Food and Beverage Processing Equipment Market worth $84.9 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 24, 2023 /PRNewswire/ -- The Food & Beverage Processing Equipment Market is estimated at USD 64.6 billion in 2023 and is projected to reach USD 84.9 billion by 2028, at a CAGR of 5.6% from 2022 to 2028 according to a report published by MarketsandMarkets™. Food and beverage processing equipment plays a critical role in the food and beverage industry, ensuring that products are of high quality, safe, efficient, consistent, and preserved. The use of equipment helps to streamline the production process, reduce waste, and increase output, while also ensuring that the products meet strict quality and safety standards. The WWF EU reports that over 15% of food is lost during harvesting in farmland, and further spoilage occurs during transportation and storage. Processing food products is a crucial step in minimizing this waste and prolonging the shelf life of agricultural products. This has led to a surge in the demand for processed foods globally. Subsequently, the food and beverage processing equipment market is experiencing a significant expansion to meet this growing need. As the importance of food and beverage processing continues to evolve, the importance of food processing equipment will only continue to grow, enabling manufacturers to produce innovative and high-quality products that meet the changing demands of consumers.
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The automatic segment accounted for the largest share of the food & beverage processing equipment market in 2023 in terms of value.
Automatic machines provide consistency in production, which is crucial for maintaining the quality of the food product. With manual machines, there is a higher risk of human error, which can lead to inconsistent product quality. Automatic machines, on the other hand, can produce the same product consistently, ensuring that the product meets the required specifications every time. These advantages make them a preferred choice for food manufacturers, leading to increased adoption of automatic machines in the food industry.
The semi-solid segment is estimated to grow at the highest in the food and beverage processing equipment market.
Consumers are becoming more health-conscious and seeking out foods that are nutritious, low in calories, and contain fewer artificial ingredients, leading to increased demand for healthier processed foods. Many semi-solid foods are made with nutrient-dense ingredients like fruits, vegetables, and whole grains, which can provide a range of health benefits. Also, Semi-solid foods can be easier to digest than solid foods, which can be helpful for people with digestive issues. Thus, by raising awareness of these factors about convenience and health consciousness among consumers, the semi-solid segment is expected to have the highest growth rate.
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The Asia Pacific region accounted for the largest share and fastest growing market, in terms of value, of the global food & beverage processing equipment market in 2023.
The Asia Pacific region dominates in the food and beverage processing equipment market for several reasons. Firstly, the region has a large population, which has led to an increase in demand for processed food and beverages. This has in turn fueled the demand for food and beverage processing equipment. Secondly, the food processing industry in the Asia Pacific region is diverse and includes various sub-sectors such as meat and poultry processing, dairy processing, bakery and confectionery, and processed fruits and vegetables. Furthermore, the Asia Pacific region is home to many major food processing companies, including Nestle, Danone, Fonterra, and Tyson Foods, among others. The region also has many local companies that are leaders in their respective markets. Thus, catering for all these food industries in this region have generated a high demand for the food and beverage processing equipment and accounted to be the largest share and fastest growing market.
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