Opportunities for New Market Entrants in Prepared Food Equipment Market
Posted: Oct 10, 2020
The growth of the prepared food equipment market across the globe can be attributed to the increasing disposable income of the population and the growth of the retail sector across the globe. Prepared food equipment, mainly used in the preparation of snacks & savory products and meat & seafood products. Increasing number of working professionals in both developed and developing counties drives the demand for ready-to-eat and on-the-go food products, which subsequently drives the market for prepared food equipment globally.
The market for prepared food equipment is projected to reach USD 11.23 billion by 2023, at a CAGR of 5.95% during the forecast period. The prepared food equipment industry has a positive outlook in the Asia Pacific region, supported by the increasing number of industrial developments in the region. The retail sector in Asia is growing continuously owing to the rising demand for convenience and ready-to-eat food products, which, in turn, drives the market for prepared food equipment.
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The prepared food equipment market, on the basis of type, has been segmented into pre-processing, processing, and packaging. The packaging segment is projected to grow at the highest CAGR from 2018 to 2023. Packaging is further segmented into primary and secondary packaging. Packaging of prepared food products is carried out to avoid contamination of the products, reduce wastage during transport & handling, and to extend their shelf life.
The automatic segment, by mode of operation, is projected to grow at the highest CAGR from 2018 to 2023. Increasing adoption of integrated machinery for the efficient and easy process with increased production rate is driving the demand for automatic prepared food equipment. The semi-automatic segment is estimated to dominate the market due to higher production and lower cost of equipment as compared to automatic systems.
The meat & seafood products segment, by application, is projected to grow at the highest CAGR from 2018 to 2023. Ready-to-eat food products are estimated to grow at higher rate owing to the demand of these products from working professionals in developing as well as developed countries. The higher rate of production required drives the demand for prepared food equipment.
In terms of value, Asia Pacific is projected to be the fastest-growing market for prepared food equipment during the forecast period. The growth of the retail market in the region drives the market for prepared food equipment. The focus of food manufacturers on production efficiency, processing time, and quality of food products and the rise in income of the population drive the demand for prepared & convenience foods, subsequently driving the market for prepared food equipment.
The key players in the global market include GEA Group (Germany), Alfa Laval (Sweden), The Middleby Corporation (US), Marel (Iceland), and Buhler (Germany). Other players in the industry include Welbilt (US), Hughes Equipment Company (US), Heat and Control Inc. (US), Bigtem Makine (Turkey), and Hup Sheng Machinery & Industry (Malaysia).
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