The global food processing seals market size was valued at USD 2.8 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 2.5% from 2020 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 the market growth. Improved standards of living coupled with rising spending capacity among individuals across major economies, such as U.S., China, India, 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 329.4 million in 2019 and is estimated to grow at a CAGR of 2% from 2020 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. 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 the 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 the market growth. Furthermore, rising demand for baked products is anticipated to propel the market growth.
Source:https://www.grandviewresearch.com/industry-analysis/food-processing-seals-market