- The global market for probiotics should grow from $39.2 billion in 2017 to $57.2 billion by 2022, increasing at a compound annual growth rate (CAGR) of 7.8% for the period of 2017-2022.
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- The global market for food processing and packaging equipment should grow from $29.2 billion in 2018 to $36.5 billion by 2023, increasing at a CAGR of 4.5% for the period of 2018-2023.
- The global market for fermentation-derived fine chemicals should grow from $24.5 billion in 2017 to $28.4 billion by 2022, increasing at a CAGR of 3.4% for the period of 2017-2022.
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Food industry is emerging as a high-growth, high-profit industry with huge potential, especially in the food processing, packaging and functional foods segment. The advent of technology provides information for companies in making better decisions and providing transparency to consumers that is required in the supply chain.
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Technology is one of the prime factors that has enabled simpler packaging and processing solutions with modern industrial convenience. The newer packaging and processing solutions generate less waste and have increased recyclability. The technological breakthroughs are increasing the consumer demands with practical packaging solutions such as resealable packages, single-portion packages.