Food Processing Machinery Market to Grow at 3.9% CAGR Achieving $93.74 Billion by 2031

According to a new report published by Allied Market Research, titled, the food processing machinery market was valued at $61,249 million in 2020 and is projected to reach $93,737.1 million by 2031, with a compound annual growth rate (CAGR) of 3.9% from 2022 to 2031.

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Factors Driving Growth:

Increased consumption of processed foods due to global population growth.

Urbanization leading to higher living standards and increased affordability of processed food products.

Rapid shift in lifestyles contributing to increased demand for processed foods.

Improved machinery by food processing companies to meet the rising demand and adhere to quality standards.

Owing to the rapid shift in people's lifestyles around the world, the demand for processed food has skyrocketed. As a result, food processing companies have improved their machinery to provide high processing capacity in order to fulfill the increased demand. Furthermore, manufacturers have prioritized consumer needs while adhering to worldwide quality standards. Moreover, the market is being driven by an increase food processing machinery market opportunities and expanded the market globally.

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Market Segmentation:

Segmented by type (depositors, extruding machines, mixers, refrigeration, slicers & dicers, and others).

Application-based segmentation includes bakery & confectionery, meat, poultry & seafood, dairy, beverages, and others.

Mode of operation is categorized into semi-automatic and fully automatic.

Geographical segmentation covers North America, Europe, Asia-Pacific, and LAMEA.

The food processing machinery market forecast based on type is divided into depositors, extruding machines, mixers, refrigeration, slicers & dicers, and others (cutting machines, dispensing machines, and ovens. Depositing machines increase efficiency and reduce operational expenses in a food manufacturing plant by allowing continuous processing and more precise product packaging. Such benefits contributed this segment to be the largest segment during the forecast period.

Based on application, the food processing machinery market is divided into bakery & confectionery, meat, poultry & seafood, dairy, beverages, and others (grain, fruit, and nut & vegetable). Meat, poultry, and marine items are predicted to expand most rapidly during the forecast period. People's changing lifestyles, increased preference for nutritious food, and raised understanding of the health advantages of marine goods have fostered demand for meat, poultry, and seafood items.

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Key Market Trends and Forecasts:

Depositor machines are expected to dominate the market, while extruding machines segment is projected to witness higher growth.

Meat, poultry, & seafood segment dominated the market in 2020 due to increased meat consumption.

Europe and North America collectively accounted for more than half of the market share in 2020, with Europe leading the market.

Asia-Pacific is expected to be the highest growing region during the forecast period, with India exhibiting the highest CAGR.

The Prominent Market Players:

• Anko Food Machine Co. Ltd.

• Atlas Pacific Engineering Co. Inc.

• Berkshire Hathaway Inc.

• Bucher Industries

• Mallet & Co. Inc.

• Nichimo Co. Ltd.

• SPX Corp.

• Ziemann International GmbH

• AFE Group Ltd.

• Bean (John) Technologies Corp.

• BMA Group

• Heat and Control Inc.

• Hosokawa Micron Corp.

• Meyer Industries Inc.

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KEY FINDINGS OF THE STUDY

Europe is expected to lead the market during the forecast period, followed by Asia-Pacific.

The extruding machines segment is expected to show the highest growth rate, registering a CAGR of 5.9% from 2022-2031.

The bakery & confectionery segment is expected to grow at a higher rate of 5.1% during the forecast period.

Germany accounted for 26.45% share, in terms of revenue, in the European market, in 2020.

India is expected to grow at the highest CAGR of 5.8%.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.