According to the new report by Meticulous Research™, the food processing equipment market will exceed 74 billion USD by 2022, growing at a CAGR of 6.1% over the next five years.
This market is driven by “increasing consumer demand for processed food, growing focus on food safety and safety of workers, rising need to increase productivity, increasing focus of food manufacturers to reduce production cost, and government support to promote food processing sector,” Meticulous Research™ noted in a press release today.
However, high cost of equipment and increasing inclination towards consumption of minimal processed food restricts the growth of this market to some extent.
The well-established meat, poultry, and seafood processing equipment are expected to dominate the food processing equipment market through 2022, “mainly due to increasing demand of processed meat products, owing to growing global population, urbanization, and consumer preference for protein-rich food products.”
The report notes that the chocolate and confectionery processing equipment market is expected to witness the fastest growth during the forecast period, due to “rising need to manufacture high-value confectionery products under cost-pressure, growing need of maximizing energy efficiency, growing confectionery industry, and a fast-evolving indulgence-seeking attitude of the consumers.”
Asia Pacific region is the largest market for food processing equipment, due to “consistent demand of processed food products in countries such as India, China, Indonesia, and Thailand, and increasing investments from major food processors.” This region is witnessing tremendous growth for the food and beverages industry, primarily due to the increasing urbanization, health awareness, and disposable income; as a result, numerous food and beverage firms are transitioning from manual to mechanical food processing in order to increase output and develop new products, which ultimately drives the food processing equipment market.
The key players operating in this 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 International Inc. (Japan), Krones AG (Germany), Paul Mueller Company (U.S.), Key Technology Inc. (U.S.), and Tetra Pak International S.A. (Switzerland).