecast period. Rapid urbanization coupled with changing patterns of food consumption across the globe is anticipated to fuel market growth. Furthermore, rising demand for baked products is anticipated to propel the market growth. Material Insights The elastomers materials segment accounted for the largest market share of more than 74% in 2019 and is projected to expand further at the fastest CAGR of 1.7% from 2021 to 2027. Factors, such as chemical compatibility coupled with high rate of replacement as compared to other materials including metals, face materials, and others is anticipated to promote segmental growth. Moreover, elastomers are highly resistant to water, oils, greases, acids, alcohols, and others, which boosts their demand in the manufacturing of seals. Metal seals segment is projected to account for the second-largest market share by 2027. This growth is attributed to the increasing demand of metal seals in applications including bakery & confectionery and others. In addition, the material offers flexibility of design and can be exposed to extreme temperature and chemical reactions. This is anticipated to propel the segment growth over the forecast period. Face materials, such as carbon, ceramic, silicon carbide, and tungsten carbide, are increasingly being used in the manufacturing of seals. The superior strength of these materials to resist the environmental abrasion is projected to promote their demand across the industry.
Application Insights: Food Processing Seals MarketBakery & confectionery application segment accounted for the maximum market share of over 30% in 2019 and is projected to retain its leading position throughout the forecast years. Rising demand for bakery products is projected to fuel the segment growth. The beverages application segment is anticipated to register the highest CAGR from 2020 to 2027 on account of the growing demand for alcoholic and non-alcoholic packaged drinks. Rising demand for meat products, due to rising consumer disposable income levels coupled with improved standard of living, is anticipated to boost the meat, poultry & seafood segment growth in the coming years. Dairy products segment is projected to witness a steady growth over the forecast period on account of the rising demand for cheese, butter, frozen desserts, ice creams, yogurt, dips, and other dairy products. Rapid urbanization coupled with stringent regulations related to food safety is projected to promote the dairy products demand, thereby driving the segment growth.
Regional Insights: Food Processing Seals MarketEurope led the global food processing seals market in 2019 and held for over 37% of the overall market share. The region is projected to retain its dominant position throughout the forecast period on account of the rising food production and processing in the region. In addition, high demand for fast foods in Germany, U.K., France, and other European countries is estimated to drive the regional market. Asia Pacific is projected to register the highest CAGR from 2020 to 2027 owing to rapid urbanization coupled with the growing demand for packaged foods in the developing economies, such as China, India, Indonesia, and Japan. In addition, rising per capita spending of the end-users in the region is anticipated to further promote the industry growth. China accounted for a major share in the Asia Pacific regional market on account of the rapidly increasing population coupled with rising demand for processed food products. The North America region is projected to have a significant growth due to demand for bakery, meat and poultry products and alcoholic and non-alcoholic drinks.
Key Companies & Market Share Insights: Food Processing Seals MarketThe key companies are focusing on expanding their production capacities by establishing manufacturing facilities in economies, such as Brazil and Indonesia. In addition, companies are investing in R&D to introduce new products to gain a competitive advantage. Other strategies undertaken by the market participants include mergers, acquisition, and partnerships. Some of the prominent players in the food processing seals market include:
Key companies Profiled: Food Processing Seals Market Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global food processing seals market report on the basis of material, application, and region:
- AESSEAL Plc
- Smiths Group Plc
- A.W. Chesterton Company
- Trelleborg AB
- James Walker
- Flowserve Corp.
- Meccanotecnica Umbra S.p.A.
- EnPro Industries, Inc.
Material Outlook (Revenue, USD Million, 2016 - 2027)
- Face Materials
Application Outlook (Revenue, USD Million, 2016 - 2027)
- Bakery & Confectionery
- Meat, Poultry & Seafood
- Dairy Products
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.3.2. IFF Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1.5. Market Formulation & Data Visualization | read more...