Food Processing Equipment Market Size Worth US$ 68.8 Bn by 2027 | CAGR 4.3%: Insights by TMR
Augmented demand for poultry and meat, as well as greater consumption of processed foods, are projected to support growth of the global food processing equipment market throughout the forecast period, from 2019 to 2027. Such growth of the market is due to rising per capita disposable income and population growth. Because of their inherent advantages, such as durability, quality control, cleanliness, and preservation, these systems are extensively used in a variety of industries, including grains, fish and poultry, dairy, meat, and bakery and confectionery. The product is becoming more widely used in end-use sectors, particularly in Asia Pacific, where booming domestic manufacturing and increasing levels of consumer income are pushing innovation in the sector.
Makers of food processing equipment are offering industry-first technologies that boost production efficiency and provide a fantastic return on investment. As a result, end users are continuously investing in cutting-edge technologies in order to reduce lifetime costs and ensure consistent operations. To assist end customers acquire trust, businesses in the global food processing equipment market are expanding research and development activities in robust construction and design of equipment. As a result, there is an increasing demand for equipment that produces high-quality items while also enhancing food flavor.
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Some prominent players that are operating in the global food processing equipment market include names such as GEA Group Aktiengesellschaft, The Middleby Corporation, Tetra Laval International S.A., SPX Flow Inc., Bühler AG, and Krones AG.
According to the TMR report on the global food processing equipment market, the market is predicted to grow at a 5% CAGR over the over the forecast period, 2019 to 2027. By the end of 2027, the market is expected to be worth around US$ 80 Bn.
Presence of Several Regional Players in the Asia Pacific Region to Boost Demand
Due to significant expansion in food production sector and the entry of global food processing companies in developing nations such as the Philippines, China, India, and various other Asian countries, Asia Pacific is likely to witness rapid growth in the global food processing equipment market. In the future, this aspect is projected to propel the expansion of the food processing equipment market in Asia Pacific at a faster rate than in other regions.
Because of the rise in consumption of processed food consumption and the existence of several major regional players in the food processing industry, the demand for food processing equipment in North America and Europe is expected to rise at a substantial rate in the near future. During the projection period, from 2019 to 2027, Canada, the US, Russia, France, Germany, and the UK are expected to be important markets for food processing equipment.
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Food processing equipment plays a pivotal role in the completion of production cycles, such as washing, mixing, and sealing F&B products. However, certain limitations in the food processing landscape are likely to slow down the growth of the food processing equipment market. For instance, the food processing equipment market in Asia Pacific is anticipated to grow at a significant rate. This is evident since India is one of Asia Pacific’s rapidly developing economy. Moreover, a significant number of individuals are employed in the agricultural sector. However, lack of adequate connectivity and insufficient raw materials pose as barrier for companies that lose out on profits.
Since India cannot afford food wastage as it is one the top countries with high prevalence of malnourished population, several initiatives by NGOs are providing connectivity between producers and food processing facilities. The market for food processing equipment is witnessing a change with the introduction of government initiatives that provide better rural connectivity.
Accelerated Demand for Food Processing Equipment to Rise from Changing Lifestyle of People
Dairy, nut, fruit, milk, beverage business, confectionery, chocolate manufacturing unit, seafood industry, poultry farm, industrial bakery, and vegetable sector are just a few of the industries that employ these food processing machines. Stainless steel is one of the most common materials found in food processing equipment. The stainless steel alloys 316SS and 304SS are most commonly used in food processing equipment.
Materials thawing, evaporating, freezing, sterilization, pasteurization, cooking, blanching, heating, conveying and positioning, as well as drying are all examples of food processing equipment that have comparable automation and motion control requirements. Treatment durations, careful control of temperatures, gentle handling, gentle handling, cleanliness, pressures, and other process parameters are also required for such equipment. In many industries, such as the dairy and meat industries, food processing equipment is frequently combined with labeling and high-speed packaging equipment.
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The changing lifestyles, supply of raw materials, and the desire to offer a wider range of food items at reduced costs, and technological innovation are all factors that contribute to the expansion of the global food processing equipment market. The market for bread and pasta equipment is increasing at a higher rate than the market for other food processing equipment.
The information provided in the review has been extracted from a TMR report titled “Food Processing Equipment Market (Equipment Type – Thermal Equipment, Depositors, Extruding Machines, Mixers, Refrigeration, and Slicers and Dicers; Food Type – Processed and Unprocessed; Application – Dairy Sector, Fruits and Vegetables, Meat and Poultry Processing, Fisheries, and Bakery and Confectionery; Operation- Semi-Automatic and Automatic) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022.
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