(I-BusinessNews.Com, November 11, 2020 ) The confectionery processing equipment market is projected to reach USD 6.55 Billion by 2023, at a CAGR of 6.90% from 2018. This market is majorly being driven by the growth in demand for confectionery items such as candies, toffees, chocolates, chewing gums, and jellies. Factors such as growth of the retail industry have also propelled the growth of the confectionery processing equipment market.
The gummies & jellies segment is projected to grow at the highest CAGR from 2018 to 2023. Technological advancements in the food industry such as 3D food printers used by manufacturers of gummies and jellies to give different sizes and shapes to the products are expected to increase the scope of demand in the market. Innovation in terms of customized products is an opportunity and a factor expected to drive the demand for gummies & jellies, thereby leading to the subsequent demand for their processing equipment.
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The extrusion segment of the confectionery processing equipment market is projected to grow at the highest CAGR from 2018 to 2023. Extrusion equipment is used to make confectionery products of different shapes and sizes. The need to provide innovative products is one of the factors expected to augment the demand for extrusion products.
The automatic segment is projected to grow at a relatively higher CAGR between 2018 and 2023. It helps to reduce labor costs as well as time and ensures high-quality products. The implementation of automation and robotics in confectionary processing has offered quality assurance and increased productivity.
The Asia Pacific region is estimated to grow at the highest CAGR during the review period. Rise in the middle-class population in the region and increase in disposable incomes drive the demand for nutritious chocolate bars & candies with new & enhanced flavors, which increases the need for confectionery processing equipment in this region.
There has been an increasing demand for sugar-free confectionery products in the recent past. This trend is witnessed among consumers in the North American, European, and Asia Pacific regions. Confectionery processing equipment manufacturers that cater to this segment are expected to contribute to the growth of the overall confectionery processing equipment market. For instance, Baker Perkins (UK), a food equipment manufacturer, offers cooking and depositing technology called ÂServoForm,Â through which crystallized xylitol can be used for producing sugar-free hard candies.
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