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Food Processing Equipment Market size was valued at USD 48.84 billion in 2019 and is poised to grow from USD 50.8 billion in 2023 to USD 69.3 billion by 2031, growing at a CAGR of 4% in the forecast period (2024-2031).

The food processing equipment market is highly competitive due the presence of both established multinational players and local/regional players. Mergers and acquisitions, new product launches, and licensing agreements are just a few of the strategies used by market participants to strengthen their market positions. The trading of equipment is influenced by a variety of government regulatory frameworks, tariffs, and regulations. As a result, various companies tend to opt for innovative and competitive market strategies in order to withstand competition and maintain market position. 'GEA Group AG', 'Alfa Laval AB', 'Bühler AG', 'Tetra Pak International S.A.', 'JBT Corporation', 'Marel hf.', 'SPX Corporation', 'Bucher Industries AG', 'Krones AG', 'Middleby Corporation', 'John Bean Technologies Corporation', 'Paul Mueller Company', 'Hosokawa Micron Corporation', 'Key Technology, Inc.', 'Heat and Control, Inc.', 'Spx FLOW Inc.', 'Baader Group', 'Anko Food Machine Co., Ltd.', 'Nichimo Co., Ltd.', 'Tomra Systems ASA'

Rising demand for safe and hygienic processed convenience food products is likely to drive food processing equipment market growth

Use of cutting-edge technology in processing equipment is a major trend in food processing equipment market. Aside from raising food safety awareness, increased demand for processed food products has resulted in the adoption of advanced technology-based processing equipment, which is expected to boost the food processing market in the near future. BAADER, for example, renamed its food processing machines as modern digital solutions that provide an automated food value chain. Concepts like the Internet of Things (IoT), Artificial Intelligence, and Industry 4.0 help businesses achieve the highest degree of food safety, increase traceability, and thereby reduce hazards associated with food processing procedures.

In 2021, Asia Pacific had the largest market share and is predicted to increase at an exponential rate throughout the forecast period due to India's and China's emerging food processing industries. According to the National Investment Promotion and Facilitation Agency of India (NIPFA), India's food processing industry is predicted to reach over USD 530 billion by 2027, providing several growth opportunities. Furthermore, rising demand for frozen food in China and Australia is propelling Asia Pacific market growth.

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Global Food Processing Equipment Market

Product ID: SQMIG20E2054