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According to a latest market report published by Transparency Market Research on the food processing equipment market for the period 2019–2027 (wherein 2019 to 2027 is the forecast period and 2018 is the base year), increase in the consumption of processed food across the globe is expected to drive the food processing equipment market
A Key Driver of Food Processing Equipment Market
Growing urbanization and increasing disposable incomes are altering lifestyles across major cities in developing countries. This is influencing a major percentage of human population to depend on processed food. According to UN estimates, by 2050, nearly two-thirds of the global population will live in urban areas. Urbanization is around 80% in South American countries and although it has plateaued in recent years, decades of migration to urban centers has resulted in vast swathes of urban centers.
As the percentage of working population increases, a marked transition to processed foods is seen. Sales of breakfast cereals, tinned vegetables, cheese, savory snacks, milk pouches, bakery & confectionery, and meat products are on the rise in urban centers.
Increasing demand for easy-to-cook food products is creating sustained growth opportunities for food processing equipment manufacturers. Surge in the demand for quick meat products has also increased the demand for processed food. These factors are likely to provide growth opportunities to food processing equipment manufacturers during the forecast period.
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Prominent service providers in the food processing equipment market are increasing investment on innovative food processing equipment to fulfill the needs of processors. Manufacturers are also planning to expand their range of products and presence in various geographies through mergers & acquisitions and tie-ups with local food processing equipment providers.
On January 13, 2020, Middleby Corporation acquired RAM Fry Dispensers, a business unit of Automated Equipment LLC based in Red Wing, Minnesota, U.S., which specializes in automated frozen fry dispensing equipment
In 2019, Krones AG invested around US$ 45 Mn in a new production facility at Debrecen in Hungary to manufacture components of machine and assembling line parts
In November 2019, Alfa Laval AB inaugurated an Innovation & Test center of 2,000 square meters in Soborg, Denmark, to develop, test, and optimize the next generation of decanters and strengthen its position across the globe in the food and water sector
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For the study, the Food Processing Equipment Market has been segmented as follows:
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