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.
Consumption of processed foods has skyrocketed in recent decades all across the world. The expansion in global population is a major contributor to this growth. According to the United Nations Department of Economic and Social Affairs, the world population reached 7.3 billion in 2015 and is expected to reach 9.7 billion by 2050. As a result, consumers in metropolitan regions have access to a considerably broader range of food options and greater food availability than those in rural areas. This urbanization trend adds significantly to higher living standards and increased salaries, which in turn has a stronger impact on the affordability of processed food products. Such development will drive the food processing machinery market in forecasted period.
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.
The COVID-19 pandemic has had a significant impact on the food processing machinery market causing production and factory operations to be halted. It all started in China, which is the worldwide hub for the supply of raw materials to industries. Over 75 percent of the world's total enterprises are expected to be in direct or indirect interaction with Chinese corporations for raw materials, and nearly 950 Fortune 1000 organizations have tier 2 suppliers in China. Furthermore, the United Nations Conference on Trade and Development (UNCTAD) predicts that worldwide FDI will fall by 5% to 15% as a result of a drop in manufacturing company activities owing to plant shutdown.
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The food processing machinery market analysis is segmented on the basis of type, application, mode of operation, and region. On the basis of type, it is classified into depositors, extruding machines, mixers, refrigeration, slicers & dicers, and others (cutting machines, dispensing machines, and ovens). By application, it is categorized into bakery & confectionery, meat, poultry & seafood, dairy, beverages, and others (grain, fruit, and nut & vegetable). On the basis of mode of operation, it is bifurcated into semi-automatic and fully automatic. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The food processing machinery market forecast on the basis of type is divided into depositors, extruding machines, mixers, refrigeration, slicers & dicers, and others (cutting machines, dispensing machines, and ovens. Depositing machines increase efficiency and reduce operational expenses in a food manufacturing plant by allowing continuous processing and more precise product packaging. Such benefits contributed this segment to be the largest segment during the forecast period.
On the basis of application, the food processing machinery market is divided into bakery & confectionery, meat, poultry & seafood, dairy, beverages, and others (grain, fruit, and nut & vegetable). Meat, poultry, and marine items are predicted to expand most rapidly during the forecast period. People's changing lifestyles, increased preference for nutritious food, and raised understanding of the health advantages of marine goods have fostered demand for meat, poultry, and seafood items.
The depositor food processing machines segment is expected to dominate the food processing machinery market throughout the forecast period and accounted for 22.21% share in 2020, in terms of revenue. In addition, the extruding machines segment is expected to witness higher growth rate as compared to others.
In 2020, the meat, poultry & seafood segment dominated the market with two-fifths market share, in terms of revenue, owing to the higher rate of meat consumption in the developed countries as compared to dairy and other food products. According to Food and Agriculture Organization (FAO), consumption of meat has grown at 5%–6%per annum as compared to 3.45-3.8% for milk and dairy products during 2015-2020.
Europe and North America collectively accounted for more than half of the market share, in terms of revenue, in 2020. Europe dominated the market, owing to the increase in demand for food processing machines and high machinery production in Germany in 2020. Asia-Pacific is expected to be the highest growing region during the forecast period.
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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