Revving up the food processing equipment market: projected growth €63.37 billion by 2031
The global food processing equipment market is set to achieve a value of €63.37billion by 2031, with a CAGR of 5.7% from 2023 to 2031, according to Transparency Market Research (TMR).
This growth is fueled by increasing consumer demands and expanding opportunities.
Innovating for consumer satisfaction and cost efficiency
Consumer expectations for innovative, valuable and integrity-driven food products have prompted the food industry to focus on process innovation and sophisticated equipment. Simultaneously, the industry is striving for cost efficiency without compromising product quality, driving the demand for advanced food processing equipment.
Embracing plant-based trends and adapting equipment
The rise of plant-based diets has necessitated adapting traditional food-processing equipment originally designed for meat to accommodate plant-based products. This adaptation addresses shifting dietary preferences and propels the growth of the food processing equipment market.
Market snapshot and key insights
The TMR report offers insights, including market revenue, forecast, and key findings. Bakery and confectionery products hold the largest market share, while automatic food processing equipment is expected to gain traction with increased adoption of advanced technologies.
Regional opportunities and growth
Distinct regions present unique growth opportunities according to the report. Europe is seeing increased demand for ready-to-eat and convenience foods. The United States and Canada are witnessing growth driven by the preference for nutritious food. Germany is investing in expanding production capacities, while China is showing potential for efficiency-enhancing equipment demand.
Segmentation for targeted solutions
Market segmentation based on equipment types, operation modes, applications and distribution channels enables tailored solutions, catering to diverse industry needs.
Technological advancements driving growth
Technological advancements, including automation, IoT, AI and robotics, are contributing to market growth by enhancing manufacturing efficiency and productivity, boosting the demand for food processing equipment. The future promises opportunities for customisation and innovation as manufacturers strive to meet the growing demand for healthy food and beverages, further driving market growth.
With increasing consumer demand, cost efficiency requirements, and the surge of plant-based diets, the food processing equipment market shows promising growth. Key players and technological advancements will shape the industry, offering lucrative opportunities for businesses in the sector.