Northbrook, IL -- (SBWire) -- 12/08/2020 --The report "Prepared Food Equipment Market by Type (Pre-processing, Processing, Packaging), Application (Snack & Savory Products, Meat & seafood Products), Mode of Operation (Automatic, Semi-automatic, Manual), and Region - Global Forecast to 2026", The global prepared food equipment market size is estimated to account for a value of USD 10.4 billion in 2020 and is projected to reach USD 15.1 billion, with a CAGR of 6.4% for the forecast period 2020-2026. The market is driven by factors such as growing disposable income; increase in supermarkets & retail outlets, investment of food manufacturers on products with a focus on production efficiency, processing time, and quality; and growth of food exports. An increase in investments in R&D activities, demand for advanced machinery, and the growing automation industry are the upcoming opportunities for the prepared food equipment industry.
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The processing segment is projected to be the largest segment in the Prepared food equipment market during the forecast period.
The processing segment accounted for the largest market share in 2019. Processing in the major segment includes peeling, cutting, slicing, and other activities, thus making it fit for consumption. With the increase in demand for prepared meals, frozen foods, meat & seafood products, and snacks & savory products, the processing equipment market will continue to dominate the market.
The semi-automatic segment is estimated to account for the largest revenue market share in 2020.
The semi-automatic segment, by mode of operation, accounted for the largest share in 2019. Semi-automatic equipment provides production efficiency and ensures proper monitoring is done manually. It requires less investment in comparison to automatic equipments, thus driving the prepared food product market in the semi-automated segment. In many developing countries, semi-automated equipment is employed. Manufacturers are also focusing on increasing their efficiency to meet the demand of the consumers.
The meat & seafood products segment is projected to witness the fastest growth in the prepared food equipment market, 2020 to 2026.
Food products like meat, chicken, ham are consumed worldwide, and it is witnessed to have a high CAGR for the forecast period. Foods like raw & cooked meat, seafood, chicken & turkey, dairy products, egg & egg products are more prone to bacterial growth; hence proper processing and packaging are required. Manufacturers are adopting new strategies to bring new innovations to fuel the growth of this segment.
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Asia Pacific is projected to grow at the highest CAGR during the forecast period.
The Asia Pacific region is projected to grow at the highest CAGR during the forecast period. Countries such as China, India, and Japan, have great demand for ready-to-eat and on-the-go products, which drives the demand for prepared food equipment in the region. The growth in the retail sector is also encouraging development in the prepared food industry. Other countries like Thailand, Vietnam, Indonesia, and Malaysia have more popularity for international tourism. Hence, increasing restaurants with various food options also drive the market for prepared food equipment market.
This report includes a study on the marketing and development strategies and a study on the product portfolios of the leading companies operating in the Prepared food equipment market. It consists of the profiles of leading companies like GEA Group (Germany), Alfa Laval (Sweden), JBT Corporation (US), SPX FLOW (US), Bühler (Switzerland), Tetra Laval (Switzerland), Dover Corporation (US), Robert Bosch (Germany), Krones (Germany), Middleby Corporation (US), Marel (Iceland), IMA Group (Italy), Multivac (Germany), Ali Group (Italy), Lyco Manufacturing, Inc (US), Heat and Control, Inc. (US), BigTem Makine (Turkey), Hup Sheng Machinery & Industry (Malaysia), Sumpot (China), and Hosokawa Alpine (Bayern).
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Prepared Food Equipment Market Worth $15.1 Billion by 2026
Prepared Food Equipment Market by Type (Pre-processing, Processing, Packaging), Application (Snack & Savory Products, Meat & seafood Products), Mode of Operation (Automatic, Semi-automatic, Manual), and Region - Global Forecast to 2026