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 primarily driven by factors such as a rise in demand for meat, poultry, dairy, bakery, and confectionery products; increase in demand for processed and convenience food; and a greater focus on production efficiency, processing time, and quality of food products.
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.
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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 for food & beverage processing equipment from 2018 to 2023. Regional markets such as India, China, and Japan are projected to drive the growth of food & beverage processing equipment in the region, owing to the rising income, purchasing power, rapid growth of the middle-class population, and increasing consumer demand for processed products provide promising prospects for growth and diversification in the region’s food sector. Also, 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.