According to MarketsandMarkets, the food processing and handling equipment market is projected to grow from USD 130.6 billion in 2021 to USD 175.1 billion by 2026, recording a compound annual growth rate (CAGR) of 6.0% during the forecast period. The food processing & handling equipment market is exhibiting strong growth, with the rising demand for prepared food products globally, changes in consumer lifestyles, a transformative leap forward in technological capabilities and increasing investment opportunities in the food processing industry. The markets in North America and Europe have been growing consistently due to the established food & beverage processing industry and the presence of international food processing equipment manufacturers. The rise in demand for processed food and convenience food has been supported by the rise in disposable income and rapid urbanization in developing countries, such as India, Brazil, and China. There have also been several initiatives by processing and food packaging equipment manufacturers to strengthen their production capabilities through the expansion of their manufacturing facilities and acquisitions of smaller equipment manufacturers to expand their product portfolio.
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The bakery and confectionery segments dominated the market. The demand for ultra-processed bakery products is high in developed countries, such as the UK, Germany, the US, Canada, and Spain. These countries have an established bakery industry and are witnessing a rise in the popularity of premium and innovative bakery products, such as pastries, glazed & chocolate-coated donuts, sugar & chocolate-coated cookies, and chocolate pies. These countries are focused on the production of bakery items to meet the increasing demand of consumers in the region. This demand for bakery products has led to an increase in the use of bakery processing equipment.
The solid segment under end-product type accounted for a major market share in the global food processing & handling equipment market in 2020. Various types of equipment used for the processing of food products in the solid form include forming, coating, drying, thermal extruding, blending, mixing, sorting, slicing, grating, and peeling. The solid form of food products consists of bakery, confectionery, meat, fish, and poultry products. The solid segment is also driven by the increasing consumption of fast food and convenience foods across the globe.
In terms of geographical coverage, the food processing and handling equipment market is segmented into four regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). The Asia Pacific is projected to be the fastest-growing region during the forecast period. Countries such as China and India have significantly contributed to the growth of the food processing and handling equipment market in the Asia Pacific region. These countries have high population density and has a very large market for food and beverages; the improved standard of living of the people due to the rise in income levels is one of the major factors driving the market in this region.
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Various companies, such as JBT Corporation (US), Tetra Laval (Switzerland), Alfa Laval (Sweden), and GEA Group (Germany), have been investing in R&D, expansions, and acquisitions to increase their share in the food processing & handling equipment market.
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