(I-BusinessNews.Com, February 27, 2020 ) The report “Food & Beverage Processing Equipment Market by Type (Processing, Pre-Processing), Application (Bakery & Confectionery, Meat & Poultry, Dairy, Alcoholic & Non-Alcoholic Beverages), Mode of Operation, End-Product Form, and Region – Global Forecast to 2023″, 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, at a CAGR of 6.1%. The market is driven by factors such as the rise in demand for meat, poultry, dairy, bakery, and confectionery products; growth in demand for processed and convenience food; increase in focus on production efficiency, processing time, and quality of food products; and rise in demand for innovative food & beverage products due to changing consumer trends.
On the basis of application, the food & beverage processing equipment market is segmented into bakery & confectionery products, meat & poultry, dairy products, non-alcoholic beverages, alcoholic beverages, fish & seafood, and others. The bakery & confectionery products segment accounted for the largest share, followed by meat & poultry segment, in 2017. The demand for ultra-processed bakery products is high in developed countries such as the UK, Germany, the US, Canada, and Spain. Processing equipment such as industrial ovens, molders, formers, mixers, blenders, and cutters form an integral part of bakery and confectionery product manufacturing, and their high demand is mainly due to the highly fragmented bakery & confectionery products market and high prevalence and demand for these products in both developed and developing countries.
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On the basis of mode of operation, the global market is segmented into automatic and semi-automatic. The semi-automatic segment accounted for the larger market share in 2017. Unlike fully automatic equipment that require high capital investment, semi-automatic equipment enable small- and medium-scale manufacturers to support high yield with consistent quality, without compromising on the production efficiency. The process consumes less energy compared to fully automated equipment and provides manufacturers with limited capital capacity and a cost-effective solution. These factors have led to the tremendous growth of the concerned market globally.
On the basis of end-product form, the solid segment accounted for a larger market share in 2017, followed by liquid segment. The solid form is providing food manufacturers with easy handling and packaging of end products. The consumption of processed food in the solid form is driven by the fast food and convenience food trend across the globe, with the changing lifestyles in developing and developed countries. Due to these factors, the market for the processing equipment used for the solid form of food & beverages accounted for the larger share.
The Asia Pacific region is projected to be the fastest-growing market. The growth of Asia Pacific region is due to the demand from the processed foods industry. 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. Also, the region is expected to experience a sharp rise in the demand for advanced food processing machinery that helps reduce processing time and enhance the efficiency of manufacturing operations. 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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Companies such as Marel (Iceland), GEA Group (Germany), Bühler (Switzerland), JBT Corporation (US), and Alfa Laval (Sweden) have acquired a leading market position through the provision of a broad product portfolio, along with a focus on diverse end-user segments.
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