Food Robotics Market to See a Major Financial Boost at a CAGR of 13.0% in the Forecast Duration Of 2017 To 2023

Global Food Robotics Market was valued at $1,535 million in 2016 and is expected to reach $3,612 million by 2023, registering a CAGR of 13.0% during the forecast period. Robots have taken over many industries by completing the tasks more economically and efficiently. The use of robotics in the food & beverage industry has increased at a significant rate in the recent years, particularly in the processing and packaging systems. Robots offer advantages such as increased productivity, better hygiene, better process control, high speed, flexibility, and others.

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Increase in demand for speedy production in the food industry majorly drives the market. The rise in demand for ready-to-eat food products and other processed food products also fuels the food robotics market. The adoption rate of automation is sluggish in the food industry. However, with the adoption of intelligent systems and cost-efficient technology, it is more feasible to automate many complex and repetitive tasks in the food industry. This is projected to boost the food robotics market during the forecast period. The major restraint in the market is the lack of availability of skilled labors to operate these robots.

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According to a new report published by Allied Market Research titled, "Food Robotics Market by Type, Payload and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," the food robotics market was valued at $1,535 million in 2016 and is projected to reach $3,612 million by 2023, growing at a CAGR of 13.0% from 2017 to 2023. Asia-Pacific is one of the prominent customers of food robotics and held more than three-fifths of the total market share in 2016.

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Technological advancement across various industries widens the application horizon of robotics. Major applications of robotics is automotive, electrical and electronics, metal, chemical and plastics, and food. Robotics are being adopted in the food & beverage industry in the recent few years. This is mainly attributed to the advantages offered by these robots such as high speed of productivity, better cleanliness and hygiene, more flexibility, and others.

Increase in the food safety regulations is anticipated to drive the demand for food robotics in the near future. In addition, employee safety rules is expected to replace manual labors with industrial robots. These robots have added advantage that, they can perform multiple tasks at the same time, thus giving more and improved productivity. The changes in lifestyle of people results in surge in demand for packaged and ready-to-eat food products. This in turn, is anticipated to boost the demand for food robotics during the analysis period.

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