PUNE, India, May 29, 2018 /PRNewswire/ --
The report "Prepared Food Equipment Market by Type (Pre-processing, Processing, Packaging), Application (Snack & Savory Products, Ready-to-eat Products), Mode of Operation (Automatic, Semi-automatic, Manual), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global market is estimated at USD 8.41 Billion in 2018 and is projected to reach USD 11.23 Billion by 2023, at a CAGR of 5.95% during the forecast period.
Browse 62 market data Tables and 41 Figures spread through 158 Pages and in-depth TOC on "Prepared Food Equipment Market"
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The market is driven by factors such as growing disposable income; the focus of food manufacturers on production efficiency, processing time, and quality; and growth of the retail industry. Increase in investments in R&D activities, demand for advanced machinery, and growing automation industry are the upcoming opportunities for Prepared Food Equipment Market.
The processing segment, by type, accounted for the largest market share in 2017.
The processing segment accounted for the largest market share in 2017. Processing in prepared food equipment includes blanching, cooking, and seasoning & coating. Cooking is the major sub-segment contributing to the processing segment of the Prepared Food Equipment Market. With the increase in demand for prepared meals, meat & seafood products, and snacks & savory products, the market for processing equipment is estimated to grow at the highest CAGR during the forecast period.
The semi-automatic segment, by mode of operation, accounted for the largest market share in 2017.
The semi-automatic segment, by mode of operation, accounted for the largest share in 2017. With the rising demand for prepared food products globally, manufacturers focus on increasing their efficiency in order to meet the demand, which, in turn, drives the demand for automated machines. Moreover, due to the high costs of such machines, manufacturers in developing regions prefer semi-automated equipment.
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The snacks & savory products segment, by application, accounted for the largest market share in 2017.
The Prepared Food Equipment Market, by application, was dominated by the snacks & savory products segment in 2017. The meat & seafood products segment is estimated to grow at the highest CAGR, followed by ready-to-eat products during the forecast period due to rising demand for prepared meat products and working population in developing as well as developed regions.
The Asia Pacific region is projected to grow at the highest CAGR from 2018 to 2023.
The Asia Pacific region is projected to grow at the highest CAGR during the forecast period. The countries studied under the region include China, India, Japan, and the Rest of Asia Pacific, which includes Thailand, Vietnam, Indonesia, Malaysia, the Philippines, and Australia & New Zealand. Increasing demand for ready-to-eat and on-the-go products drives the demand for prepared food equipment in the region. Also, increasing retail sector is one of the major driving factors for the increase in demand for prepared food equipment.
This report includes a study of prepared food equipment on the basis of type, application, mode of operation, and region, along with the product portfolios of leading companies. It includes the profiles of leading companies such as GEA Group (Germany), Alfa Laval (Sweden), Buhler (Switzerland), Marel (Iceland), and The Middleby Corporation (US).
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