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Industrial Food Processor Market Size, Trends, Growth And Industry Report 2033
Industrial Food Processor Market Size
According to The Business Research Company's, the pheochromocytoma market size has grown steadily in recent years. It will grow from $2.89 billion in 2023 to $3.03 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to rise in healthcare expenditure, increased diagnosis and awareness, genetic research, government initiatives.
The pheochromocytoma market size is expected to see steady growth in the next few years. It will grow to $3.56 billion in 2028 at a compound annual growth rate (CAGR) of 4.1%. The growth in the forecast period can be attributed to demand for combination therapies, investment in pheochromocytoma research and development, demand for minimally invasive pheochromocytoma treatments, high rare disease research initiatives. Major trends in the forecast period include increase in the number of drugs in clinical trials, advancements in diagnosis and treatment options, growing expertise in gene therapy, advancements in medical imaging.
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Market Drivers and Trends:
The increasing demand for processed food products is expected to propel the growth of the industrial food processor market going forward. Processed food refers to any raw agricultural products that have undergone any process that modifies their original form, including heating, pasteurization, blanching, cooking, canning, freezing and drying. Convenience foods are a subset of processed foods specifically designed for easy and quick preparation, catering to the modern lifestyle's demand for efficiency. An industrial food processor is utilized to slice rapidly and conveniently, dice, shred, blend and puree practically any food to create a variety of processed foods, including convenience foods. For instance, in July 2023, according to Food and Drinks Malaysia by SIAL Group, a Malaysia-based food and beverage exhibition, the convenience food sector in Malaysia increased by 3.0% in volume in 2023 and is expected to reach 7,829.2 kg by 2027. Further, in Malaysia, the revenue from convenience food amounts to $31.84 billion in 2022, which is expected to increase by 5.49% during 2022-2027. Therefore, the increasing demand for processed food products is driving the growth of the industrial food processor market.
Major companies operating in the industrial food processor market are increasing their focus on introducing products with double interlock mechanism to maximize their profits in the market. The double interlock mechanism in food processors is a safety feature that ensures the processor will not operate unless the bowl and lid are securely locked in place. For instance, in April 2023, Hobart Corporation, a US-based commercial grocery and food service equipment provider, added the FP300i floor model to its lineup of continuous-feed food processors. This heavy-duty food processor has a base, a stacking feed cylinder and a manual pusher plate for greater adaptability. It can process up to 88 pounds of goods per minute. The FP300i food processor has a double interlock mechanism to ensure operator safety by preventing it from operating when the pusher plate is open or swings away. Additionally, it includes a no-volt release that stops it from turning on if the power goes out.
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Major Key Players of the Market: Tetra Pak International S.A., GEA Group AG, Alfa Laval AB, Krones AG, Middleby Corporation, Bucher Industries AG, Bühler Holding AG, JBT Corporation, Marel hf, SPX Flow Inc., Tomra Systems ASA, Duravant LLC, Hosokawa Micron International Inc., Heat and Control Inc., Baader Gmbh & Company KG, Schenck Process Holding GmbH, RHEON Automatic Machinery Co. Ltd., Urschel Laboratories Inc., Key Technology Inc., Pacific Food Machinery Ltd., Ishida Co. Ltd., Wenger Manufacturing Inc., Satake Corporation, ProXES GmbH, Risco S.p.A., Anko Food Machine Co. Ltd., Cretel, Food Machinery Australasia Ltd.
Industrial Food Processor Market 2024
Key Insights:
• The industrial food processor is expected to grow to $82.9 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
• Rising Demand For Processed Foods Fuels Growth In The Industrial Food Processor Market
• Increasing Demand For Meat And Poultry Propels Growth In The Industrial Food Processor Market
• Asia-Pacific was the largest region in the industrial food processor market in 2023
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