The Global food processing equipment market size to exceed US$ 89 billion by 2027 with a CAGR of 6.2%
COVID 19 has changed the world and food industry and hence for better food safety practices the processed food industry has led to the adoption of advanced technology-based processing equipment, which is anticipated to ultimately boost the global food processing equipment market during the forecast period.
Food processing equipment has a big role it converts the raw food constituents into food items through numerous chemical and physical ways. This equipment is available in several categories which consist of dryers, chillers, roasters, fryers, grinders, feeders, mixers, separators, homogenizers, slicers, and ovens. Besides, the food processing equipment is operated in numerous industries comprising industrial bakery, the seafood industry, dairy industry, poultry farm, confectionery, beverage industry, milk, nut, fruit, and vegetable sector. These days, due to better incomes and the need for safety people are spending more over-processed foods thus leading to gigantic growth in the food processing equipment market.
The food processing equipment market is fragmented and consists of several regional and international competitors. The major players such as Berkshire Hathaway Incorporated, Anko Food Machine Company Limited, Atlas Pacific Engineering Company Incorporated, Bettcher Industries Incorporated, and several others are constantly focusing on improving research and development activities and facilitate other organic strategies to gain a competitive edge in the food processing equipment market. Foremost companies in the food processing equipment market is likely to involve in strategies to acquire leading brands to enlarge their product portfolio. Prominent manufacturers cater to international clients through their respective manufacturing amenities, while smaller companies elect to accommodate domestic players.
So in Today’s world, growing pressure on the processing industry due to the growing demand for packaged and processed food products as a result of the increasing population is anticipated to contribute to the substantial market expansion in the near future. This is prompting a major percentage of the human population to rely on processed food. Moreover, as the percentage of the working population upsurges, a marked transition to processed foods is seen.
Some of the major influences supporting the widespread demand for food processing equipment in the emergent nations include augmented globalization, increasing income, and implementation of automated technologies among others. Additionally, the escalating need for processed foods and the improvement of novel foods and beverages that need innovative production approaches and related machinery are further flourishing the growth of the market. On the other hand, the presence of stringent regulatory compliances regarding the manufacturing of processed food may hamper the growth of this market in the near future.
The global food processing equipment industry is facing a number of challenges as it deals with the impact of the novel coronavirus (COVID-19) outbreak. The mainstream of the global populace is in lockdown on account of the speedy proliferation of the COVID-19 epidemic. The contagion situation has led to a complete shutdown of numerous operations across the world. Numerous key industries are under the threat of a decline in their sales.
In addition, the food & beverage sector is undergoing minor demise in its trades owing to the total lockdown of numerous nations across the globe. This has adversely influenced the global food processing equipment market as consumers are electing to purchase only indispensable products.
The North America dominates the global food processing equipment market by occupying the maximum market share, while Europe is projected to witness significant growth during the forecast period owing to increasing awareness level regarding innovative food products. Nevertheless, the Asia Pacific region is expected to be the fastest-growing market for food processing equipment over the projection period. The region is projected to experience a sharp growth in the demand for advanced food processing equipment that helps decrease the processing time and improve the efficiency of manufacturing operations. In addition, the food processing sectors in Asian countries such as China, India, Australia, and New Zealand is export-oriented; likewise, the processing sector is of high priority in these countries, as the companies here are focusing on technology adoption and automation. The estimated growth in the number of food processing units in the Asia Pacific region is further expected to propel the supply and consumption of food processing equipment.