(I-BusinessNews.Com, February 04, 2020 ) 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 segmented on the basis of type, mode of operation, end-product form, application, and region. The types of food & beverage processing equipment include processing and pre-processing. Processing type of equipment include forming, extruding, coating, drying, cooling, freezing, thermal, filtration, pressing, and homogenization equipment, and pre-processing type of equipment includes, sorting, grading, cutting, slicing, peeling, washing, blending, and mixing equipment. The market has been segmented on the basis of mode of operation into automatic, and semi-automatic.
The market has been segmented on the basis of end-product form into solid, liquid, and semi-solid. The applications of food & beverage processing equipment include bakery & confectionery products, meat & poultry, dairy products, non-alcoholic beverages, alcoholic beverages, fish & seafood, and others. On the basis of key regions, the food & beverage processing equipment market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
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The food & beverage processing equipment market is driven by factors such as rising demand for meat, poultry, dairy, bakery, and confectionery products, growing demand for processed and convenience food, and Increased focus on production efficiency, processing time, and quality of food products.
On the basis of application, the meat & poultry segment is projected to grow at the highest CAGR from 2018 to 2023, owing to a shift in consumption patterns and preference for processed as well as frozen meat products; rise in the number of quick-service restaurants in some developing countries of Asia such as India, Indonesia, and Thailand; and expected rise in pork production units in countries such as the US.
Based on the mode of operation, the automatic segment is projected to grow at a higher CAGR from 2018 to 2023. Fully automated and integrated processing lines help in achieving operational efficiencies and proper control of production process. Fully automatic processing lines form a critical part of huge manufacturing units and also help to achieve economies of scale. The market for automated processing lines is saturated in developed regions, predominantly in the US, Canada, and Western & Central European countries, while developing regions such as Asia Pacific are projected to exhibit a higher rate of adoption of these systems. These factors are contributing to the popularity of the automatic segment of the food & beverage processing equipment market.
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The Asia Pacific region is projected to be the fastest-growing market for food & beverage processing equipment from 2018 to 2023. Regional markets such as India, China, and Japan are projected to drive the growth of food & beverage processing equipment in the region, owing to the rising income, purchasing power, rapid growth of the middle-class population, and increasing consumer demand for processed products provide promising prospects for growth and diversification in the region’s food sector. 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.
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