According to the report, the global bakery processing equipment industry was estimated at $11.4 billion in 2018, and is expected to hit $18.7 billion by 2026, registering a CAGR of 6.7% during the forecast period, 2019–2026.
Drivers, restraints and opportunities-
Fast paced lifestyle of consumers looking out for convenient food products, and high-end technological innovations fuel the growth of the global bakery processing equipment market. On the other hand, stringent government regulations and international quality standards curb the growth to some extent. Nevertheless, increase in demand for bakery products in the developing regions is expected to create a number of opportunities in the industry.
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The ovens and proofers segment to lead the trail till 2026-
Based on product type, the ovens and proofers segment held the major share in 2018, generating nearly two-fifths of the global bakery processing equipment market. Wide range of bakery ovens are manufactured and designed using advanced technology and research that assure low fuel consumption, affordable prices, excellent volume, shine, texture, and crust. This factor has fueled the growth of the segment. The sheeters and molders segment, on the other hand, would grow at the fastest CAGR of 8.6% throughout the forecast period. Sheeters & molders influence the final shape and length of the dough piece which, in turn, propels the segment growth.
The bread segment to dominate during the estimated period-
Based on application, the bread segment accounted for nearly two-fifths of the global bakery processing equipment market share in 2018, and is expected to retain its dominance by the end of 2026. Surge in demand for bread from food service sector as well as the retail segment drives the growth of the segment. Simultaneously, the cookies and biscuits segment would register the fastest CAGR of 9.0% during the study period. This is due to increase in demand for cakes & pastries, and rise in initiatives for new product launches.
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Asia-Pacific, followed by Europe and North America, to maintain its top status during the study period-
Based on geography, Asia-Pacific, followed by Europe and North America, contributed to more than one-third of the global bakery processing equipment market revenue in 2018, and is projected to rule the roost till 2026. The same region is also expected to register the fastest CAGR of 7.8% throughout the estimated period. With most of the major players in the industry stressing on the innovation factor in the view of coming up with unique product type that meets the varying needs and requirements of its target customers, the Asia-Pacific market has got a strong boost.
Leading players in the market-
- BUHLER AG
- Paul Mueller Company
- GEA Group Aktiengesellschaft
- Welbilt Inc.
- EUROASIA FOOD EQUIPMENT SDN BHD
- Ali Group Srl
- Breville Group
- The Middleby Corporation
- JBT Corporation
- Heat and Control, Inc.
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