Wilmington, Delaware, United States, June 12, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - TMR predicts that food processing equipment's market value reached US$ 47.8 billion by 2022. It is estimated to grow at a CAGR of 5.7% from 2023 to 2031. The market is expected to reach US$ 69.2 billion by the end of 2031.
Over the past couple of decades, engineers have become increasingly prominent in the food industry. There is a great deal of diversity and complexity in the food processing industry. A more sophisticated and demanding consumer market is constantly driving process innovation. Consumers are expecting innovation, exceptional value, excitement, and integrity of a product.
Globally, businesses are seeking ways to reduce production expenses due to increased production costs and inflation. A lot of the companies involved in the food and beverages industry are doing their best to reduce costs while keeping quality high.
With the growing trend of plant-based diets, traditional food-processing equipment that was originally designed to handle meat will be making more advances. The urban population is growing and as fast-paced lifestyles become more popular, convenience foods with hygienic ingredients may become more popular. There is a possibility that these factors could drive the growth of the food processing equipment market.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 47.8 Bn | |
| Estimated Value | US$ 69.2 Bn | |
| Growth Rate - CAGR | 5.7% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 145 Pages | |
| Market Segmentation | Equipment Type, Mode of Operation, Application, Distribution Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Alfa Laval AB, BAADER, Buhler AG, Dover Corporation, GEA Group AG, Hobart, JBT, Krones AG, Marel, Tetra Laval International S.A. | |
Key Findings of Market Report
- Bakery and confectionery products are likely to hold the largest market for food processing equipment market.
- With technologies being adopted more widely, the demand for automatic food processing equipment on the market is expected to increase.
- Growing demand for processed food has prompted a rise in preparation equipment demand.
- A new product is continually influenced by the economic climate and the interests of customers.
- Manufacturers are investing in revolutionary technology to meet the growing demand for healthy food & beverages.
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Global Food Processing Equipment Market: Growth Drivers
- A rise in demand for processed food products and the introduction of fast food brands will lead to an increase in food processing equipment demand. Increasing spending on research and development and food processing technologies is likely to fuel the growth of the food processing and handling equipment market.
- As advanced technologies become more common, automation is driving the demand for such technologies demand for food processing equipment will grow in the market. IoT and AI technologies combined with robotics in manufacturing facilities will drive food processing equipment sales.
- The use of dairy products across various regions will likely increase demand for this equipment in the future. As pet adoption and demand for pet food continue to grow, there is a good chance that the market for food processing equipment will grow. As health awareness and dietary trends grow the market is expected to grow.
Global Food Processing Equipment Market: Regional Landscape
- Food processing equipment market demand is likely to rise as ready-to-eat foods and convenience foods become more popular in Europe.
- Food processing equipment has grown in popularity in the United States as pet food has become more popular in the market.
- Demand for food processing equipment is rising as nutritious food becomes increasingly popular in the United States and Canada.
- Businesses in the food manufacturing industry in Germany are spending heavily on expanding their production capacities to meet customer demands.
- Food processing gear that improves production efficiency and reduces processing time will see substantially more demand in China in the coming years.
Global Food Processing Equipment Market: Key Players
Globally, several large manufacturers dominate the food processing equipment market. Leading manufacturers invest heavily in research and development, expand their products, and acquire other companies. According to market analysis, top players in the food processing equipment market focus largely on product development.
- In May 2023, Batesville-based Hillenbrand Inc. announced that it will buy Schenck Process' Food and Performance Materials business, or FPM, for $730 million. In addition to designing, manufacturing, and servicing food processing equipment, FPM employs 1,300 people worldwide.
- In June 2023, Tauber-Arons Inc., an industrial auction company, will be conducting a timed online auction of late model equipment for the manufacture and packaging of pet foods. Pet food businesses have the opportunity to acquire state-of-the-art equipment during the auction. Fillers, robotics, palletizers, sleeve machines, and other assets are located in Emporia, Kansas. Manufacturing and packaging equipment for pet food represents cutting-edge technology.
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Global Food Processing Equipment Market: Segmentation
Equipment Type
- Preparation Equipment
- Mechanical Processing Equipment
- Heat Processing Equipment
- Preservation Equipment
- Others (Packaging Equipment, etc)
Mode of Operation
- Automatic
- Semi-automatic
- Manual
Application
- Dairy
- Fruits & Vegetables
- Sea Foods, Meat & Poultry
- Bakery & Confectionery
- Beverages
- Others
Distribution Channel
- Direct
- Indirect
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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