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Meticulous Research®leading global market research company, published a research report titled “Food Processing Equipment Market by Type (Meat, Poultry, and Seafood Processing Equipment, Bakery Equipment, Beverage Processing Equipment, Dairy Processing Equipment, and Fruit and Vegetable Processing Equipment) — Global Forecast to 2027”.
In terms of value, the food processing equipment market is expected to grow at a CAGR of 7.2% from 2020 to reach $98.4 billion by 2027. In terms of volume, the market is expected to grow at a CAGR of 7.6% from 2020 to reach 56,233.9 thousand units by 2027. This market is majorly driven by factors, such as increasing consumer demand for processed food, growing focus on food safety & safety of workers, growing need to increase food productivity, increasing focus of food manufacturers to reduce production costs, and government support to promote the food processing sector. In addition, emerging economies, such as Latin America, Southeast Asia, and Africa, provide significant opportunities for the manufacturers in the food processing equipment market.
However, the high cost of equipment and shifting consumer preference from processed to minimally processed foods are expected to restrain the growth of this market to some extent. On the other hand, the lack of trained professionals in developing countries is expected to challenge the growth of this market in the coming years.
The food processing equipment market study presents historical market data in terms of value and volume (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented based on type and geography. The study also evaluates industry competitors and analyses the market at the country level.
Based on type, the food processing equipment market is mainly segmented into meat, poultry, & seafood processing equipment, bakery processing equipment, beverage processing equipment, dairy processing equipment, chocolate & confectionery processing equipment, fruits & vegetables processing equipment, and other food processing equipment. In 2020, the meat, poultry, and seafood processing equipment segment is estimated to command the largest share of the food processing equipment market. This segment's large share is mainly attributed to the increasing demand for processed meat products associated, growing urbanization & disposable income, and consumer preference for protein-rich food products & convenience food products.
However, the chocolate and confectionery processing equipment segment is expected to grow at the highest CAGR during the forecast period. This segment's rapid growth is mainly attributed to the rising need to manufacture high-quality confectionery products, the growing need to maximize energy efficiency, and the growing confectionery industry due to economic factors, sociological trends, increasing health consciousness, and a fast-evolving indulgence seeking attitude of the consumers.
Based on type, the meat, poultry, and seafood processing equipment market is segmented into cutters & grinders; smokers, massagers, & tumblers; mixers; tenderizers; killing & defeathering equipment; slicers; evisceration equipment; cookers, roasters, & grillers; deheading & gutting equipment; filleting equipment; and others. In 2020, the cutters and grinders segment is estimated to command the largest share of the meat, poultry, and seafood processing equipment market. The wide usage of cutters and grinders in meat, poultry, and seafood processing plants is one of the major drivers for the growth of this segment. However, the tenderizing equipment segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing demand for value-added meat products.
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Geographically, in 2020, the Asia-Pacific food processing equipment market is estimated to command the largest share of the overall food processing equipment market. The large share of this region is mainly attributed to the increasing demand for processed food products in emerging and developing countries, including India, China, Indonesia, and Thailand; increasing investments from major food processors; and the growing F&B industry, primarily due to the increasing urbanization, a huge base of population, growing health awareness, and rising disposable income. Moreover, this region is also expected to grow at the highest CAGR during the forecast period.
The key players operating in the food processing equipment market are Bühler AG (Switzerland), Marel HF (Iceland), GEA Group Aktiengesellschaft (Germany), Bucher Industries AG (Switzerland), John Bean Technologies Corporation (U.S.), The Middleby Corporation (U.S.), Heat and Control Inc. (U.S.), SPX Flow Inc. (U.S.), Alfa Laval AB (Sweden), Nichimo Co., Ltd. (Japan), Krones Group (Germany), Paul Mueller Company (U.S.), Key Technology Inc. (U.S.), Tetra Pak International S.A. (Switzerland), Baader Group (Germany), Meyer Industries Limited (Thailand), Dover Corporation (U.S.), Bigtem Makine A.S. (Turkey), and TNA Australia Pty Limited (Australia).
Key Questions Answered in the Report -
- Which are the high growth market segments in terms of type and geography?
- What is the historical market size for food processing equipment across the globe?
- What are the market forecasts and estimates for the period 2020-2027?
- What are the major drivers, restraints, opportunities, and challenges in the food processing equipment market?
- Who are the major players in the market, and what are their market shares?
- Who are the major players in various countries, and what are their market shares?
- How is the competitive landscape for the food processing equipment market?
- What are the recent developments in the food processing equipment market?
- What are the different strategies adopted by the major players in the market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the food processing equipment market, and how do they compete with other players?
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