Dublin, Jan. 18, 2021 (GLOBE NEWSWIRE) -- The "Global Prepared Food Equipment Market by Type (Pre-processing, Processing, Packaging), Application (Snack & Savory Products, Meat & Seafood Products), Mode of Operation (Automatic, Semi-automatic, Manual), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global prepared food equipment market is estimated to be valued at USD 10.4 billion in 2020 and is projected to reach USD 15.1 billion by 2026, recording a CAGR of 6.4%.
Factors such as the changing food preferences, increase in the global food trade, lifestyle change, and the stringent regulations for import or export of food products is driving the growth of the prepared food equipment market.
The processing segment is projected to be the largest segment, by type, in the prepared food equipment market during the forecast period
Processing is an essential step for the conversion of any raw food to an eatable form. With the increasing demand for different food tastes such as ready-to-eat, on-the-go, and convenience foods, manufacturers are investing in prepared food equipment. The growing trend of consuming savory & snack products among younger consumers also fuels the market for prepared food equipment.
The snacks & savory products segment is projected to account for the largest market during the forecast period
Snacks & savory products are very popular among the younger generation. It is also consumed as an evening food in various countries. The rising health awareness among consumers and the consequent shift toward consuming healthy food products have led manufacturers to innovate products and solutions that can cater to consumers' health objectives and requirements in this food segment.
The automatic segment is projected to grow at the highest CAGR during the forecast period
The automatic segment is projected to grow at the highest CAGR during the forecast period. The automated equipment reduces the cost of labor and production time, thus increasing production efficiency. These factors drive the market for automated prepared food equipment.
The North American market is estimated to account for the largest market share due to the demand for bakery equipment exports
North America has consumers who are willing to adopt tastes for different cuisines, and therefore there is growth for prepared foods like snacks, bakery, and prepared meals. The presence of various companies in this region creates more growth in the prepared food equipment market. The automation industry's growth and application of automation in foods like ready-to-eat food and on-the-go food products drives the demand for prepared food equipment market.
Market Dynamics
Drivers
- Rise in Income to Drive the Demand for Prepared & Convenience Foods
- Focus of Food Manufacturers on Production Efficiency, Processing Time, and Quality of Food Products
- Growth of the Retail Industry in Asia-Pacific
- Internet Penetration Rate
- Technological Advancements in Automation
Restraints
- Rise in Capital Expenditure, Production, and Maintenance Costs with Advanced Techniques and Associated Equipment
- Increase in the Demand for Minimally Processed, Healthier Organic Food Products
- High Capital Investment
Opportunities
- Demand for Advanced Machinery with High Productivity and Efficiency
- Increase in Investments in R&D in Food Processing Equipment
- Larger Consumer Base in Asia-Pacific Countries and Changes in Food Preferences in the Region
Challenges
- Infrastructural Challenges in Developing Countries
Impact of COVID-19 on the Market Dynamics
- COVID-19 Will Boost the Sales of Prepared Food Products with Healthy and Premium Positioning
- COVID-19 Will Positively Impact the Sales of Equipment with High Hygiene Standards
Company Profiles
Key Players
- GEA Group
- Alfa Laval
- JBT Corporation
- SPX Flow
- Buhler
- Tetra Laval
- Dover Corporation
- Robert Bosch
- Krones
- Middleby Corporation
Start-ups/SMEs
- Marel
- IMA Group
- Multivac
- Ali Group
- Lyco Manufacturing, Inc.
- Heat and Control, Inc.
- Bigtem Makine
- Hup Sheng Machinery & Industry
- Sumpot
- Hosokawa Alpine
For more information about this report visit https://www.researchandmarkets.com/r/wzy3yc
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