Chicago, July 31, 2024 (GLOBE NEWSWIRE) -- The food processing and handling equipment market is projected to grow from USD 130.6 billion in 2021 to USD 175.1 billion by 2026, recording a compound annual growth rate (CAGR) of 6.0% during the forecast period. The food processing & handling equipment market is exhibiting strong growth, with the rising demand for prepared food products globally, changes in consumer lifestyles, along with a transformative leap forward in technological capabilities and increasing investment opportunities in the food processing industry.
The markets in North America and Europe have been growing consistently due to the established food & beverage processing industry and the presence of international food processing equipment manufacturers. The rise in demand for processed food and convenience food has been supported by the rise in disposable income and rapid urbanization in developing countries, such as India, Brazil, and China.
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Top Companies in the Food Processing and Handling Equipment Industry
Drivers and Opportunities:
Drivers: Rising demand for meat, poultry, bakery, dairy, and confectionery products
Meat, dairy, bakery, and confectionery products are some of the major applications of food processing and handling equipment. The growing consumption of protein-based food products, frozen meat, frozen bakery products, and fruits & vegetables; and the growing preference for healthy food products in developed countries drive the demand for higher food production. This growth in demand for various food products will, in turn, drive the demand for food processing and handling equipment. There have been various product launches in snack and bakery product categories, with health claims such as gluten-free and non-GMO in the European market.
Similarly, snacks and bakery products require cutting, coating, slicing, and thermal equipment for manufacturing end products, adding taste and texture, and extending the shelf life. The growth of the bakery & confectionery industry in Europe and other developed countries is also expected to drive the demand for food processing and handling 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.
Food processing segment is estimated to dominate the global food processing and handling equipment market
Advancements in the food processing industry, innovation in processing technology, and continuous growth in the demand for processed food are some factors expected to support the growth of the food & beverage processing equipment market. With the growing preference for healthy food and functional foods, manufacturers are expected to adopt new equipment to fulfill the demand for healthy functional foods & beverages. The expansion of food manufacturing capacities and growth of the food processing industry in emerging economies will also support the growth of the food processing & handling equipment market.
The solid segment is estimated to account for the largest share in the food processing and handling equipment market
The solid segment dominated the global food processing & handling equipment market due to the rising consumption of solid food products, such as bread, processed meat, and processed vegetables, in regular diets. Changing consumer preferences and the adoption of upgraded technologies to enhance the shelf life of products are also driving the growth of the solid segment. Customizations and innovations in the bakery and dessert industries, along with the rising demand for processed fruit and vegetable products, provide huge opportunities for the manufacturers to grow in the food processing & handling equipment market.
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The Asia Pacific region to account for the largest market share during the forecast period
The Asia Pacific region accounted for major share in the food processing and handling equipment market during the forecast period. The food packaging industry in the Asia Pacific region is inclined toward automation, digitalization, and sustainable innovations inspired by the exponential growth of online retail and consumer interest in environmental issues. Asia Pacific’s millennial population outnumbers the Baby Boomers, who are earning more than ever, with strong wage growth, and are demanding a more responsive e-commerce business model to transform this industry. Smart packaging embedded with new technology is increasingly implemented for tackling supply chain issues.
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