LONDON, Jan. 28, 2021 /PRNewswire/ -- According to a new market research report titled "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', in terms of value, 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.
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Food processing is considered one of the fastest-growing industries, globally. The food processing sector's contribution to gross value added (GVA), employment, and investment is significant worldwide. This industry's growth is supported by the availability of a large raw material base; therefore, a wide range of instruments and equipment are used in the food processing industry.
The increasing consumer demand for processed food, growing focus on food safety & safety of workers, growing need to increase productivity, increasing focus of food manufacturers to reduce production costs, and government support to promote the food processing sector are the major factors driving the growth of this market. In addition, emerging economies, such as Latin America, Southeast Asia, and Africa, provide significant opportunities for manufacturers in the food processing equipment market. However, the high cost of equipment and increasing consumers' inclination towards consumption of minimal processed food products hinders the growth of this market. On the other hand, the lack of a trained labor force in many parts of the globe poses a challenge to the food processing equipment manufacturers.
The Impact of COVID-19 on the Food Processing Equipment Market
The COVID-19 pandemic has severely impacted many economies around the globe. As a measure to control the spread of this disease and to avoid its associated consequences, governments across the globe have announced partial or complete lockdowns, majorly impacting many manufacturing industries, including food processing equipment.
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The food processing equipment manufacturing industry is heavily hit by the virus' impact, as it shut the production and factory operations. It all originated from China, which is the hub for the supply of raw materials to the global companies in the global market, then it impacted the whole supply chain for the manufacturing companies to follow lockdown, social distancing, and prevent coronavirus spread measures suggested by the local government. It is estimated that over 75% of the world's total businesses are in direct or indirect contact for the procurement of raw materials from China companies, and almost 950 fortune 1,000 companies have tier 2 suppliers in China. Moreover, according to the United Nations Conference on Trade and Development (UNCTAD), the global Foreign Direct Investment (FDI) will reduce by 5% to 15% due to a fall in manufacturing companies' operations in terms of factory shutdown. Thus, the outbreak of COVID-19 is projected to slow down investments in the food processing equipment manufacturing sector worldwide. This scenario has lowered the demand for food processing equipment.
The food processing equipment market study presents historical market data in terms of value and volume (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented based on type and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on type, the food processing equipment market is mainly segmented into meat, poultry, & seafood processing equipment; bakery processing equipment; beverage processing equipment; dairy processing equipment; chocolate & confectionery processing equipment; fruits & vegetable processing equipment; and other food processing equipment. In 2020, the meat, poultry, and seafood processing equipment segment commanded the largest share of the overall food processing equipment market. The large share of this segment is mainly attributed to the increasing production of processed meat products, increasing urbanization & disposable income, and growing consumer preference for protein-rich food products. In addition, the growing middle-class population in developing countries, expanding meat processing industry, stringent food safety regulations, and increasing global trade network are also supporting the growth of this segment.
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Based on type, the meat, poultry, and seafood processing equipment market is mainly segmented into cutters & grinders; smokers, massagers, & tumblers; mixers; tenderizers; killing & defeathering equipment; slicers; evisceration equipment; cookers, roasters, & grillers; deheading & gutting equipment; filleting equipment; and others. The cutters and grinders segment commanded the largest share of the overall meat, poultry, and seafood processing equipment market in 2020. The large share of this segment is mainly attributed to the wide usage of cutters and grinders in the meat, poultry, and seafood processing plants. However, the tenderizing equipment segment is expected to grow at the highest CAGR during the forecast period.
Based on type, the beverage processing equipment market is mainly segmented into brewery equipment, filtration equipment, carbonation equipment, blenders and mixers, and others. The brewery equipment segment is estimated to command the largest share of the overall beverage processing equipment market in 2020. However, the carbonation equipment segment is expected to grow at the highest CAGR during the forecast period.
Geographically, the Asia-Pacific food processing equipment market commanded the largest share of the global food processing equipment market in 2020. 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 food processors; and burgeoning F&B industry, primarily due to the increasing urbanization, a huge base of population, growing health awareness, and rising disposable income. China is expected to dominate the Asia-Pacific market through 2027, mainly due to the growing food processing industry, a large number of food and beverage manufacturing plants, and rising demand for food processing equipment from Chinese F&B manufacturers.
The key players operating in the 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) among others.
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Scope of the Report
Food Processing Equipment Market, by Type
- Meat, Poultry, and Seafood Processing Equipment
- Cutters and Grinders
- Smokers, Massagers, and Tumblers
- Killing and Defeathering Equipment
- Evisceration Equipment
- Cookers, Roasters, and Grillers
- Deheading and Gutting Equipment
- oFilleting Equipment
- Other Meat, Poultry, and Seafood Processing Equipment
- Bakery Processing Equipment
- Ovens and Proofers
- Dough Mixers
- Molders and Sheeters
- Dividers and Rounders
- Other Bakery Processing Equipment
- Beverage Processing Equipment
- Brewery Equipment
- Filtration Equipment
- Carbonation Equipment
- Blenders and Mixers
- Other Beverage Processing Equipment
- Dairy Processing Equipment
- Evaporators and Drying Equipment
- Membrane Filtration Equipment
- Other Dairy Processing Equipment
- Chocolate and Confectionery Processing Equipment
- Coating and Spraying Systems
- Other Chocolate and Confectionery Processing Equipment
- Fruits and Vegetables Processing Equipment
- Juice Extractors
- Peelers, Cutters, and Pulpers
- Other Fruits and Vegetables Processing Equipment
- Other Food Processing Equipment
Food Processing Equipment Market, by Geography
- North America
- The Netherlands
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Rest of Asia-Pacific (RoAPAC)
- Rest of the World
- Latin America
- Rest of Latin America (RoLATAM)
- Middle East & Africa
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