Food Processing and Handling Equipment Market Forecast to 2026
As Per The Report Published in a recent study by Fortune Business Insights, titled, “Food Processing and Handling Equipment Market Size, Share & Industry 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 Forecast, 2019-2026.” According to the study, the incorporation of novel technologies, such as artificial intelligence and IoT are responsible for the food processing and handling equipment market growth during the forecast period.
The global food processing and handling equipment market size is projected to reach USD 131.70 Billion by 2026, thereby exhibiting a CAGR of 4.8% during the forecast period. However, the market was valued at USD 91.34 Billion in 2018.
Bakery and Confectionery Segment to Lead: Need for Fast Production Will Favor Growth
In terms of application, the market is segregated into bakery and confectionery products, beverages, meat and poultry products, dairy products, and others (grains, fruits, nuts and vegetables). Out of these, the bakery and confectionery products segment is anticipated to hold the highest food processing and handling machine market share during the forthcoming years. At present, in countries, namely, France and Germany, the industry is booming. It is attributable to the rapid rise in the demand for bread and other related products from the masses. The Federation of Bakers states that around 50 kg of bread is consumed by a person every year in the European Union. Also, commercial bakeries are adopting processing machines nowadays for producing bread of various shapes and types in a short time span.
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JBT Corporation Acquires Proseal to Strengthen Position in the Market
April 2019: JBT Corporation, a food processing machinery and airport equipment company, headquartered in the U.S., announced that it has successfully acquired Proseal U.K. Limited, a provider of tray sealing technology, based in Cheshire. The acquisition would enable Proseal to expand JBT’s capabilities. It would also benefit the former’s end-of-line market position by advancing its strategy of offering full-line solutions to the consumers.
The growth is attributable to the rising investment by leading companies to expand their presence by opening new production facilities. In Asia Pacific, the market will grow at a fast pace owing to the increasing consumer preference for instantly processed food. The rising disposable income of people would also contribute to the growth. North America, on the other hand, is expected to experience exponential growth stoked by changing consumer preference for frozen food items and the expansion of food and beverage industry.
Fortune Business Insights profiles some of the prominent key players operating in the food processing and handling machine market. They are as follows:
- ALFA LAVAL
- Dover Corporation
- Buhler Ag
- M.A. INDUSTRIA MACCHINE AUTOMATICHE S.P.A.
- GEA Group Aktiengesellschaft
- The Middleby Corporation
- Krones AG
- Tetra Pak International S.A.
- Other key market players
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