Food Processing Equipment Market worth 72.27 Billion USD by 2022
The food processing equipment market is projected to reach USD 72.27 Billion by 2022 at a CAGR of 7.0 per cent from 2017 to 2022.The market is driven by factors such as increasing demand for processed foods in related segments of the food industry, such as dairy, meat, poultry, and seafood, rising consumer concerns about safety of food products, and growing demand for processed and convenience foods.Meat & seafood is the fastest-growing segment in the food processing equipment market by application during the forecast period 2017–2022.
Meat & seafood processing equipment helps to ensure that the processing activities are performed on time as well as help in maintaining hygiene, owing to which processing companies are able to deliver better quality products to consumers. With the rise in population, the need for food has also increased. The changes in lifestyles and increase in disposable incomes result in an increased preference for convenience food products. Hence, the inclination towards convenience meat & seafood products is also expected to increase. This is expected to drive the growth of the meat & seafood processing equipment industry as well. North America has a huge market for processed meat & seafood products, and as a result, for processing equipment as well.
In the end product form segment, the solid food products segment has the largest market in the food processing equipment industry.
The solid processed food products include meat, seafood, bakery products, ready-to-eat products, dairy products, and among others. The purpose of processing in solid food products is to produce a desired food product, for easy handling, better taste or sensory characteristics, and greater shelf life. The equipment that are mainly used in processing of food products in solid form include heating equipment, dryers, fermenters, coolers, coating equipment, evaporators, and powder handling equipment. The consumption of processed food in a solid form is driven by the fast food and convenience food trend across the globe.
Significant growth for food processing equipment is observed in the Asia-Pacific region.
Asia-Pacific led the market for food processing equipment across the globe. In the region, China is estimated to have the largest share in the regional and global market. The Asia-Pacific region has a significant potential for food & beverage market growth; changing lifestyle of the consumers, due to the rise in the disposable income is one of the major factors contributing to the growth of food processing equipment market in this region.
This report includes a study of marketing and development strategies, along with the product portfolio of leading companies. It includes the profiles of leading companies such as GEA Group (Germany), Alfa Laval (Sweden), Bucher Industries (Switzerland), SPX Corporation (US), and Krones AG (Germany).