The Food Processing and Handling Equipment Market is experiencing tremendous growth, with projections indicating a rise from USD 130.6 billion in 2021 to a staggering USD 175.1 billion by 2026. This equates to a compound annual growth rate of 6.0%, solidifying the market as a lucrative investment opportunity in the upcoming years. The Food Processing and Handling Equipment Market is experiencing tremendous growth due to a combination of factors, including a surging demand for processed and packaged food, a growing need for efficient and hygienic processing methods, and the adoption of cutting-edge technology and automation in the food and beverage industry. This report delves into the key drivers of this growth, as well as the trends, challenges, and growth opportunities present in the market.
The Food Processing and Handling Equipment Market is witnessing substantial growth as the food industry expands, driven by increasing demand for processed foods such as meat products, baked goods, convenience food, and more. The development of new technologies, like non-thermal processing, is streamlining the production process and reducing waste, time, and costs. Innovations in processing technology, the demand for healthy and functional foods, and the growth of food manufacturing capacities in emerging economies are all contributing factors to the market's growth. The food and beverage industry are being transformed by advancements in food processing, creating opportunities for manufacturers to meet the growing demand for healthy and functional products using cutting-edge equipment.
Opportunities: Rise in demand from developing countries, such as China and India
Emerging economies, such as BRIC (Brazil, Russia, India, and China), offer several growth opportunities for food packaging equipment manufacturers. Growth in these regions is mainly driven by the consumers’ inclination toward ready-to-eat and convenience food products. Some of the key factors driving the demand for packaged or processed food products are as follows: changing lifestyles of the consumers, rapidly rising disposable income, rising brand awareness, an increasing number of working women, and increased concerns about the quality of the food products. These emerging economies across the globe will act as new revenue pockets for the food packaging industry. According to Agriculture and Agri-Food Canada (AAFC).
It grew at a CAGR of 11.5% between 2017 and 2018 to reach USD 347 billion by 2018. This is expected to provide growth opportunities for the packaged food industry, which, in turn, will lead to the growth of the food packaging technology & equipment market.
Who are the major market players in the food processing and handling equipment market?
The Asia Pacific market dominated the food processing and handling equipment market during the forecast period.
The food industry in Asia Pacific is gigantic. In the region, product innovations and technological advances have put increasing pressures on the quality standards at all levels, with a growing emphasis on food safety, integrity, quality, and nutritional and health impacts. Growth in the demand for processed foods, the rapid rise in supermarkets, and retail outlets are some of the positive factors shaping the growth of the food and beverages industry in the region. With the rising urban incomes and higher consumption proportions of animal products, there is a demand for a more varied range of foodstuffs. Changing demand for processed food and gradual liberalization of the international food trade has resulted in the rise of multinational food retailers.
List of companies leading the market:
The key players in this market include GEA Group (Germany), ALFA LAVAL (Sweden), Bühler Holding AG (Switzerland), JBT Corporation (US), SPX Flow (US), Robert Bosch (Germany), IMA Group (Italy), Multivac (Germany), Krones Group (Germany), Tetra Laval International S.A. (Switzerland), Middleby Corporation (US), Dover Corporation (US), Ali Group S.r.l (Italy), Electrolux (Sweden), and Hoshizaki (Japan). Manufacturers are adopting strategies such as new product launches, expansion & investments, mergers & acquisitions, agreements, and partnerships to strengthen their position in the market.
