Future Market Insights’ updated report on the food processing equipment ecosystem is set to account for a current valuation of USD 48.58 billion in 2024.
Following this pattern, demand could rise and equate to a market valuation of USD 74.66 billion, with a sluggish CAGR of 4.4% by 2034.
| Attributes | Details |
|---|---|
| Market Value for 2024 | USD 48.58 billion |
| Market Value for 2034 | USD 74.66 billion |
| Market Forecast CAGR for 2024 to 2034 | 4.4% |
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| Historical CAGR (2019 to 2023) | 3.50% |
|---|---|
| Forecast CAGR (2024 to 2034) | 4.40% |
The food processing equipment market has grown sluggishly over the past few years, with a historical CAGR of 3.50%. Factors such as changing consumer preferences, busy lifestyles, and the need for convenience have fueled the demand for processed and packaged food, propelling the demand for food processing equipment.
The forecasted CAGR for the food processing equipment market from 2024 to 2034 stands at 4.40%, indicating a slightly accelerated growth trajectory compared to the historical trend.
The forecasted growth is expected to be compelled by further advancements in food processing technologies, increasing automation and efficiency in food production processes, and the growing focus on food safety and hygiene standards.
Expanding food and beverage industries in emerging economies and adopting novel processing techniques are anticipated to contribute to the sustained growth of the market in the coming years.
The below section shows the leading segment. Based on the automation type, the automatic segment is accounted to hold a market share of 35.4% in 2024. Based on application, the peeling and slicing segment is accounted to hold a market share of 20.1% in 2024.
| Categories | Market Share in 2024 |
|---|---|
| Automatic | 35.4% |
| Peeling and Slicing | 20.1% |
Based on automation type, the automatic segment stands out, capturing a significant market share of 35.4%. The growing adoption of automatic food processing equipment can be attributed to several factors, including the need for improved efficiency, consistency, and precision in food production processes.
By automating repetitive tasks and minimizing human intervention, automatic equipment helps enhance productivity, reduce labor costs, and maintain product quality and hygiene standards.
Advancements in automation technologies such as robotics, artificial intelligence, and machine learning are further driving the demand for automatic food processing equipment as manufacturers seek to optimize their operations and stay competitive.
Based on application, the peeling and slicing segment is accounted to hold a market share of 20.1% in 2024. The segment encompasses a variety of machines designed to efficiently peel, slice, dice, or cut food items to desired specifications, facilitating food preparation and production processes.
The high market share of peeling and slicing equipment can be attributed to the widespread use of processed fruits and vegetables in various food products, including salads, snacks, canned goods, and frozen foods.
As consumer demand for convenience and ready-to-eat food products continues to grow, the need for efficient peeling and slicing equipment is expected to remain strong, propelling market growth in this segment.
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The table describes the top five countries ranked by revenue, with India holding the top position. India dominates the market due to its moderate growth rate, driven by a burgeoning population, rising incomes, and increasing urbanization.
The diverse food culture and rich agricultural resources fuel the demand for advanced equipment, emphasizing value addition, food safety, and enhanced productivity.
Forecast CAGRs from 2024 to 2034
| Countries | CAGR |
|---|---|
| The United States | 1.8% |
| Germany | 1.3% |
| The United Kingdom | 2.1% |
| China | 4.3% |
| India | 5.6% |
With a CAGR of 1.8%, the market in the United States is characterized by a strong emphasis on technological innovation and automation. Food processing equipment is widely employed in producing diverse food products, including processed meats, dairy products, snacks, baked goods, and beverages.
The United States is home to numerous food processing companies, ranging from large multinational corporations to small and medium-sized enterprises, which rely on advanced processing equipment to ensure efficiency, consistency, and compliance with stringent quality and safety standards.
In Germany, known for its precision engineering and high-quality manufacturing, the food processing equipment market is important in supporting the renowned food and beverage industry of the country.
German manufacturers are known for producing state-of-the-art equipment tailored to the specific needs of different food processing applications, emphasizing precision, reliability, and energy efficiency.
The market in the United Kingdom is integral to the diverse and dynamic food industry. Food processing equipment is utilized by manufacturers across sectors such as meat processing, dairy processing, fruit and vegetable processing, bakery, and ready meals.
Given the emphasis on food safety, quality, and sustainability, there is a boom in demand for advanced processing equipment that meets stringent regulatory requirements while offering efficiency, flexibility, and cost-effectiveness.
The market in China is experiencing rapid growth, augmented by the expanding food and beverage industry and increasing urbanization. With a CAGR of 4.3%, the market in China is characterized by a growing demand for advanced processing equipment to meet the needs of a burgeoning population and changing consumer preferences.
The manufacturers of China are investing in research and development for innovating equipment solutions tailored to the unique requirements of domestic and international markets, focusing on automation, efficiency, and food safety.
In India, the market is witnessing robust growth driven by the growing population, rising disposable incomes, and surge in urbanization of the country.
With the rich agricultural resources and diverse food culture, a boom in demand for advanced processing equipment enables value addition, improves food safety and quality, and enhances productivity and efficiency in food production processes.
Regional players cater to niche markets with specialized equipment offerings. Market competition thus intensifies with a focus on innovation, customization, and strategic partnerships to meet evolving consumer demands and stringent regulations.
Some of the key developments
| Attributes | Details |
|---|---|
| Estimated Market Size in 2024 | USD 48.58 billion |
| Projected Market Valuation in 2034 | USD 74.66 billion |
| Value-based CAGR 2024 to 2034 | 4.4% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | Value in USD billion |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East and Africa |
| Key Market Segments Covered | Material, Product Type, End Use, Region |
| Key Countries Profiled |
The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled |
Tetra Pak; Hoshizaki Corp; Gea Group; Alfa Laval; Krones; Middleby; Buhler; Marel; Atlas Pacific Engineering Company Inc.; Welbilt Inc.; Dover; Rational AG |
As of 2024, the market for food processing equipment is expected to be valued at USD 48.58 billion.
The food processing equipment market is projected to expand at a CAGR of 4.4% between 2024 and 2034.
The automatic segment is projected to dominate the industry.
By 2034, the market value of the food processing equipment is expected to reach USD 74.66 billion.
India is likely the top-performing market, with a CAGR of 5.6%.
| Estimated Market Size (2024E) | USD 195.9 billion |
|---|---|
| Projected Market Value (2034F) | USD 391.1 billion |
| Value-based CAGR (2024 to 2034) | 9.2% |
| Market Size (2023) | USD15,836.90 million |
|---|---|
| Market Projected Size (2033) | USD 30,061.73 million |
| Market Forecasted Value CAGR (2023 to 2033) | 7.0% |
| Market Value for 2023 | USD 1,453.2 million |
|---|---|
| Market Value for 2033 | USD 1,863.40 million |
| Market CAGR (2023 to 2033) | 2.5% |
| Market Value (2023) | USD 591.5 million |
|---|---|
| Market Anticipated Value (2033) | USD 1,138.8 million |
| Projected Growth Rate (2032) | 7.2% |
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