Food & Beverage Processing Equipment Market to Record Steady Growth by 2023

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Food & Beverage Processing Equipment Market to Record Steady Growth by 2023

February 27
16:08 2020
Food & Beverage Processing Equipment Market to Record Steady Growth by 2023

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 food & beverage processing equipment market was valued at USD 52.37 billion in 2017; it is projected to reach a value of USD 74.44 billion by 2023, growing at a CAGR of 6.1% from 2018. The basic objective of the report is to define, segment, and project the global market size for food & beverage processing equipment on the basis of end-product form, mode of operation, application, type, and region. It also helps to understand the structure of the market by identifying its various segments. The other objectives include analyzing the opportunities in the market for stakeholders and providing a competitive landscape of market trends, analyzing the macro and microeconomic indicators of this market to provide factor analysis, and to project the size of the global market. 

Food & Beverage Processing Equipment Market

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On the basis of application, the meat & poultry segment is projected to grow at the highest CAGR from 2018 to 2023, owing to a shift in consumption patterns and preference for processed as well as frozen meat products; rise in the number of quick-service restaurants in some developing countries of Asia such as India, Indonesia, and Thailand; and expected rise in pork production units in countries such as the US.

Based on the mode of operation, the automatic segment is projected to grow at a higher CAGR from 2018 to 2023. Fully automated and integrated processing lines help in achieving operational efficiencies and proper control of production process. Fully automatic processing lines form a critical part of huge manufacturing units and also help to achieve economies of scale. The market for automated processing lines is saturated in developed regions, predominantly in the US, Canada, and Western & Central European countries, while developing regions such as Asia Pacific are projected to exhibit a higher rate of adoption of these systems. These factors are contributing to the popularity of the automatic segment of the food & beverage processing equipment market.

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.

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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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