Food Processing and Handling Equipment Market to Reach USD 131.70 Billion by 2026; Technological Advancement to Boost Growth, says Fortune Business Insights

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Pune, Dec. 03, 2019 (GLOBE NEWSWIRE) -- The global Food Processing and Handling Equipment Market size is projected to reach by 2026, thereby exhibiting a CAGR of 4.8% during the forecast period. However, the market was valued at in 2018. This information is published in a recent study by , titled, “Size, Share & Industry Analysis, By Equipment Type (Processing Equipment, Packaging Equipment, and Service Equipment), By Application (Bakery and Confectionery Products, Meat and Poultry Products, Dairy Products, Beverages, and Others) and Regional Forecast, 2019-2026.” According to the study, the incorporation of novel technologies, such as artificial intelligence and IoT are responsible for the Food Processing and Handling Equipment Market growth during the forecast period.

The manufacturers present in the market are persistently focusing on tracking food in the entire value chain to enhance food safety. In today’s world of smart products and Industry 4.0, it has become mandatory and easy to examine the potential of any product. Therefore, it is possible to undertake activities, such as remote maintenance and self-diagnosis by interconnecting the pre-installed base and making them smart for operations. They would then be able to detect the problems in the processing and packaging equipment. Furthermore, quick service restaurants are incorporating numerous digital solutions and self-serve kiosk take-offs. All these factors are likely to drive growth of the market in the coming years.

In terms of application, the market is segregated into bakery and confectionery products, beverages, meat and poultry products, dairy products, and others (grains, fruits, nuts and vegetables). Out of these, the bakery and confectionery products segment is anticipated to hold the highest food processing and handling machine market share during the forthcoming years. At present, in countries, namely, France and Germany, the industry is booming. It is attributable to the rapid rise in the demand for bread and other related products from the masses. The Federation of Bakers states that around 50 kg of bread is consumed by a person every year in the European Union. Also, commercial bakeries are adopting processing machines nowadays for producing bread of various shapes and types in a short time span.

Fortune Business Insights profiles some of the prominent key players operating in the food processing and handling machine market. They are as follows:

Geographically, the Food Processing and Handling Equipment Market is divided into Latin America, the Middle East and Africa, Asia Pacific, Europe, and North America. Amongst these, Europe had acquired a share of USD 47.80 Billion in 2018 and it is expected to remain dominant throughout the forecast period. The growth is attributable to the rising investment by leading companies to expand their presence by opening new production facilities. In Asia Pacific, the market will grow at a fast pace owing to the increasing consumer preference for instantly processed food. The rising disposable income of people would also contribute to the growth. North America, on the other hand, is expected to experience exponential growth stoked by changing consumer preference for frozen food items and the expansion of food and beverage industry.

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

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Globe Newswire: 12:03 GMT Tuesday 3rd December 2019

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