“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.
“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)
• B?hler (Switzerland)
• JBT Corporation (US)
• Alfa Laval (Sweden)
• TNA Australia Solutions (Australia)
• Bucher Industries (Switzerland)
• Equipamientos C?rnicos, S.L. (Mainca) (Spain)
• Clextral (France)
• SPX Flow (US)
• Bigtem Makine (Turkey)
• Fenco Food Machinery (Italy)
• Krones Group (Germany)
The report segments the food & beverage processing equipment market on the basis of end-product form, mode of operation, application, type, and region. In terms of insights, this research report has focused on various levels of analyses?competitive landscape, company profiles, and market dynamics?which together comprise and discuss the basic views on the emerging & high-growth segments of the food & beverage processing equipment market, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
Reasons To buy this report:
- To get a comprehensive overview of the food & beverage processing equipment market
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- To gain insights about the major countries/regions in which the food & beverage processing equipment market is flourishing