New York, Oct. 21, 2019 (GLOBE NEWSWIRE) -- Increasing Consumption due to increasing population, More demand for quality and healthy foods, increasing rate of urbanization, and due to increasing rate of industrialization are key factors contributing to high CAGR of Food Processing & Handling Equipment during the forecast period.
According to the current analysis of Reports and Data, the global Food Processing & Handling Equipments market was valued at USD 127.4 Billion in 2018 and is expected to reach USD 207.6 Billion by year 2026, at a CAGR of 6.3 percent. The rising demand for food processing & handling equipment attributed to the increase in the world consumption. The people in developing countries like India, China and the large market from these countries will create more demand from the food industry. The shift in preference among the population in terms of what they eat to avoid any health concerns and the increase in income of the people in the choice of food is found across the globe. The demand for higher value-added food is growing tremendously.
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These equipment are designed to meet the requirement of industries but the during past few years the government intervention in the sector has increased due to safety and health concerns and because of which to cope up with the standards set is major challenge for the industry around the globe. The equipment manufacturers also have to design the material following the standard set as because which price rise witnessed for the industry.
The processing production cycle, initial foundation operations focus on making the raw material for subsequent processes—typically mechanical or chemical processing—by unraveling the desirable material from the low quality, substandard, or unwanted material. In doing so, manufacturers are better able to guarantee the production of uniform and high-quality products, as well as remove foreign matter and contaminants which may degrade or damage the food material or equipment. Mechanical processing operations are engaged (without the application of heat or chemicals) to homogenize, reduce, enlarge, or otherwise alter the physical form of solid, semi-solid, and liquid matter. By changing the form and size of the food matter, manufacturers can facilitate and raise the efficiency and effectiveness of subsequent processes, improve the overall quality and edibility, and allow for a greater range of products to be produced.
Further key findings from the report suggest
- Food Processing & Handling Equipment market is growing at a CAGR of 5% in Asia Pacific followed by North America and Europe, with 6.4% and 6.0% CAGR, respectively. The increasing demand across the globe is the key factor to accelerate the market growth during the forecast period across all regions
- As of 2018, Bakery & Confectionery is the dominating industry application, which holds 21.8% of the global industry. The Asia-pacific market is the chief revenue-generating source for this product segment, followed by North America and Europe regions
- Dairy Products application is expected to be the fastest-growing market segment during forecast period 2019-2026 with a CAGR of 6.8%. However, risk associated with products like shelf life, costs, and alternatives to dairy products are major challenge for the market growth.
- Others Application segment (that includes livestock feed, Frozen Foods, pharmaceutical, juices & beverages, soups, seasoning & dressings) was valued at USD 10.3 billion and is expected reach USD 16.2 billion by 2026
- Conveyor Belts equipment type holds 32.5% of the equipment type segment. The increasing use of conveyor belts for horizontal moving of products in the company is the primary factor for the growth.
- Asia Pacific is expected to account for 33% of the global industry due to rising demand from countries like Japan, Australia, New-Zealand, with developing nations such as India & China
- The New Product Launches and with the advancement in technology and reluctance of the companies to change the skilled workforce with technology are major challenges before the processing companies.
- A large number of risks associated with food processing and large investment requirements in the industry are likely to hinder the industry growth during the forecast period.
- Key participants include Alfa Laval, Buhler AG, JBT Corporation, GEA, Dover Corporation, Robert Bosch, IMA Group, Middleby Corporation, Welbeit Inc., Multivac Corporation
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented the Food Processing & Handling Equipments market based on form, application, equipment type, processing type, and region:
Form (Revenue, USD Billion; 2016–2026)
- Solid
- Liquid
- Others
Application (Revenue, USD Billion; 2016–2026)
- Bakery & Confectionery
- Meat, Poultry & Seafood
- Dairy Products
- Prepared Food
- Fat & Oil
- Fruits & Vegetables
- Others
Equipment Type (Revenue, USD Billion; 2016–2026)
- Elevators
- Conveyor Belts
- Hoppers & Silos
- Reclaimers
- Stackers
Processing Type (Revenue, USD Billion; 2016–2026)
- Grading
- Sorting
- Milling
- Packing
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Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- U.S.
- Europe
- France
- UK
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East and Africa
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