CHICAGO, March 3, 2020
CHICAGO, March 3, 2020 /PRNewswire/ -- According to the new market research report "Food & Beverage Processing Equipment Market by Type (Processing, Pre-Processing), Application (Bakery & Confectionery, Meat & Poultry, Dairy, Alcoholic & Non-Alcoholic Beverages), Mode of Operation, End-Product Form, and Region - Global Forecast to 2023", published by MarketsandMarkets™, 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, at a CAGR of 6.1%. The market is driven by factors such as the rise in demand for meat, poultry, dairy, bakery, and confectionery products; growth in demand for processed and convenience food; increase in focus on production efficiency, processing time, and quality of food products; and rise in demand for innovative food & beverage products due to changing consumer trends.
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The processing equipment segment accounted for the largest share of the food & beverage processing equipment market, by type, in 2017.
On the basis of type, processing equipment accounted for the largest share of the food & beverage processing equipment market in 2017, followed by pre-processing equipment. The rapidly growing bakery product, dairy product, and beverage industries are expected to accelerate the demand for processing equipment for faster and more efficient processing, in order to meet consumer demand. This growth can be seen in emerging regions such as Asia Pacific, where, due to progressive economic growth and improved income levels, people are demanding more packaged food and ready meals. These factors have fueled the growth of this segment.
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The bakery & confectionery products accounted for the largest market share in the food & beverage processing equipment market in 2017.
On the basis of application, bakery & confectionery products accounted for the largest market share in 2017. The demand for ultra-processed bakery products is high in developed countries such as the UK, Germany, the US, Canada, and Spain. Processing equipment such as industrial ovens, molders, formers, mixers, blenders, and cutters form an integral part of bakery and confectionery products manufacturing, and their high demand is mainly due to the highly fragmented bakery & confectionery market and high prevalence and demand for these products in both developed and developing countries. These factors have accelerated the growth of this segment.
The semi-automatic segment accounted for the larger market share among the two modes of operation in the food & beverage processing equipment market in 2017.
On the basis of mode of operation, the semi-automatic food & beverage processing equipment accounted for a larger market share. Semi-automatic mode of operation provides manufacturers with a limited capital capacity, a cost-effective solution. A majority of food manufacturers in developing countries such as India, Vietnam, Indonesia, and China utilize semi-automatic equipment. Further, the process consumes less energy compared to fully automated equipment, and there is an availability of labor at lower costs than in developed countries. Due to these factors, the market for the semi-automatic mode of operation of food & beverage processing equipment accounted for the largest share.
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Asia Pacific dominated the food & beverage processing equipment market in 2017.
Asia Pacific accounted for the largest market share in 2017. The application of processing equipment is estimated to increase at a high pace due to the demand from the processed foods industry. The region is expected to experience a sharp rise in the demand for advanced food processing machinery that helps reduce processing time and enhance the efficiency of manufacturing operations. 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. These factors have fueled the growth food & beverage processing equipment market in the Asia Pacific region.
This report includes a study of marketing and development strategies, along with the product portfolios of the leading companies. It includes profiles of leading companies such Marel (Iceland), GEA Group (Germany), Bühler (Switzerland), JBT Corporation (US), Alfa Laval (Sweden), TNA Australia Solutions (Australia), Bucher Industries (Switzerland), Equipamientos Cárnicos, S.L. (Mainca) (Spain), Clextral (France), SPX Flow (US), Bigtem Makine (Turkey), Fenco Food Machinery (Italy), and Krones Group (Germany).
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