Report: Food processing equipment market to climb to $98.7B by 2030
The global food processing equipment market is expected to be valued at $98.7 billion by 2030, according to a recent study.
The report by market researcher GreyViews analyzed markets by mode of operation, type and application as well as by region.
Innovations in food processing technology, along with rising consumer demand and increased spending on research and development, will drive industry growth, according to the report. Expanding dietary trends and health consciousness in developed and emerging nations are also expected to fuel the market.
Analyzed regions are: North America, Europe, Asia-Pacific, South America and Middle East and Africa. Key market players were identified as: Buhler, Krones AG, AFE Group Ltd., Atlas Pacific Engineering Company Inc., B.K Engineers, National Refractories, Heat and Control, Inc., Meyer Industries, ZIEMANN HOLVRIEKA, and TOMRA Systems. among others.
The report pinpoints the automatic segment as the fastest-growing mode of operation during the forecast period, with manufacturers continuing to look for competitive edges and investing in R&D. The fast-growing equipment type is projected to be the major depressive disorder segment due to increased popularity of packaged and healthy foods and rising demand for processed items.
The fastest growth in the application segment is forecast in meat and seafood, driven by more demand for nutrient-dense foods and a growing awareness of the health benefits of marine products. The report predicts an expanding need for machinery that can carry out multiple functions, such as cleaning, skinning and weighing, with one piece of equipment.
The German food processing equipment market is expected to reach $1.2 billion — a compound annual growth rate of 6% — by 2023, as significant expansion is expected in Europe. China’s market is expected to reach $1.26 billion — a CAGR of 6.2% — by 2023 as the country addresses issues including urbanization and economic inequality, while India’s market share is expected to reach nearly $1 billion by 2030 — a CAGR of 6.1%.