Press release
Growth of Freeze Drying Equipment Market Encouraged by Eco-Friendly Burials and Taxidermy
Demand for Freeze Drying Equipment to Surge across Biotechnology Sector
Among the major applications of the global freeze drying equipment market, the food packaging industry accounts for a majority share in the market. The market players are registering an increasing demand for freeze dryers of varying capacities and high level of performance from the food processing and pharmaceutical industries. In the pharmaceutical sector, freeze dryers are majorly used for the storage of antibiotics and capsule packaging. However, in the coming years, the biotechnology segment is anticipated to significantly contribute towards the growth of the market, expanding at a CAGR of 11.20% during the forecast period.
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In terms of product sales, North America accounts for one-third of the global freeze drying equipment market. However, the market players are shifting their focus on Asia Pacific with the rapid growth of the food processing and pharmaceutical sectors in the region. During the forecast period, Asia Pacific is pegged to be the fastest growing region in the market.
High Installation Cost to Restrict Growth of Global Freeze Drying Equipment Market
The rapid expansion of the pharmaceutical and food processing industries has propelled the demand for freeze drying equipment. Freeze drying offers better properties and quality in terms of air-drying and desiccant drying, and hence, is preferred across a wide range of applications including surgical procedures, flower preservation, and leather preservation. All these factors have supported the growth of the global freeze drying equipment market.
However, the high installation cost of freeze drying equipment is a major hiccup in the growth of the market. The market has a significant potential to grow in taxidermy and eco-friendly burials. Furthermore, the market players are exploring the applications of freeze drying equipment across various sectors. “Freeze drying equipment can be also used in the leather tanning process, as implemented in leather tanneries in Europe,” cites a TMR analyst.
The information presented in this review is based on the findings of a Transparency Market Research report, titled “Freeze Drying Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019.”
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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