Consumption of processed foods has skyrocketed in recent decades all across the world. The expansion in global population is a major contributor to this growth. According to the United Nations Department of Economic and Social Affairs, the world population reached 7.3 billion in 2015 and is expected to reach 9.7 billion by 2050. As a result, consumers in metropolitan regions have access to a considerably broader range of food options and greater food availability than those in rural areas. This urbanization trend adds significantly to higher living standards and increased salaries, which in turn has a stronger impact on the affordability of processed food products. Such development will drive the food processing machinery market in forecasted period.
Though technical developments, such as reduced energy consumption and waste generation encourage increased sales of food processing machinery, the implementation of severe food processing machinery rules issued by government organizations can stymie food processing machinery market expansion in the long run.
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The global food processing machinery market was valued at $61,249 million in 2020, and is projected to reach $93,737.1 million by 2031, growing at a CAGR of 3.9% from 2022 to 2031.
Owing to the rapid shift in people’s lifestyles around the world, the demand for processed food has skyrocketed. As a result, food processing companies have improved their machinery to provide high processing capacity in order to fulfill the increased demand. Furthermore, manufacturers have prioritized consumer needs while adhering to worldwide quality standards. Moreover, the market is being driven by an increase food processing machinery market opportunities and expanded the market globally.
The food processing machinery market analysis is segmented on the basis of type, application, mode of operation, and region. On the basis of type, it is classified into depositors, extruding machines, mixers, refrigeration, slicers & dicers, and others (cutting machines, dispensing machines, and ovens). By application, it is categorized into bakery & confectionery, meat, poultry & seafood, dairy, beverages, and others (grain, fruit, and nut & vegetable). On the basis of mode of operation, it is bifurcated into semi-automatic and fully automatic. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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The prominent market players profiled in the report include Anko Food Machine Co. Ltd., Atlas Pacific Engineering Co. Inc., Berkshire Hathaway Inc., Bucher Industries, Mallet & Co. Inc., Nichimo Co. Ltd., Spx Corp., Ziemann International GmbH, AFE Group Ltd., Bean (John) Technologies Corp., BMA Group, Heat and Control Inc., Hosokawa Micron Corp., and Meyer Industries Inc.
KEY FINDINGS OF THE STUDY
Europe is expected to lead the market during the forecast period, followed by Asia-Pacific.
The extruding machines segment is expected to show the highest growth rate, registering a CAGR of 5.9% from 2022-2031.
The bakery & confectionery segment is expected to grow at a higher rate of 5.1% during the forecast period.
Germany accounted for 26.45% share, in terms of revenue, in the European market, in 2020.
India is expected to grow at the highest CAGR of 5.8%.
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