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, growing at a CAGR of 6.1%. The market is segmented on the basis of type, mode of operation, end-product form, application, and region. The types of food & beverage processing equipment include processing and pre-processing. Processing type of equipment include forming, extruding, coating, drying, cooling, freezing, thermal, filtration, pressing, and homogenization equipment, and pre-processing type of equipment includes, sorting, grading, cutting, slicing, peeling, washing, blending, and mixing equipment.
The market has been segmented on the basis of mode of operation into automatic, and semi-automatic. The market has been segmented on the basis of end-product form into solid, liquid, and semi-solid. The applications of food & beverage processing equipment include bakery & confectionery products, meat & poultry, dairy products, non-alcoholic beverages, alcoholic beverages, fish & seafood, and others. On the basis of key regions, the food & beverage processing equipment market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
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The food & beverage processing equipment market is driven by factors such as rising demand for meat, poultry, dairy, bakery, and confectionery products, growing demand for processed and convenience food, and Increased focus on production efficiency, processing time, and quality of food products.
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.
The Asia Pacific region is projected to be the fastest-growing market. The growth of Asia Pacific region is due to the demand from the processed foods industry. The food processing sectors in countries such as China, India, Australia, and New Zealand are export-oriented, and the processing sector is of prime importance in these countries as players are focusing on technology adoption and automation. Also, 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.
The major restraining factor for the food & beverage processing equipment market is the rising costs of production due to increasing energy & labor costs and growing demand for organic & fresh food products. Equipment such as homogenizers, heaters, and ovens used in the food & beverage processing industry consume significantly high energy and power. Automatic equipment are considered to be advanced, but need uninterrupted electric supply to function efficiently, leading to higher energy bills. In developed countries such as the US, Germany, the UK, and France, the demand for new foods among consumers, changes in their eating habits, and food safety risks are affecting the food processing industry. The rise in aging population in developed countries has led to growing health concerns, owing to which they prefer fresh and organic food products with no synthetic ingredients used. These factors are expected to restrict the growth of the market in the long run.
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Companies such as Marel (Iceland), GEA Group (Germany), Bühler (Switzerland), JBT Corporation (US), and Alfa Laval (Sweden) have acquired a leading market position through the provision of a broad product portfolio, along with a focus on diverse end-user segments.