Though technical developments, such as reduced energy consumption and waste generation encourage increased sales of food processing machinery, the implementation of severe food processing machinery rules issued by government organizations can stymie food processing machinery market expansion in the long run.
Owing to the rapid shift in people's lifestyles around the world, the demand for processed food has skyrocketed. As a result, food processing companies have improved their machinery to provide high processing capacity in order to fulfill the increased demand. Furthermore, manufacturers have prioritized consumer needs while adhering to worldwide quality standards. Moreover, the market is being driven by an increase food processing machinery market opportunities and expanded the market globally.
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The global food processing machinery market was valued at $61,249 million in 2020, and is projected to reach $93,737.1 million by 2031, growing at a CAGR of 3.9% from 2022 to 2031.
The prominent market players profiled in the report include Anko Food Machine Co. Ltd., Atlas Pacific Engineering Co. Inc., Berkshire Hathaway Inc., Bucher Industries, Mallet & Co. Inc., Nichimo Co. Ltd., Spx Corp., Ziemann International GmbH, AFE Group Ltd., Bean (John) Technologies Corp., BMA Group, Heat and Control Inc., Hosokawa Micron Corp., and Meyer Industries Inc.
KEY FINDINGS OF THE STUDY
- Europe is expected to lead the market during the forecast period, followed by Asia-Pacific.
- The extruding machines segment is expected to show the highest growth rate, registering a CAGR of 5.9% from 2022-2031.
- The bakery & confectionery segment is expected to grow at a higher rate of 5.1% during the forecast period.
- Germany accounted for 26.45% share, in terms of revenue, in the European market, in 2020.
- India is expected to grow at the highest CAGR of 5.8%.
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