As per the latest report by IMARC Group, titled “Food and Beverages Processing Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global food and beverages processing equipment market reached a value of US$ 55.7 Billion in 2018. Food and beverages processing equipment are used to transform raw ingredients into consumable food products through various chemical and physical means. They comprise different measuring devices, such as timers, thermometers, weighing devices and pressure gauges, to monitor the processing, packaging and labeling of food products. They are widely utilized in the production of dairy, bakery, poultry, seafood and confectionery products. Apart from this, they are also used to automate processes such as heating, blanching, cooking and pasteurization.
Market Trends:
The emergence of green technologies has encouraged various manufacturers to replace their old equipment with energy-efficient variants which assist in reducing the carbon footprint and overall production cost. Moreover, the manufacturers are investing in research and development activities and introducing advanced technologies to expand their consumer base. For instance, they are including machine learning and Industrial Internet of Things (IIoT) along with offering flexible and customizable equipment. Further, on account of strong economic growth, rapid urbanization and improving standards of living, the demand for food products is increasing worldwide. Some of the other growth inducing factors include changing dietary patterns, growing number of quick-service restaurants (QSRs), and emerging demand for healthy, nutritious and ready-to-eat food products. By 2024, the market value is projected to recah US$ 82.5 Billion, expanding at a CAGR of 7% during 2019-2024.
Market Summary:
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