ALBANY, New York, June 12, 2019 /PRNewswire/ -- TMR anticipates that the food processing equipment market is gaining traction on the back of booming processed and packaged food & beverages sector globally. Rising health consciousness among consumers has led to the change in preference for dietary requirements globally and also in the developing countries. Additionally, several government organizations are implementing policies to support the adoption of food processing equipment in order to ensure the quality of products. These are some of the key factors driving growth of the global food processing equipment market. Thanks to these factors, the market is likely to exhibit CAGR of 6.7% over the forecast period from 2017 to 2022. With this CAGR, the market is estimated to grab a value of US$70,510.1 Mn by 2022 end. However, the factors such as the high cost of food processing equipment, absence of the standard design, which can maintain hygiene, are restraining growth of the global food processing equipment market.
Nonetheless, the trend of automation in the food and beverages is propelling growth of the global food processing equipment market. Additionally, rapid globalization and rising disposable income have led to an increase in demand for processed and packaged food products, which is expected to favor growth of the market in the coming future. Thus, the segment of processed food dominated the global food processing equipment market in 2017 by accounting half of the share in terms of revenue. The segment is estimated to grab a value in US$14,000 Mn by 2022-end.
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Bakery & Confectionery Segment to Influence Food Processing Equipment Market Growth
Rising demand for easy-to-cook or ready-to-eat food products, demand for the bakery and confectionery products in increasing. Owing to the huge demand, the bakery and confectionery segment is likely to grab a value of US$20,000 Mn by the end of the forecast period. Moreover, the growing demand for meat and other poultry-based products is likely to fuel the demand for food processing equipment market. Thus, the segment is likely to exhibit the strongest growth by the end of the forecast period.
Regionally, the market in Asia Pacific is likely to be dominant in the global food processing equipment market in the coming years by accounting for the two-fifth revenue share by the end of the forecast period. This growth is attributable to the high demand from processed food from emerging countries such as China, Indonesia, and India. Further, the market in North America is predicted to stand on the second-leading position due to high manufacture of the equipment coupled with high adoption of equipment in the food and beverages industry.
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Robust Investments on Product Innovation Propels Food Processing Equipment Market
Moreover, growing investment in R&D activities for the innovation of newer technologies in the food processing is augmenting growth of the global food processing equipment market especially in the developed region such as North America. In addition, a strong presence of key players in the region is also benefiting to market growth. Some of the key players in the market include Bucher Industries AG, AB Electrolux, Krones AG, John Bean Technologies Corporation, Bühler AG, Tetra Laval, Dover Corporation, and SPX Corporation.
These players are trying to stand alone in the market by offering newer products at competitive prices. Rising need for flexible equipment is boosting the adoption of automated systems, which is driving growth of the global food processing equipment market for each process in the food and beverages industry. Additionally, some of the crucial factors on those the players are focusing are safety, reducing overall maintenance cost, maximize efficiency, and energy efficiency.
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This information is encompassed in the report by TMR, titled, "Food Processing Equipment Market (Equipment Type - Thermal Equipment, Depositors, Extruding Machines, Mixers, Refrigeration, Slicers and Dicers, Others; Food Type - Processed, Unprocessed; Application - Dairy Sector, Fruits and Vegetables, Meat and Poultry Processing, Fisheries, Bakery and Confectionery, Other Application; Operation- Semi-Automatic, Automatic) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022."
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For the study, the Food Processing Equipment Market has been segmented as follows:
- Thermal Equipment
- Extruding Machines
- Slicers and Dicers
- Dairy Sector
- Fruits and vegetables
- Meat and Poultry Processing
- Bakery and Confectionery
- Other Application
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East & Africa
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