August 19, 2021 00:00 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Aug. 19, 2021 (GLOBE NEWSWIRE) -- The global food processing and handling equipment market size was USD 99.68 billion in 2020. The market will exhibit a lower growth of 3.4% in 2020 as compared to the average year-on-year growth during 2017-2019. The market is expected to grow from USD 102.78 billion in 2021 to USD 138.41 billion in 2028 at a CAGR of 4.3% in the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report, titled, “Food Processing and Handling Equipment Market Size, Share & COVID-19 Impact Analysis, By Equipment Type (Processing Equipment, Packaging Equipment, and Service Equipment), By Application (Bakery and Confectionery Products, Meat and Poultry Products, Dairy Products, Beverages, and Others) and Regional Forecasts, 2021-2028.”
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As per our analysts, the increasing utilization of advanced technologies such as IoT in the food and beverage industry to handle waste management as well as avoid time-consuming activities is expected to boost this industry during the forecast period. For example, IoT simplifies food companies to guarantee higher levels of traceability, food welfare, and, eventually, answerability throughout the farm-to-plate goods chain processes. Furthermore, the IoT network in the food supply chain significantly helps to cut down waste, budgets, and jeopardies as well, in all phases of the process.
COVID-19 to Impact Market Negatively on Account of Extreme Hygienic Regulations
The COVID-19 pandemic has adversely impacted the production and food industry, coupled with a deterioration in international trade. It is mandatory for the food industry to accentuate personal sanitation guidelines and provide training to the worker in the food processing and handling equipment industry. Governments of all regions are endorsing sterile design and manufacturing of the food equipment from its official papers, regulations, instructive courses, laboratory testing procedures, and training supplies for a hygienic environment and connected issues. Additionally, Food Safety Management Systems (FSMS) have executed several codes to achieve food safety protocols based on the Hazard Analysis and Critical Control Point (HACCP) study.
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On the basis of equipment type, the global market is divided into processing equipment, packaging equipment, and service equipment. Among these, the food processing equipment segment is expected to grow vastly in the near future, on account of their demand throughout the food and beverage industry. The food processing equipment segment is leading as it is likely to produce an adequate amount of processed food to satisfy the customer demand. It also held a significant share of 46.7% in 2020.
By application, the market is further segregated into bakery and confectionery products, meat and poultry products, dairy products, beverages, and others.
In terms of region, the global market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The report states an orderly study of the market segments of food processing and handling equipments with a comprehensive analysis of the market. A solicitous assessment of the recent market trends and the upcoming opportunities is presented in the report. Additionally, it offers an extensive analysis of the regional insights and how they assist information of the market growth. The COVID-19 impacts have lately been discussed in the report to help stakeholders and corporate business owners with an improved understanding of the potential risks prevailing in the market. The report further discusses the significant players and reveals their key strategies to dominating this industry.
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Growing Demand for Sanitized Convenience Food Products to Promote Market Growth
Convenience meals are anticipated to display dynamic growth rates in the upcoming future due to the dual-income families that are determining the rapid urban lifestyle. According to the Food Drink Europe, which is a food industry association in the European Union stated, Europe holds the utmost intake rate of processed and ready meals, roughly spent up to 6.7 billion in 2017, followed by North America, Asia Pacific, Latin America, and the Middle East and Africa in the same order. Consequently, the demand for convenience food products is anticipated to rise in developing countries as well. This is further expected to spur the food processing and handling equipment market growth in the near future.
Asia Pacific to Ace in the Market Backed by Rising Disposable Income
Asia Pacific is expected to hold major food processing and handling equipment market share and display dynamic growth in the market value across the globe. The increasing disposable income, combined with the changing consumer inclination towards convenience food & ready-to-eat foods, are the key factors impelling the industry development in this region. The market size was worth USD 28.84 billion as of 2020.
North America is expected to hold the second-largest share in this industry owing to the rising demand for food processing & handling equipment. This is primarily due to the rapidly evolving food & beverage industry and varying consumer liking for frozen food products.
Europe is predicted to observe substantial growth in the industry during the forecast period on account of the cumulative capitalization in the extension of production amenities across the EU region.
Key Players Collaborate to Broaden their Market Reach and Gain Prominence
The major players in the market are consistently opting for efficient strategies to assist them in maintaining a superior level in the market. They apply various tactics such as form mergers, initiate acquisitions, sign partnerships, and collaborate to bolster both the involved companies’ market value. For instance, in August 2019, Buhler Group and Premier Tech based in Canada declared the establishment of tactical cooperation for flexible wrapping solutions in China. It is an amalgamation of Premier Tech’s product collection and proficiency and Buhler’s competent, precise, and food welfare programmed technologies facilitating forthcoming packaging solutions.
List of Key Players Covered in the Food Processing and Handling Equipment Industry
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