The market for agricultural food grade rubber conveyor belts is anticipated to reach US$ 3,380.57 million in 2022 and US$ 5,506.59 million by 2032. During the forecast period, sales of agricultural food-grade rubber conveyor belts are anticipated to expand on average at a CAGR of 5%.
As consumer preferences for packaged food and beverages grow, businesses are being forced to automate their manufacturing processes in order to increase production efficiency. The packaging of beverages, dairy products, ready-to-eat foods, and ready-to-mix foods is just one of the many applications where the market for food grade conveyor belts has experienced significant growth.
Standard conveyor belt systems are far more effective at moving goods in manufacturing facilities with automated assembly lines. The growing adoption of automated production lines across numerous industries in developed and developing countries is therefore expected to lead to an increase in demand for agricultural food-grade rubber conveyor belts over the course of the forecast period.
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The report predicts that demand for conveyor belts will continue to be strong due to the installation of conveyor belts at an increasing number of automated assembly lines set up in manufacturing facilities.
Standard conveyor belts that deliver relatively more efficient performance translate into least turnaround time for manufacturers, and thus represent the highest adoption potential.
Key Insights Drawn from the Research Intelligence
- Standard black rubber conveyor and elevator belt owing to superior efficiency holds more than 70% share in the total market value, at present.
- Application of agricultural and food grade rubber conveyor belt in processing equipment continues to be maximum, accounting for over half the share of the total market revenue.
- Material handling and packaging equipment are projected to cover a significant market value in terms of application, equating a share of just-under 1/4th of the global market revenue.
- With more than 60% value share in agricultural and food grade rubber conveyor belt market, synthetic rubber remains a preferred material over the natural variant.
- The end use analysis of agricultural and food grade rubber conveyor belt landscape reveals that food grains/cereals and sugar represent a cumulative share of more than 55% in the global value, followed by the vegetables segment.
- SEA & Pacific and Europe represent the largest regional markets for agricultural and food grade rubber conveyor belt respectively, contributing over 40% share in the total market value.
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The global market for agricultural and food grade rubber conveyor belt is a highly fragmented landscape, with Tier 3 players holding a major share of the revenue. Looking at the intensity of competition on the global agricultural and food grade rubber conveyor belt landscape, a majority of global as well as regional players are striving to introduce maintenance service packages with an objective to cater to the growing demand for onsite conveyor belts maintenance.
As a typical conveyor belts system has an average life span of four years and requires timely maintenance check for superior performance, a wide scope lies for the incorporation of technologically advanced monitoring systems. Companies are likely to leverage their technical expertise in maintaining a differentiating edge over competition, projects the report.
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Accelerated Local Food Production Is Creating Opportunities
Europe, one of the two key regions for growth of agricultural and food grade rubber conveyor belt market, has been the global agricultural hub. The EU has been playing a pivotal role in empowering local producers and farmers through CAP (Common Agricultural Policy). The ultimate objective of promoting local farming activities and supplement the overall food production levels is likely to propel sales of agricultural and food grade rubber conveyor belts in coming years.
Favorable government initiatives, improving food policies, and evolving FDA guidelines, collectively highlight growing significance of food production safety, security, speed, sustainability, efficiency, transport, and logistics across the agricultural and F&B industries. FMI thus expects emergence of a slew of lucrative deployment opportunities for agricultural and food grade rubber conveyor belt manufacturers.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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