The prepared food equipment market was valued at USD 7.96 Billion in 2017 and is projected to reach 11.23 Billion by 2023, at a CAGR of 5.95% during the forecast period.
Based on type, the market has been segmented into pre-processing, processing, and packaging. The processing segment accounted for the largest market share of the global market in 2017. Processing is further segmented into blanching, cooking, and seasoning & coating. The pre-processing segment is segmented into sorting & grading, mixing & grading, and others which include conveying, picking, and placing. The packaging segment is further segmented into primary and secondary packaging.
North America accounted for the largest share in the global market, in terms of value, in 2017, owing to the increasing automation industry. Asia Pacific is expected to overtake the North American market for prepared food equipment by 2023. The wide acceptance and availability of prepared food equipment in the US, Canada, and Mexico, along with their growth potential, are the major drivers contributing to the growth of the North American prepared food equipment market.
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The key players in the prepared food equipment market include GEA Group (Germany), Alfa Laval (Sweden), The Middleby Corporation (US), Marel (Iceland), and Buhler (Germany). Other players in the industry include Welbilt (US), Hughes Equipment Company (US), Heat and Control Inc. (US), Bigtem Makine (Turkey), and Hup Sheng Machinery & Industry (Malaysia).
Strategic acquisitions and organic expansions were the core strengths of the leading players in the prepared food equipment market; these strategies were adopted by the players to increase their market presence. They also helped the players diversify their businesses geographically, strengthen distribution networks, and enhance their production capacities. Market leaders such as GEA Group (Germany), Alfa Laval (Sweden), The Middleby Corporation (US), Marel (Iceland), and Buhler (Germany) successfully tapped the potential markets through expansions, investments, acquisitions, agreements, and joint ventures.
GEA Group (Germany) ranked first in the prepared food equipment market in 2017. It is one of the key players in providing efficient prepared food solutions. The company is one of the largest manufacturers of prepared food equipment, which includes refrigeration machines, induction, fryers, ovens, and cooking systems, which are helpful in preparing RTE or on-the-go food products. The company has a strong brand name and has a well-established distribution network, which makes it a leading market player. The company innovates and introduces new products and is increasingly inclined to make acquisitions that can expand its business in the prepared food equipment market. For instance, in December 2016, the company launched new cookie production line in Indonesia, which helped them expand its business in the Asia Pacific region. In September 2017, the company acquired Pavan Group (Italy) to increase its activities in the food processing industry.
Alfa Laval (Sweden) held the second position in the prepared food equipment market in 2017. The company is one of the leading providers of processing and packaging equipment. The company has made consistent product enhancements and launched various new products between 2014 and 2017. Since 2014, it has launched six new products, including plate heat exchangers, LKH Prime Pump, and Rotary Jet Head tank-cleaning machine, which helped the company expand its product range.