Global Food Processing Equipment Market: Snapshot
Sustainability and technology are the trends that will certainly play an important role in shaping the food processing industry. Food processing plants are moving towards becoming smarter, allowing more flexibility in terms of production and resulting in the efficiency at all the levels. Innovative food processing equipment with updated features and designs are likely to witness growth in the near future. Integration of Internet of Things (IoT) and smart sensors in food processing equipment are leading to the reduced maintenance costs, remote equipment monitoring, and maintenance. In-built sensors in food processing equipment also ensure food safety and help to detect any foreign materials.
However, the high cost of food processing equipment and lack of standardization and lack of appropriate hygienic design of the food processing equipment are some of the challenges in the food processing equipment industry.
As per the report by Transparency Market Research (TMR), the global market for food processing equipment is likely to experience robust growth throughout the forecast period. The market is projected to increase to 6.7% CAGR during 2017-2022. It is also estimated to reach US$ 70,510.1 million revenue by 2022 end.
Thermal Equipment to Emerge as the Leading Equipment Type in the Global Food Processing Equipment Market
Thermal equipment is likely to emerge as one of the top-selling equipment in the global food processing equipment market during 2017-2022. Thermal equipment is estimated to bring in nearly US$ 17,000 million revenue by 2022 end. Meanwhile, refrigeration food processing equipment is also likely to witness robust growth during 2017-2022.
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Processed Food to Account for Maximum Revenue Share
Accounting for more than half of the revenue share by 2017 end, processed food is estimated to create an incremental opportunity of over US$ 14,000 million between 2017 and 2022.
Bakery and Confectionery to Emerge as the Largest Users of Food Processing Equipment
Food processing equipment is likely to find the largest application in bakery and confectionery during 2017-2022. Towards the end of 2022, bakery and confectionery segment is projected to exceed US$ 20,000 million revenue. Meanwhile, meat and poultry segment is also likely to witness significant growth during the forecast period 2017-2022. Owing to the rising demand for easy-to-cook meat is creating an opportunity for poultry processing equipment manufacturers. Moreover, increasing demand for meat products in various countries in Asia Pacific is also driving the growth of poultry processing equipment.
Semi-Automatic Food Processing Equipment to Gain Maximum Traction during 2017-2022
Semi-automatic food processing equipment is likely to witness the highest growth during 2017-2022. By 2022 end, semi-automatic food processing equipment is projected to surpass US$ 42,000 million revenue. Meanwhile, automatic food processing equipment is also estimated to account for nearly two-fifth of the revenue share by 2017 end.
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APEJ to Dominate the Global Food Processing Equipment Market
Geographically, APEJ is likely to remain dominant in the global food processing equipment. The region is projected to gain nearly two-fifth of the revenue share towards 2017 end. Meanwhile, North America is also likely to emerge as the lucrative market in the global food processing equipment market. Increasing demand for processed food in countries such as India, China, and Indonesia is creating an opportunity for manufacturers of food processing equipment. Increasing investment in research and development activities and adoption of advanced technologies to simplify the complex process of food processing industry is driving the growth in North America.
The report also provides a detailed profile of some of the key market players in the global food processing equipment market such as AB Electrolux, ALFA LAVAL GEA Group AG, Bühler AG, Krones AG, Dover Corporation, Tetra Laval, Bucher Industries AG John Bean Technologies Corporation, BMA Braunschweigische Maschinenbauanstalt AG, Marlen International, Inc., NICHIMO CO., LTD, SPX Corporation, Meyer Industries, Marel, and Middleby Corporation.