Published Date: 12-May-2021
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According to a new report Global Food Processing Equipment Market, published by KBV research, The Global Food Processing Equipment Market size is expected to reach $78.9 billion by 2027, rising at a market growth of 7.3% CAGR during the forecast period.
The semi-automatic segment procured the maximum revenue share of the global food processing equipment market in 2020. Automatic processing equipment would exhibit a major growth rate over the forecast period due to the massive demand for technological advancements, robust R&D abilities of market players, and increasing utilization of automation.
Bakery and confectionaries segment garnered the highest revenue share of the global food processing equipment market in 2020. The demand for poultry, meat, and seafood products is supported by the shifting lifestyle patterns of people, growing preferences toward nutritious food, and awareness about the health advantages of marine products.
The food procession equipment market would witness bright growth prospects as the product is highly used in the end-use industries, particularly in the Asia Pacific due to the increasing domestic manufacturing and consumer income levels. The U.S is one of the most advanced and developed countries with the majority of the population located in urban areas. This has impacted the food choices, which, as a result, supported the growth of the food processing equipment. However, the market is already well developed; therefore, the country's growth of the food processing equipment would witness stagnation during the forecast period.
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of John Bean Technologies Corporation, The Krones Group, Alfa Laval AB, MiddleBy Corporation, GEA Group AG, Buhler Group, Baader Group, Marel Ltd., SPX Flow, Inc., and FENCO Food Machinery S.r.l.
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