Worldwide Food & Beverage Processing Equipment Market 2018-2023: Based on Application, the Meat & Poultry Segment is Projected to Grow at the Highest Rate - ResearchAndMarkets.com
Jul. 13, 2018
DUBLIN--(BUSINESS WIRE)--Jul 13, 2018--The "Food & Beverage Processing Equipment Market by Type, Application, Mode of Operation, End-Product Form, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The food & beverage processing equipment market is estimated at USD 55.43 billion in 2018, and is projected to reach a value of USD 74.44 billion by 2023, growing at a CAGR of 6.1%.
The market is primarily driven by factors such as the rise in demand for meat, poultry, dairy, bakery, and confectionery products and growth in demand for processed and convenience food. However, the rise in costs of production due to increasing energy and labor costs and growth in demand for organic and fresh food products are few factors that are expected to restrict the growth of the food & beverage processing equipment market in the long run.
Based on the application of the food & beverage processing equipment, the meat & poultry segment is projected to grow at the highest rate. The expected rise in production units in countries such as the US and a shift in the consumption patterns and preference for processed as well as frozen meat products, with rise in the number of quick-service restaurants in some developing countries of Asia such as India, Indonesia, and Thailand, are supporting the growth of the market for meat processing equipment in this region.
One of the driving factors for the increasing use of automated processing equipment is its ability to provide accurate processing, quick and reliable production processes, optimum utilization of time, reduced labor costs, and controlled operation. Fully automatic processing lines form a critical part of huge manufacturing units and help achieve economies of scale, and has more opportunities for growth due to multiple advantages offered.
Companies FeaturedAlfa Laval Bigtem Makine Bucher Industries Buhler Clextral Equipamientos Crnicos, S.L. (Mainca) Fenco Food Machinery GEA Group JBT Corporation Krones Group Marel SPX Flow TNA Australia Solutions
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Related Topics:Food Processing,Industrial Machinery
INDUSTRY KEYWORD: RETAIL FOOD/BEVERAGE
SOURCE: Research and Markets
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PUB: 07/13/2018 09:59 AM/DISC: 07/13/2018 09:59 AM