Agricultural & Food Grade Rubber Conveyor Belt Market to Witness Huge Growth by 2028

To Grow at a CAGR of 4.9%

VALLEY COTTAGE, New York, December 13, 2018 /PRNewswire/ --

FMI digs deep into the global agricultural & food grade rubber conveyor belt market and obtains essential information through structured market research. The report titled "Agricultural & Food Grade Rubber Conveyor Belt Market Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028" estimates the market and foresees the future demographic and changes. On the basis of findings specified in the report, the market is anticipated to witness growing demand from food processing and material handling industries over the coming years. Rising demand for agricultural & food grade rubber conveyor belts in emerging regions is predictable to drive the global agricultural & food grade rubber conveyor belt market.

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The expected value of the agricultural & food grade rubber conveyor belt market in 2018 is US$ 2,781.2 Mn and the market is projected to expand at a CAGR of 4.9% and reach US$ 4,467.0 Mn by the end of 2028. Furthermore, the agricultural & food grade rubber conveyor belt market is predicted to create incremental $ opportunity worth US$ 1,685.8 Mn during the forecast period.

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Global Agricultural & Food Grade Rubber Conveyor Belt Market Dynamics

Increasing food production across the globe will act as a catalyst for the overall growth of the agricultural & food grade rubber conveyor belt market during the forecast period. Moreover, growing demand for electronic devices and rising consumer inclination towards packaged food and beverages products are influencing manufacturers to increase their production efficiency by adopting automation in their manufacturing plants. Thus, increasing adoption of automated production lines across various industries is estimated to fuel the growth of the agricultural & food grade rubber conveyor belt market over the forecast period.

On the flip side, one of the key challenges faced by the manufacturers in the concerned market is that major OEMs of conveyor belts have to battle on price front with low-quality belt manufactures. This is anticipated to be the key factor hampering the growth of the agricultural & food grade rubber conveyor belt market over the forecast period. Moreover, with increasing technical complexity, cost for repair and maintenance has increased substantially over the years. Thus, increasing maintenance & service cost is also expected to act as a restraining factor for the growth of the concerned market in near future.