Food Processing & Handling Equipment Market Size Estimated to Reach $208.8 Billion by 2026
Rise in the Adoption of New Technologies in Forming, Extruding, and Coating Is Driving the Growth of the Food Processing & Handling Equipment Market
Hyderabad, India – July 24, 2021 /MarketersMedia/ —
Food Processing & Handling Equipment Market size is estimated to reach $208.8 billion by 2026, growing at a CAGR of 6.2% during the forecast period 2021-2026. Food Processing & Handling Equipment refers to processing machines, systems used to cook, handle, prepare, package, and store food products. Food processing & handling equipment are primarily aimed towards palatability and perform auxiliary functions, such as preparation, handling, and packaging. These equipment are increasingly being employed to produce food product applications, such as bakery & confectionery products, dairy products, meat & poultry products, and alcoholic beverages. The rise in awareness about the importance of pasteurization, increase in the commercial availability of homogenizer equipment for alcoholic beverages, and growing investment by the key players to develop advanced food processing & handling equipment are the factors that are set to drive the growth of the Food Processing & Handling Equipment Market for the period 2021-2026.
Food Processing & Handling Equipment Market Segment Analysis-By Equipment Type
The Food Processing & Handling Equipment Market based on the Equipment Type can be further segmented into Food Processing Equipment, Foodservice Equipment, and Food Packaging Equipment. The Food Processing Equipment segment held the largest share in 2020 and is also estimated to be the fastest growing segment with a CAGR of 6.7% over the period 2021-2026 . This growth is owing to the factors such as the increase in the commercial availability of homogenizer equipment for alcoholic beverages and the growing product innovations to provide advanced and efficient technologies for food manufacturers. The rise in the adoption of new technologies in forming, extruding, and coating is driving the growth of the Food Processing & Handling Equipment Market.
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Food Processing & Handling Equipment Market Segment Analysis-By Application
The Food Processing & Handling Equipment Market based on the Application can be further segmented into Bakery & Confectionery Products, Dairy Products, Meat & Poultry Products, Alcoholic Beverages, Non-alcoholic Beverages, Fish & Seafood Products, and Others. The Bakery & Confectionery Products segment held the largest share in 2020 owing to the factors such as the increase in the adoption of processing equipment including industrial ovens, mixers, blenders, and cutters for manufacturing bakery & confectionery products, and rise in the investment by the key players to develop advanced food processing & handling equipment for bakery and confectionery products. The increase in the popularity of innovative bakery products, such as pastries and chocolate-coated donuts is driving the growth of the Food Processing & Handling Equipment Market. The Alcoholic Beverages segment is estimated to be the fastest growing segment with a CAGR of 6.9% over the period 2021-2026.
Food Processing & Handling Equipment Market Segment Analysis – By Geography
North America held the largest share with 34.9% of the overall market in 2020. The growth in this segment is owing to the factors such as the growing awareness among the food manufacturers about the importance of pasteurization and an increase in demand for filters and pressing equipment for dairy products. The rise in the commercial availability of homogenizer equipment for alcoholic beverages is driving the growth of the Food Processing & Handling Equipment Market. Asia-Pacific segment is estimated to be the fastest growing segment over the period 2021-2026.
Food Processing & Handling Equipment Market Drivers
Rise in the Demand for Hygienic and Convenience Food Products
Customers across the world are rapidly shifting towards hygienic and convenience food products owing to their busy lifestyles and rise in the standard of living. This growing inclination towards hygienic and convenience products, such as bakery and confectionery products, dairy products, and alcoholic beverages has increased the demand for homogenizer and other thermal equipment, which is further propelling the growth of the Food Processing & Handling Equipment Market.
Increase in the Adoption of Robotic and Automated Technologies
Robotics and automated technologies are increasingly being adopted across the world owing to their ability to improve food safety and also to track food over the entire value chain. The rise in awareness about the importance of pasteurization has further propelled the demand for these technologies as they easily monitor the potential status of any product, which is one of the major factors driving the growth of the Food Processing & Handling Equipment Market.
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Food Processing & Handling Equipment Market Challenges
Lack of Awareness About the Regulations of Food Safety
The governments and various food safety organizations across the world are increasingly imposing strict regulations on food processing and handling equipment owing to the rise in the prevalence of foodborne diseases. However, the lack of awareness about the regulations of food safety is one of the major factors that is estimated to reduce the growth of the Food Processing & Handling Equipment Market.
Food Processing & Handling Equipment Market Competitive Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Food Processing & Handling Equipment Market. Key companies of this market are GEA, Middleby Corporation, Buhler Ag, JBT Corporation, Alfa Laval, IMA Group, Multivac, Tetra Pak, Dover Corporation, and Robert Bosch among others.
Acquisitions/Product Launches:
In July 2020, JBT Corporation has launched ReadyGo Liquifusion equipment to combine food and beverage processing operations in a single system for handling a range of products, such as condiments, juices, cheese, and purees.
In June 2020, GEA has launched Whitebloc Filling System Aero that was specially designed for Extended Shelf Life (ESL) beverages for handling the process from raw material reception to final palletization and bottling.
In May 2020, Tetra Pak has launched its complete processing equipment for feta-type white cheese products. This equipment has a fully automated and integrated solution to ensure a high level of standard of food safety to market.
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