Food Processing and Preservation is an important aspect of food and beverage processing equipment. Equipment such as pasteurizers, sterilizers, vacuum heating, freezing and more operations helps to preserve the quality and shelf-life of food and beverage products. This allows manufacturers to produce products in bulk, store them for longer periods, and transport them over longer distances without compromising their quality. Processing also helps to reduce waste by extending the life of the product, making it more cost-effective for both manufacturers and consumers. The Food and beverage processing equipment are designed to comply with strict safety standards, ensuring that the products are safe for consumption, by the equipment manufacturers. Overall, these factors are expected to drive the growth of the food and beverage processing market in the future.
The food and beverage processing equipment market is estimated at USD 64.6 billion in 2023 and is projected to reach USD 84.9 billion by 2028, at a CAGR of 5.6% from 2022 to 2028.
Market Drivers: Growth in demand for convenience foods
Over the upcoming years, the market is anticipated to be driven by advancements in food processing technology, an increase in consumer demand for processed foods, and more research and development into food processing equipment. Distribution, preservation, the convenience of preparation, and reduced susceptibility to deterioration compared to fresh food are all advantages of food processing. Additionally, it enhances food flavor while lowering the prevalence of foodborne illness. Food processing equipment is divided into depositors, extruding machines, mixers, refrigerators, slicers and dicers, and others based on type. Beverages, dairy, meat and poultry, bakery, convenience foods and snacks, fruits and vegetables, confectionery, and others are only a few food processing applications.
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Reverse micellar, enzyme-assisted, and membrane ultrafiltration technologies are examples of innovations used in separating and functionalizing soy-based protein extraction and formulations that provide the finished products. Factors such as the expanding “health and wellness” movement, consumers’ increased interest in meat alternatives, and developments in ingredient technologies (such as microencapsulation) are supporting the growth of plant-based proteins. The US population’s 29% shift to flexitarians since 2017 presents the biggest growth opportunity for soy-based food and beverage products, according to PBFA. With this, introducing microencapsulation in industries allows food processing machine industries to curate machines to extract food from plant-based sources, which can later be processed and consumed by vegan consumers.
Due to the industry’s rapid growth, the outlook for growth of the food & beverage processing equipment market is anticipated to remain positive. Key players in the market offer a wide variety of premium food and beverage brands. Some examples of companies with premium brands include Danone, which sells Alpro and Activia; Cargill, which sells the Sterling Silver Premium Meats line; and Finsbury Food Group PLC, which sells Vogel’s Village Bakery, Cranks, and LivLife brands. Currently, consumers can choose from a wide variety of food products based on their preferences.
The Asia Pacific market is projected to contribute the largest share for the food and beverage processing equipment market.
The Asia Pacific region is the dominant market for food & beverages and is expected to be the largest for food & beverage processing equipment as well. The food industry in Asia Pacific is gigantic. In the region, product innovations and technological advances have increasingly pressured quality standards at all levels, with a growing emphasis on food safety, integrity, quality, and nutritional and health impacts. The growing consumer base and rising advanced technological developments in the processed food industry are expected to drive the growth of the food & beverage processing equipment market in emerging counties such as China, India, and Thailand, to name a few. Thus, creating a large market share in the food and beverage processing equipment market.
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Key Market Players
Marel (Iceland), GEA Group Aktiengesellschaft (Germany), Bühler (Switzerland), JBT (US), and Tetra Laval (Switzerland) are among the key players in the global food and beverage processing equipment market. Companies are focusing on expanding their production facilities by entering into partnerships and agreements as well as by launching new products to grow their businesses and their market shares. New product launches as a result of extensive research & development (R&D) initiatives, geographical expansion to tap the potential of emerging economies, and strategic acquisitions to gain a foothold over the large extent of the supply chain are the key strategies adopted by companies in the food & beverage processing equipment market.