Global Food Robotics Market Forecast 2019-2028
The global food robotics market is evaluated to grow at a CAGR of 15.01% during the projected period of 2019-2028. The surging demand for packaged food, strict rules and regulations on food safety, and high cost of labor are the factors fueling the global market growth.
The food and beverage market is exhibiting a robust growth rate worldwide, leading to an increase in demand for enhanced and rapid productivity. This has resulted in rising demand for robots with low cost and high output rates. Moreover, several government regulations pertaining to maintaining cleanliness in the food industry boost the demand for the use of robots. The lack of skilled workforce constraints the efficient management of robotics and automation in the food industry. Brand identity is expected to play a crucial role. The buyers favor known brands as the brand is considered synonymous with accomplishment. Firms rely on innovation or cost differentiation to differentiate themselves from their rivals. Articulated type captured the largest revenue share in 2019, which is expected to continue throughout the forecast period. Articulated robots have the ability to improve the productivity of the operation through enhanced speed and accuracy, thereby improving the quality of the products.
The global food robotics market growth is further studied on the basis of geographical segmentation of the region into North America, Europe, Asia Pacific, and the Rest of the World. The region of Asia Pacific is predicted to register the highest CAGR during the forecast period, due to the abundance of cheap labor and enhanced technology.
Firms from the adjoining market will continue to enter the market, majorly due to the potential of the market. Some of the players participating in the moderate competitive rivalry are ABB Ltd, Kawasaki Heavy Industries Limited, Universal Robots A/S, Stäubli International AG, and Robert BOSCH GmbH, etc.
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