- March 19, 2016
The U.S. food industry is forecast to grow at a steady rate of 2.9 percent CAGR through 2022, according to PMMI
March 19, 2016 - The U.S. food industry is forecast to grow at a steady rate of 2.9 percent CAGR through 2022, according to PMMI, The Association for Packaging and Processing Technologies.
Based on interviews from 70 professionals across the food processing and packaging industry in the U.S. and overseas, the study forecasts that meat and related products and snack foods will outperform the market with over 3 percent growth. The growth in these two segments is attributed to consumer demand for portion control and convenience options.
The U.S. food industry trails the global market and, while North America is the largest global market across all food segments, the overall growth of the food industry, which includes food packaging, is being driven by emerging markets like Argentina, Brazil, China and India.
Global growth rates for most segments are double U.S. growth rates, except for meat and related products (8.5 percent), and candy and confections (8 percent), which have higher rates of global growth compared to those of the United States.
U.S. food packaging innovations are often concepts that are already in use in other segments and innovations from other countries are beginning to enter the U.S. food packaging market. One trend that meat manufacturers find exciting is a product with a film that opens during cooking which allows the meat to brown after a pre-determined period of time.
PMMI, The Association for Packaging and Processing Technologies, represents the voice of more than 700 North American manufacturers of equipment, components and materials for processing and packaging.
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