Thumbing through this year’s FPSA Food Processing and Packaging Trend Study, I came across a data point that surprised me. In short, the fastest growing market for dairy processing equipment market over the next five years is … India, with 15.5% growth projected.
I assumed this would be China, due in its large market, growing affluence and Beijing’s insistence that it will push growth in 2023 and beyond. No, it’s not China. The study projects over the next five years, this market will grow by 11.3% which isn’t that much more than the 10.8% projected for the US.
No, it’s India. Maybe I’m surprised because when I think of milk, I think of cows, not buffalo, although I read today that cow milk is a close second in India. On top of that, I also read that India has been the largest milk-producing country in the world for nearly two-and-a-half decades. When you add in that India has surpassed China as the most populous nation in the world, I guess this growth rate in dairy consumption and the capital equipment that processes it makes perfect sense.
This is just one insight that I gleaned this morning from the FPSA study. For a 500+ page report covering all major industry segments, I’ll spend the rest of the year learning about what other interesting opportunities are out there for our industry. But it’s not just me. This study is available for all FPSA members at no cost. Did you pay your dues yet this year? Good, it’s yours!
While my example is based on curiosity, many of our members will be digging into this study at some point this summer as they begin their strategic planning for next year. Maybe this study will identify new sales opportunities or confirm that what members are seeing amongst their customers is actually going on as a more significant trend. Some will focus on the domestic market, while others will look to international. It’s all there as a member benefit.
If you’re interested, please let me know. If you’re a member, we’ll be happy to get a copy to you immediately if you haven’t already downloaded it. If you’re not a member and want to hear more about the benefits we provide like this study, same thing. We’re right here.
Dairy, Meat, Prepared Foods, Beverage, Bakery or Pet Foods. If you’re reading this, you likely know how dynamic this industry is. Wouldn’t a snapshot of the next five years be helpful to your business plans? Ah yes, but how accurate will it be in a few years, you ask. And you’d be right. That’s why we’ll issue a new updated study early next year. We’ll keep you in the loop, for any of these segments.
In the meantime, have a bowl of ice cream, a slice of good cheese, or any of the other great dairy products out there. We’ll provide you with the type of insights you need to stay ahead of the competition!
Andy Drennan, FPSA SVP