August 02, 2022 09:30 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Aug. 02, 2022 (GLOBE NEWSWIRE) -- The global food processing and handling equipment market size was valued at USD 101.23 billion in 2021 and reached USD 105.13 billion in 2022. The company is expected to touch USD 140.17 billion by 2029, exhibiting a CAGR of 4.2% during the forecast period. Furthermore, robust investments in food processing and rising demand for hygienic convenience products are expected to enhance the market growth. Fortune Business Insights™ provides this information in its report titled “Food Processing and Handling Equipment Market, 2022-2029.”
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Increasing Food Safety Concerns Impeded Market Growth
This market was negatively affected during the COVID-19 pandemic due to increased food safety concerns among people. The sudden spike in COVID-19 infections impeded the demand for the equipment. Companies needed to invest more in the sanitization of machinery, thereby increasing resource consumption. Further, governments imposed regulations to promote hygienic practices in the industry. As per HACCP’s recent studies, the COVID-19 virus remains active on surfaces for nearly 72 hours, resulting in contamination. This factor led to rising spending on sanitization. These factors negatively affected the industry’s progress.
Food Processing Equipment Segment to Grow Attributable to Strong Demand from Food & Beverage Sector
By equipment type, the market is segmented into processing equipment, packaging equipment, and service equipment.
The processing equipment segment is expected to exhibit strong growth due to strong demand from the food & beverage industry. Furthermore, the increasing demand for ready-to-eat foods is expected to enhance the demand for the product.
Bakery and Confectionery Products Segment Dominate Market Share Owing to Extensive Adoption of Dairy Products
Based on application, the market is classified into bakery and confectionery products, meat and poultry products, dairy products, beverages, and others (grains, fruits, nuts and vegetables, and others.)
The bakery and confectionery products segment is expected to hold a dominant market share due to extensive adoption of dairy products. Furthermore, increasing investments from foreign and domestic companies in the food and beverage sector are expected to foster market progress.
Browse Summary of this Research Report
https://www.fortunebusinessinsights.com/industry-reports/food-processing-and-handling-equipment-market-101701
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Integration of Robotics and High-End Automation Technologies to Propel Market Growth
Food processing and handling equipment are responsible for food processing and equipment handling. The integration of robotics and high-end automation technologies is expected to enhance the demand for the equipment. Furthermore, the increasing adoption of automation in industries may improve Artificial Intelligence (AI) and the Internet of Things (IoT) adoption, thereby enhancing food processing and equipment handling adoption. Moreover, rapid urbanization and the increasing adoption of fast-paced lifestyles are likely to enhance the demand for hygienic convenience food products. These factors may drive the food processing and handling equipment market growth.
However, the lack of awareness regarding food safety regulations is expected to hamper industry growth.
Food Processing and Handling Equipment Market: Report Scope & Segmentation:
Rising Disposable Incomes to Foster Market Growth in Asia Pacific
Asia Pacific is expected to dominate the food processing and handling equipment market share due to rising disposable incomes. The market in Asia Pacific stood at USD 29.74 billion in 2021 and is expected to gain a huge portion of the global market share. Further, shifting consumer preferences and strong demand for processed foods are expected to enhance market progress.
In Europe, substantial investments in expanding production facilities are expected to bolster food processing and handling equipment adoption. For example, Kellogg’s invested nearly USD 121.5 million in November 2019 to expand its Pringles facility in Poland. These factors may incite the industry’s growth in the region.
Major Players Announce Innovative Products to Bolster Brand Image
The prominent companies operating in the market announce innovative products to bolster their brand image. For example, in September 2021, GEA Group AG launched Batch2Flow. This product is developed to boost the security of the food production process and reduce power consumption. This launch may enable the company to offer effective food processing solutions to consumers and enhance its brand image globally. Furthermore, major players in the market devise expansions, research and development, partnerships, mergers, acquisitions, and automated production techniques to achieve organizational goals and bolster their market position globally.
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List of Key Players Profiled in the Report
https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/food-processing-and-handling-equipment-market-101701
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