New York, Oct. 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Food Contract Manufacturing Global Market Report 2022" - https://www.reportlinker.com/p06351351/?utm_source=GNW
The global food contract manufacturing market is expected to grow from $126.82 billion in 2021 to $141.62 billion in 2022 at a compound annual growth rate (CAGR) of 11.7%. The food contract manufacturing market is expected to grow to $207.79 billion in 2026 at a CAGR of 10.1%.
The food contract manufacturing market consists of sales of food contract manufacturing services by entities (organizations, sole traders, and partnerships) that are used to handle the manufacturing of food production activities through other agencies.This includes activities such as preparation of school food services, and in others, meals may be catered for an event.
Food contract manufacturing refers to outsourcing in which one company hires another firm to manufacture food products. This helps the customer company focus more on branding and marketing.
The main types of services in the food contract manufacturing market are manufacturing services, packaging services, and research and development.Manufacturing services refer to services that are used in the food industry as they allow for the avoidance of investments in food production and packaging machinery, facilities, resources, and highly skilled personnel.
The various manufacturing processes include dry blending, spray drying, and extrusion.
North America was the largest region in the food contract manufacturing market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the food contract manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The food contract manufacturing market research report is one of a series of new reports that provides food contract manufacturing market statistics, including food contract manufacturing industry global market size, regional shares, competitors with the food contract manufacturing market share, detailed food contract manufacturing market segments, market trends and opportunities, and any further data you may need to thrive in the food contract manufacturing industry. This food contract manufacturing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Increasing food demand during the COVID-19 pandemic is expected to propel the growth of the food contract manufacturing market going forward.The SARS-CoV-2 virus causes the COVID-19 infectious disease.
Most people infected with the virus experience mild to moderate respiratory illness.Taking healthy and hot food at regular intervals helps to reduce the effect of COVID-19 and boosts immunity, which has thus increased the demand for food.
For instance, according to Oxford Press, a UK-based Oxford University Press, in 2020, in Europe, the demand for fresh bread increased by 76%, and frozen vegetables by 52%. Also, healthy food and beverage consumption increased, with vegetables by 33%, fruit by 29%, legumes by 26.5%, and extra virgin olive oil by 21.5%. Therefore, increased food demand during the pandemic is driving the growth of the food contract manufacturing market going forward.
New product innovations have emerged as the key trend gaining popularity in the food contract manufacturing market.Major companies operating in the food contract manufacturing sector are focused on developing new innovative products to increase their market share.
For instance, in March 2022, EnWave Corporation, a Canada-based advanced technology company, launched its state-of-the-art vacuum-microwave toll drying facility, REVworx.This facility offers on-demand contract manufacturing services for the production of high-quality, vacuum-microwave dried snacks and ingredient applications for food companies of all sizes.
REVwork uses REV technology that would lower the upfront capital investment and increase speed to market.
In October 2019, Newrest, a France-based out-of-home food service company, acquired EM Food Services for an undisclosed amount.With this acquisition, Newrest expands its business in the Singapore market.
It also expects to significantly speed up its business development in Asia’s contract food services market and build its retail (bar and restaurant management) activities under concessions in the region’s airports. EM Food Services Company is a Singapore-based company that provides contract food manufacturing services.
The countries covered in the food contract manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06351351/?utm_source=GNW
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