FNB News - Food processing equipment market may grow at 7.2% to reach $98.4 bn by 2027

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Food processing equipment market may grow at 7.2% to reach $98.4 bn by 2027

Friday, 21 May, 2021, 08 : 00 AM [IST]

London

The food processing equipment market is expected to grow at a CAGR of 7.2% from 2020 to reach $98.4 billion by 2027. In terms of volume, the market is expected to grow at a CAGR of 7.6% from 2020 to reach 56,233.9 thousand units by 2027, according to a new market research report “Food Processing Equipment Market by Type (Meat, Poultry, and Seafood Processing Equipment, Bakery Equipment, Beverage Processing Equipment, Dairy Processing Equipment, and Fruit and Vegetable Processing Equipment) - Global Forecast to 2027”, published by Meticulous Research.

Globally, food processing is considered one of the fastest-growing industries, with significant contributions to Gross Value Added (GVA), employment, and investments. The abundant availability of raw materials supports the growth of this industry. A wide range of instruments and equipment are used in the food processing industry. The increasing use of international food processing technologies, rising demand for quality food products, and growing need to fulfil consumer expectations drive the demand for technologically advanced food processing equipment. Generally, food processing equipment is used for the measurement, processing, storage, and/or packaging of food products.

The demand for food processing equipment has increased significantly, especially in developing economies, due to industrial growth, rapid urbanisation, population growth, and higher per capita incomes. Also, the pace at which the global middle-class population has grown demands larger quantities of high-quality, diverse food products.

The global food processing equipment market is mainly segmented by type (meat, poultry, and seafood processing equipment {cutters and grinders, smokers, massagers, and tumblers, mixers, tenderisers, killing and defeathering equipment, slicers, evisceration equipment, cookers, roasters, and grillers, deheading and gutting equipment, filleting equipment, and other meat, poultry, and seafood processing equipment}, bakery processing equipment {ovens and proofers, dough mixers, moulders and sheeters, dividers and rounders, depositors, and other bakery processing equipment}, beverage processing equipment {brewery equipment, filtration equipment, carbonation equipment, blenders and mixers, and other beverage processing equipment}, dairy processing equipment {pasteurisers, homogenisers, separators, evaporators and drying equipment, membrane filtration equipment, and other dairy processing equipment}, chocolate and confectionery processing equipment {depositors, formers, coating and spraying systems, mixers, coolers, and other chocolate and confectionery processing equipment}, fruit and vegetable processing equipment {juice extractors, peelers, cutters, and pulpers, dryers, evaporators, and other fruit and vegetable processing equipment}, and other food processing equipment), and geography.

Food manufacturers use a wide range of food processing equipment. Hence, based on type, the global food processing equipment market is mainly segmented into meat, poultry, and seafood processing equipment, bakery processing equipment, beverage processing equipment, dairy processing equipment, chocolate and confectionery processing equipment, fruit and vegetable processing equipment, and other food processing equipment.

Based on type, the meat, poultry, and seafood processing equipment segment accounted for the largest share of the overall food processing equipment market in 2020. The large share of this segment is mainly attributed to the increasing demand for processed meat products, growing urbanisation and disposable income levels, and consumer preference for protein-rich and convenience food products. However, the chocolate and confectionery processing equipment segment is expected to record the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the food processors’ rising need to manufacture high-quality confectionery products and maximise energy efficiency and growth in the confectionery industry due to economic factors, sociological trends, increasing health-consciousness, and fast-evolving indulgence-seeking consumer attitudes.

Among all types of meat, poultry, and seafood processing equipment; the cutters and grinders segment accounted for the largest share of the overall market in 2020. The wide usage of cutters and grinders in meat, poultry, and seafood processing plants is the major driver for the growth of this segment. However, the tenderisers segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing demand for value-added meat products.

Among all types of bakery processing equipment, the ovens and proofers segment accounted for the largest share of the overall market in 2020. The large share of this segment is mainly attributed to the increased productivity of the bakery industry and advancements in oven heating technologies and baking processes. However, the moulders and sheeters segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the growing demand for innovative bakery products.

Based on type, the brewery equipment segment accounted for the largest share of the beverage processing equipment market in 2020. The large share of this segment is mainly attributed to the rapid proliferation of craft breweries and the significant increase in consumption volumes. However, the carbonation equipment segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the emergence of new technologies that increase productivity and upgrade equipment & machinery at lower investments.
Among all types of dairy processing equipment, the pasteurisers segment accounted for the largest share of the overall market in 2020. The large share of this segment is mainly attributed to the growing need to safeguard product stability and increase the shelf life of dairy products. However, the evaporators and drying equipment segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing consumer demand for fortified dairy products such as yogurt, milk protein, condensed milk, and whey-based products.

In the chocolate and confectionery processing equipment segment, the depositors segment accounted for the largest share of the overall market in 2020. The large share of this segment is mainly attributed to advancements in depositing technologies and increased demand for confectionery products from developing markets. However, the coating and spraying systems segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing demand for novel products with combinations of different textures and flavours.

In the vegetable processing equipment segment, the juice extractors segment accounted for the largest share of the overall market in 2020. The growing demand for fruit juices and minimally processed foods due to rising health awareness drives the growth of the juice extractors segment. However, the evaporators segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing demand for fruit, berry, and vegetable purees, fruit juices, and nectars.

The global food processing equipment market is divided into five major regions, namely North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, Asia-Pacific commanded the largest share of the global food processing equipment market. The large share of this region is mainly attributed to the increasing demand for processed food products in emerging and developing countries, including India, China, Indonesia, and Thailand; increasing investments from major food processors in the region; and the growth of the F&B industry, primarily due to increasing urbanisation, large populations, growing health awareness, and rising disposable income levels in the region. Moreover, this regional market is also expected to grow at the highest CAGR during the forecast period.

The key players operating in the global food processing equipment market are Bühler AG (Switzerland), Marel HF (Iceland), GEA Group Aktiengesellschaft (Germany), Bucher Industries AG (Switzerland), John Bean Technologies Corporation (U.S.), The Middleby Corporation (U.S.), Heat and Control Inc. (U.S.), SPX Flow Inc. (U.S.), Alfa Laval AB (Sweden), Nichimo Co., Ltd. (Japan), Krones Group (Germany), Paul Mueller Company (U.S.), Key Technology Inc. (U.S.), Tetra Pak International S.A. (Switzerland), Baader Group (Germany), Meyer Industries Limited (Thailand), Dover Corporation (U.S.), Bigtem Makine A.S. (Turkey), and TNA Australia Pty Limited (Australia).