Pune, Aug. 20, 2020 (GLOBE NEWSWIRE) -- The global food processing equipment market size is projected to reach USD 62.98 billion by the end of 2027. The increasing investments in the integration of modern concepts have yielded automated products. According to a report published by Fortune Business Insights, titled "Food Processing Equipment Market Size, Share & COVID-19 Impact Analysis, By Equipment Type (Pre-processing Equipment, and Processing Equipment), By Automation Type (Automatic, and Semi-automatic), By Application (Bakery and Confectionery Products, Meat and Poultry Products, Dairy Products, Beverages, and Others) and Regional Forecast, 2020-2027, the market was worth USD 45.01 billion in 2019 and will exhibit a CAGR of 4.4% during the forecast period, 2020-2027.
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Covid-19 Pandemic to Minimize Production Rates; Market to Witness Slight Decline in Growth Rate
The recent coronavirus outbreak has brought about a sense of panic among people across the world. The efforts taken to curb the spread of the disease have had an adverse effect on several industries across the world. Due to the adverse effects that the pandemic has had across the world, several businesses have been forced to shut down. Although large scale companies have not faced such severe consequences, a few have certainly been compelled to shut down manufacturing units for a temporary period. As a result, the Covid-19 pandemic has had an adverse effect on the food processing market in recent years.
Food processing equipment are used to simplify several phases including manufacturing, packaging, storage, and distribution of food products. Technological advancements have played a huge role in the growth of the market in recent years, accounting to the exceptional properties enabled by these technologies. The increasing investments in the deployment of technologically advanced products will bode well for the growth of the market in the coming years. Moreover, the ability of these equipment to enable safety and reliability in processing equipment will lead to a wider product adoption in the coming years. The use of modern technologies has been pivotal to the growth of the regional as well as global market in recent years and these concepts will enable rapid growth of the market in the coming years as well.
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Product Innovations are an Increasing Trend Among Major Companies across the World
The food processing equipment market report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the massive investments in the integration of technologically advanced equipment and the implementation of newer concepts have made the highest impact on market growth. The increasing number of product innovations across the world has made a positive impact on the growth of the global market in recent years and the manner of ongoing advances will continue to influence the growth of the market in the foreseeable future. In July 2020, Marel announced that it will be implementing a new software module in its manufacturing plant. The company announced that it will be integrating this module to cater to each of its manufacturing plants. This step will bode well for the company in the coming years.
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Asia Pacific to Emerge Dominant; Emergence of Food Processing Industry will Aid Market Growth
The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the food processing equipment market in Asia Pacific is projected to emerge dominant in the coming years. The rising food and beverage industry has created the platform for manufacturers in this region. The presence of several large scale companies in countries such as China, India, and Japan will have a positive impact on the growth of the regional market. As of 2019, the market in Asia Pacific was worth 13.5 billion and this value is projected to increase at a considerable pace in the coming years. The market for food processing equipment in Europe will witness considerable growth in the coming years, driven by the increasing demand for ready-to-eat (RTE) products in this region.
List of Key Companies Profiled in the Food Processing Equipment Market Report are:
- Buhler Ag (Uzwil, Switzerland)
- JBT (Chicago, Illinois)
- Marel (Gardabaer, Iceland)
- Tetra Pak International S.A. (Pully, Switzerland)
- The Middleby Corporation (Elgin, Illinois)
- Hobart (Troy, Ohio)
- Krones AG (Neutraubling,Germany)
- GEA Group Aktiengesellschaft (Düsseldorf, Germany)
- ALFA LAVAL (Sweden)
- BAADER (Lübeck/Germany)
Industry Developments:
• June 2020: Buhler announced that it will be initiating a new food application center (FAC) for virtual networking within the industry.
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter's Five Force Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Food Processing Equipment Market Analysis, Insights and Forecast, 2016-2027
- By Equipment Type (Value)
- Pre-processing Equipment
- Processing Equipment
- By Automation Type (Value)
- Automatic
- Semi-automatic
- By Application (Value)
- Bakery and Confectionery Products
- Meat and Poultry Products
- Dairy Products
- Beverages
- Others (Grains, Fruits, Nuts and Vegetables, etc.)
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Equipment Type (Value)
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