Market Trends of Spiral Membrane Industry
This section covers the major market trends shaping the Spiral Membrane Market according to our research experts:
Food & Beverage Industry to Boost the Market
- Spiral membranes are used for over 60% of applications in the food & beverage industry for whey protein concentration, lactose concentration, sugar and water purification, juice clarification, and wastewater treatment.
- Revenue from the global food & beverage industry is projected to accrue more than USD 75 billion in 2020 and is forecasted to grow up to USD 105 billion by 2024 at a CAGR of greater than 8%.
- Ultra & nanofiltration are widely used in the production of high quality juices. Ultra and Nanofiltration membranes can remove starch, pectin, proteins, and polyphenolic compounds. Microfiltration can also be utilized for the removal of microorganisms.
- All the aforementioned factors are expected to drive the global market during the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is forecasted to be the largest and the fastest growing market owing to the increasing demand from countries such as China, India, and Japan.
- The revenue from the food & beverage segment in Asia-Pacific is predicted to be about USD 44 billion by 2020 and reach USD 63.46 billion by 2024 with an estimated average annual growth rate of 9.5%.
- In 2019, China's food & beverage market volume was the largest in the region as well as globally amounting to USD 26.7 billion. It is expected to reach a total of about USD 38.7 billion by 2024.
- Dairy segment revenue from India is anticipated to amass a total of USD 71.42 billion in 2020. The segment is further expected to grow over the coming years owing to the increasing domestic demand.
- Thus, the rising demand due to various factors is expected to propel the market growth in the Asia-Pacific region.
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