The prepared food equipment market is projected to reach USD 11.23 billion by 2023, from USD 8.41 billion in 2018, at a CAGR of 5.95% between 2018 and 2023

LONDON, June 4, 2018 /PRNewswire/ -- The prepared food equipment market is projected to grow at a CAGR of 5.95% during the forecast period.

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The prepared food equipment market is projected to reach USD 11.23 billion by 2023, from USD 8.41 billion in 2018, at a CAGR of 5.95% between 2018 and 2023. The market is driven by the increasing disposable income of the population. The high cost associated with advanced prepared food equipment and lack of technical awareness are expected to restrain the market growth.

The packaging segment is projected to be the fastest-growing from 2018 to 2023.
The packaging segment is projected to grow at the highest CAGR during the forecast period.The packaging segment is further segmented in primary and secondary packaging.

Primary packaging is in direct contact with the food wherein secondary packaging is used to cover the packaged products. Packaging of prepared food products is carried out to avoid contamination of the products, reduce wastage during transport & handling, and to extend their shelf life.

The automatic segment is projected to be the fastest-growing from 2018 to 2023.
The automatic segment is projected to grow at the highest CAGR during the forecast period. The ease of use and higher production of food products in lesser time drive the market for automated prepared food equipment.

India is projected to be the fastest-growing country-level market in the Asia Pacific prepared food equipment market during the forecast period.
The Asia Pacific prepared food equipment market is projected to grow at the highest rate between 2018 and 2023.The demand for prepared food equipment is expected to increase in the Asia Pacific region owing to the growing retail industry and increase in working population.

The growth of the automation industry and application of automation in ready-to-eat food and on-the-go food products drives the demand for prepared food equipment. The increasing innovations in prepared food equipment are also expected to drive the market in the Asia Pacific region.
The breakdown of the primaries on the basis of company type, designation, and region conducted during the research study, is as follows:
• By Company type: Tier I – 35%, Tier II – 25%, and Tier III – 40%
• By Designation: C-Level – 30%, Directors – 25%, and Others – 45%
• By Region: North America – 25%, Europe – 23%, Asia Pacific –37%, South America – 11%, and RoW – 4%

Note: Tier I: Revenue > USD 1 billion; Tier II: Revenue USD 500 million to < USD 1 billion; Tier III: Revenue < USD 500 million

The global market for prepared food equipment is dominated by large players such as GEA Group (Germany), Alfa Laval (Sweden), The Middleby Corporation (US), Marel (Iceland), and Buhler (Germany). Other players in the industry include Welbilt (US), Hughes Equipment Company (US), Heat and Control Inc. (US), Bigtem Makine (Turkey), and Hup Sheng Machinery & Industry (Malaysia).

Research Coverage
The report analyzes the prepared food equipment market on the basis of type, application, mode of operation, and region.It aims at estimating the market size and future growth potential of this market across different segments.

Furthermore, the report also includes in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.

Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the overall prepared food equipment market and subsegments.This report will help stakeholders to better understand the competitive landscape, gain more insights to better position their businesses, and make suitable go-to-market strategies.

The report will also help the stakeholders to understand the market and provide them information on key market drivers, restraints, challenges, and opportunities.

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