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The global food processing and handling equipment market size is projected to reach USD 131.70 billion by 2026. It is likely to gain momentum from the rising investment in research and development activities to innovate food processing technologies. This information is published in a report by Fortune Business Insights, titled, “Food Processing and Handling Equipment Market 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.” It further mentions that the market value stood at USD 91.34 billion in 2018. However, it will exhibit a CAGR of 4.8% during the forecast period between 2019 to 2026.
Increasing Consumption of Ready-to-eat Food Products to Propel Growth
The population in many developing countries across the world is increasing day by day. Especially India and China are experiencing a rising demand and consumption of ready-to-eat food products as they are striving to keep up with the growing urban lifestyle. Moreover, dual-income households would opt for an urban lifestyle, which in turn, will lead to high demand for convenience meals. At present, the packaging industry is experiencing innovations owing to the implementation of new methods to produce convenience food at a fast pace. All these factors are likely to boost the food processing and handling machine market growth during the forecast period.
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Key Segments of Food Processing and Handling Equipment Market
Key Market Players Focus on Mergers & Acquisitions to Increase Product Portfolio
The industry giants present in the market are merging and acquiring other key companies to gain maximum food processing and handling machine market share and expand the product portfolio. Fortune Business Insights lists out some of the most renowned organizations that are present in the food processing and handling equipment market. They are as follows:
Buhler & Premier Tech Cooperates Strategically to Produce Innovative Packaging Solutions
August 2019: Buhler Group, a technology company for plant and equipment related services, based in Switzerland, announced that it has formed strategic cooperation for industrial flexible packaging solutions with Premier Tech, a creator of sustainable solutions, based in Canada. As per the agreement, both companies would build a manufacturing and designing center in China. Buhler will create a blend of Premier Tech’s expertise and portfolio to develop novel packaging solutions by using automation technologies.
The global food processing and handling equipment market can be segmented into:
Value (USD billion)
By Equipment Type