The global food processing and manufacturing (FPM) contract manufacturing market size was estimated to USD 77,000 million in 2018 and expected to grow with a CAGR of 5.1% during the forecast period. In food processing and manufacturing, a company can outsource products or raw material that enable their food processing business to be always competitive in initial stage or during growth. By providing the contract to another business for the packaging of their food product can eliminate the need to invest highly in broad equipment or employing additional staff when there is a low cash flow. Thus, small food manufacturers such as Peter Greven provide outsourcing services to a well-equipped business. Moreover, there are several contract manufacturing firms existing in the food sector, including Kilfera Food Manufacturers Ltd., PacMoore Corporation and Hearthside Food Solutions LLC.
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Major factors contributing to the growth of the global FPM contract manufacturing market include rapid influx of new product varieties due to increasing demand for innovative food products across the globe. Lack of manufacturing production capabilities of OEM (original equipment manufacturer) and growing demand for convenience food due to change in lifestyle are fueling the market growth. Improvement in food manufacturing supply chain are driving investment in automation technologies across the food processing and manufacturing industry. Stringent regulatory policies for the approval of food products and increasing risk associated with the quality of the product are some of the factors hindering the growth of the market. Some of the other factors responsible for restraining market growth are the increasing cost of raw material. However, emerging markets and introduction of automation technology in food production decreases the manual work which is expected to create enormous opportunities for the market in the near future.
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MARKET SEGMENTATION
GLOBAL FPM CONTRACT MANUFACTURING MARKET, BY SERVICES
- FOOD MANUFACTURING SERVICES
- CONVENIENCE FOODS
- BAKERY PRODUCTS
- DIETARY SUPPLEMENT
- CONFECTIONERY PRODUCTS
- DAIRY PRODUCTS
- OTHERS
RESEARCH AND DEVELOPMENT
FOOD PACKAGING SERVICES
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