“The food & beverage processing equipment market is projected to grow at a CAGR of 6.1%.”
The food & beverage processing equipment market is estimated at USD 55.43 billion in 2018, and is projected to reach a value of USD 74.44 billion by 2023, growing at a CAGR of 6.1%. The market is primarily driven by factors such as the rise in demand for meat, poultry, dairy, bakery, and confectionery products and growth in demand for processed and convenience food. However, the rise in costs of production due to increasing energy and labor costs and growth in demand for organic and fresh food products are few factors that are expected to restrict the growth of the food & beverage processing equipment market in the long run.
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“On the basis of application, meat & poultry is projected to be the fastest growing segment in the food & beverage processing equipment market during the forecast period.”
Based on the application of the food & beverage processing equipment, the meat & poultry segment is projected to grow at the highest rate. The expected rise in production units in countries such as the US and a shift in the consumption patterns and preference for processed as well as frozen meat products, with rise in the number of quick-service restaurants in some developing countries of Asia such as India, Indonesia, and Thailand, are supporting the growth of the market for meat processing equipment in this region.
“The automatic segment is projected to grow at the higher rate for the food & beverage processing equipment market during the forecast period.”
One of the driving factors for the increasing use of automated processing equipment is its ability to provide accurate processing, quick and reliable production processes, optimum utilization of time, reduced labor costs, and controlled operation. Fully automatic processing lines form a critical part of huge manufacturing units and help achieve economies of scale, and has more opportunities for growth due to multiple advantages offered.
“Asia Pacific accounted for the largest market share in 2017 during the studied period.”
Asia Pacific dominated the food & beverage processing equipment market in 2017 and is projected to grow at the highest rate over the next five years. The food processing sectors in countries such as China, India, Australia, and New Zealand are export-oriented, and the processing sector is of prime importance in these countries as players are focusing on technology adoption and automation. This is expected to have a positive impact on the food & beverage processing equipment market in the region. Also, the expected growth in the number of food processing units in this region is further projected to boost the supply and consumption of food & beverage processing equipment.
Break-up of Primaries:
By Company Type: Tier 1 – 20%, Tier 2 – 35%, and Tier 3 – 45%
By Designation: C-level – 25%, and Director-level – 35%, and Others – 40%
By Region: North America – 15%, Europe -15%, Asia Pacific – 40%, and RoW – 30%
The key players profiled in this report are as follows:
• Marel (Iceland)
• GEA Group (Germany)
• Bühler (Switzerland)
• JBT Corporation (US)
• Alfa Laval (Sweden)
• TNA Australia Solutions (Australia)
• Bucher Industries (Switzerland)
• Equipamientos Cárnicos, S.L. (Mainca) (Spain)
• Clextral (France)
• SPX Flow (US)
• Bigtem Makine (Turkey)
• Fenco Food Machinery (Italy)
• Krones Group (Germany)
Related Report:
Global Food Processing Equipment Market Analysis 2012-2017 and Forecast 2018-2023
Food processing equipment helps to transform the raw food ingredients in to food items through various physical and chemical means. Food processing equipment are available in various categories which includes dryers, chillers, fryers, feeders, mixers, grinders, roasters, homogenizers, separators, slicers and ovens. These foods processing equipment are used in various industries including dairy industry, industrial bakery, poultry farm, seafood industry, chocolate manufacturing unit, confectionery, beverage industry, milk, fruit, nut, and vegetable industry. Stainless steel is one of the main elements, which is widely used in the food processing equipment. 304SS and 316SS are two most common types of alloys of stainless steel, which are used in food processing equipment.
Read More: https://watchersofmarkets.com/products/global-food-processing-equipment-market-analysis-2012-2017-and-forecast-2018-2023
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