The report “Prepared Food Equipment Market by Type (Pre-processing, Processing, Packaging), Application (Snack & Savory Products, Meat & seafood Products), Mode of Operation (Automatic, Semi-automatic, Manual), and Region – Global Forecast to 2026″, The global prepared food equipment market size is estimated to account for a value of USD 10.4 billion in 2020 and is projected to reach USD 15.1 billion, with a CAGR of 6.4% for the forecast period 2020-2026. The market is driven by factors such as growing disposable income; increase in supermarkets & retail outlets, investment of food manufacturers on products with a focus on production efficiency, processing time, and quality; and growth of food exports. An increase in investments in R&D activities, demand for advanced machinery, and the growing automation industry are the upcoming opportunities for the prepared food equipment industry.
COVID-19 impact on Prepared Food Equipment market
With the lockdown imposed by governments due to the COVID-19 pandemic, restaurants, food outlets, and catering businesses were shut down, which has affected the equipment manufacturers’ sales. Although the food consumption was more as people were at home, the food equipment market got affected worldwide due to the COVID-19 pandemic. It has impacted the meat products market due to the negative publicity by social media on the health risks associated with animal-based products’ consumption. Simultaneously, the bakery and convenience food products market witnessed good growth as they are readily available and tasty to eat.
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Prepared Food Equipment Market Dynamics:
Driver: Rise in income to drive the demand for prepared & convenience foods
The rise in disposable income due to growth in the economy, especially in emerging countries such as India and China, has led to an increase in demand for prepared & convenience foods. With the rising demand for convenience and ready-to-eat (RTE) food, customers are also concerned about the nutritional and health benefits of such food items before consumption. This is achieved by automating or integrating the overall processes, which help maintain food quality and nutritional value.
Restraints: Increase in demand for minimally processed, healthier organic food products
The rise in the aging population in developed countries has led to an increase in health concerns. There is a high preference for fresh and minimally processed food products without synthetic chemical preservatives. This adversely affects the demand for prepared food equipment as prepared foods are processed with preservatives and other flavoring agents to increase the shelf life and enhance palatability.
By application, the snacks & savory products segment is projected to dominate the Prepared Food Equipment market during the forecast period.
Every household consumes snacks & savory products as it is easily available and tasty for consumption. With the growing concerns for healthy food options, varieties of snacks are made available, gluten-free, lactose-free, and rich in nutrients.
The automatic segment is projected to be the highest growing segment in the Prepared Food Equipment market during the forecast period by mode of operation.
The ease of use and higher production of food products in lesser time drive the market for automated prepared food equipment. Like the US and Germany, most countries opt for automated equipment to cater to the increasing demand for processed foods domestically and internationally.
Asia Pacific is projected to grow at the highest CAGR during the forecast period.
The Asia Pacific region is projected to grow at the highest CAGR during the forecast period. Countries such as China, India, and Japan, have great demand for ready-to-eat and on-the-go products, which drives the demand for prepared food equipment in the region. The growth in the retail sector is also encouraging development in the prepared food industry. Other countries like Thailand, Vietnam, Indonesia, and Malaysia have more popularity for international tourism. Hence, increasing restaurants with various food options also drive the market for prepared food equipment market.
This report includes a study on the marketing and development strategies and a study on the product portfolios of the leading companies operating in the Prepared food equipment market. It consists of the profiles of leading companies like GEA Group (Germany), Alfa Laval (Sweden), JBT Corporation (US), SPX FLOW (US), Bühler (Switzerland), Tetra Laval (Switzerland), Dover Corporation (US), Robert Bosch (Germany), Krones (Germany), Middleby Corporation (US), Marel (Iceland), IMA Group (Italy), Multivac (Germany), Ali Group (Italy), Lyco Manufacturing, Inc (US), Heat and Control, Inc. (US), BigTem Makine (Turkey), Hup Sheng Machinery & Industry (Malaysia), Sumpot (China), and Hosokawa Alpine (Bayern).