Food Product Machinery Market
The global food product machinery market was valued at about $39 billion in 2023. This shows growth of 4.7% each year since 2018. It is expected to grow further, reaching $53.8 billion by 2028, with a growth rate of 6.6%. By 2033, the market could be worth $70.3 billion, growing at a rate of 5.5% annually.
This market has many small companies, with the top ten making up only 14.9% of the total in 2023. Marel leads this group with a market share of 4.09%, followed by JBT Corporation at 2.13%, and Heat and Control at 2.02%.
Trends driving the market include improved mixing efficiency to reduce waste in food processing, new baking technologies for better biscuit production, and cloud-based systems for real-time monitoring and maintenance. Tool-free valves are being introduced to streamline control in food applications. Collaborations among major companies also play a significant role in advancing the market.
Historically, the market benefited from rising disposable incomes, growth in emerging economies, and an increased demand for bakery and dairy products. Challenges like a shortage of skilled workers did impact growth.
Looking ahead, factors like urbanization, the expansion of e-commerce, and a growing preference for processed foods will bolster market growth. However, the high costs of machinery may pose challenges.
The market can be broken down by type into several categories: dairy machinery, bakery equipment, and meat processing machinery. In 2023, meat and poultry machinery held the largest share at 33.9% or $13.2 billion. Notably, the bakery segment is fast-growing, projected to increase at 7.6% annually from 2023 to 2028.
Products in this market include depositors, extruding machines, mixers, and refrigerators. Deposit machines had the largest share in 2023, making up 25.1% at $9.8 billion, and are also expected to grow rapidly.
The market can also be segmented by capacity. Medium-sized machines accounted for half of the market in 2023, while large machines are predicted to grow faster at a rate of 7.3% from 2023 to 2028.
In terms of operation, autonomous machines dominated with 41% of the market share. This segment is expected to continue growing at 7.3% annually for the next five years.
Western Europe is the largest region in this market, making up 43.6% or $17 billion in 2023, followed by Asia-Pacific and North America. The fastest growth rates are expected in South America and Africa, with CAGRs of 21.28% and 13.37%, respectively.
Key opportunities lie in the bakery machinery segment, expected to grow by $5.8 billion by 2028. The depositors segment will also gain $4.3 billion during the same period. Similarly, the medium capacity segment should see an increase of $7.2 billion.
To capitalize on these opportunities, companies should focus on improving mixing efficiency, adapting advanced baking technology, and exploring cloud solutions. There is also potential in expanding their reach to emerging markets and developing strong partnerships for better innovation.
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Food Product, bakery machinery, Machinery Market, Market Opportunities, food processing
