The global food processing equipment market size is projected to reach around USD 89 billion by 2027, exhibiting a compound annual growth rate (CAGR) of 6.2% over assessment period 2020 to 2027.
Growth Factors
Some of the influencers supporting the global food processing equipment market sales growth are evolution from labor-intensive food processing to mechanical food processing and substitution of outdated equipment in mature markets among others. Food processing equipment transforms the raw food constituents into food items via numerous chemical and physical ways. Furthermore, the developed countries have a mature market but the demand is driven by the replacement of conventional tools over advanced technology. The obtainability of raw ingredients, altering routines requires wider assortment of food items at inferior costs and advancements in technology are some of the key factors which help to boost the growth of the food processing equipment market. Owing to advancements in technology associated with different processing equipment, several producers in this marketplace are substituting their outdated machines with innovative ones having more efficiency and surge their bottom line via greater throughput. Moreover, the rising income level of individuals leads to more investment over food processing equipment. A huge population base in Asia Pacific nations and frequent changes in food inclination amongst consumers augments demand for food products. This altering trend leads to investing more in food processing equipment. However, increasing the cost of production owing to the rise in energy and labor costs may hamper the market growth in the near future.
Segment Insights
Type Insights
Depending on the type the food processing equipment market is classified into processing and pre-processing. Among these, the processing segment is expected to dominate the market during the assessment period owing to technological advancements, in terms of operations and software, enable the vendors to offer a range of functions in a single unit. In addition, for all the multifaceted manufacturing operations the global food processing equipment market continuously requires efficient and effective solutions. Furthermore, recent developments in the machine and equipment sector are anticipated to revolutionize the industry and drive the segment growth.
The pre-processing equipment is expected to have significant market revenue due to the increasing demand for ready to use food products. The pre-processing equipment is utilized in the food industry, particularly for fruit and vegetable, meat, and poultry processing. Grading, sorting, peeling, and much other equipment is used to improve the quality of the raw materials for their further processing. Moreover, the rising demand for perishable food products providing health benefits is leading to the adoption of new market trends.
Mode of Operation Insights
Previously, vendors used to prefer semi-automatic equipment, even though the food processing equipment market is led by the automatic segment. The vendors were opting to semi-automatic equipment owing to the lesser demand for processed foods and the more costs related to automatic machinery. Contrariwise, vendors are focusing more on automation in the process to increases the efficacy and quality of the product, due to digitization of the sector. Vendors are offering automated operational systems for the production of equipment to have a competitive advantage in the global market.
Furthermore, the semi-automatic equipmentis operated by the labor force with a lack of knowledge and partial integration of technology which is projected to witness stable growth over the projection timeframe. Therefore, it is estimated that the automatic food processing equipment segment will dominate the food processing equipment market share across the world.
Application Insights
Depending on the application, the global food processing equipment market has been categorized into dairy, meat, poultry & seafood, beverages, and bakery & confectionery. Among these, the meat, poultry, and seafood application is projected to conquer global market revenue throughout the assessment period. Furthermore, increasing consumer disposable income levels and rapid urbanization in developing regions have provisioned the demand for processed food thereby boosting the market. On the other hand, the beverage application segment is projected to be the second-largest segment with a significant growth rate over the coming years.
Regional Insights
The North America region is expected to hold maximum share in the global food processing equipment market. The United States accounts for the largest market share in the food processing equipment market. Europe, one of the prominent regions, is likely to witness substantial growth in the near future due to demand for high-quality systems. Furthermore, the growing economy, rising awareness level regarding new food products, and increasing investment in research and development over food processing equipment are some of the significant factors, which drive the food processing market in the European region. However, the Asia Pacific region is anticipated to be the fastest-growing market over the assessment period. China is anticipated to undertake enormous variations in its food and beverage sector, with a goal to address the issues such as snowballing urbanization and economic inequality.
Key Companies & Market Share Insights
Particular significant players contending in the global food processing equipment market include:
Segments Covered in the Report
This research report estimates revenue growth at global, regional, and country levels and offers an analysis of present industry trends in every sub-segment from 2016 to 2027. This research study analyzes market thoroughly by classifying global food processing equipment market report on the basis of different parameters including type, mode of operation, application and region as follows:
By Type
By Mode of Operation
By Application
By Regional Outlook
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