Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Food Product Machinery Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
Global Expansion of Food Processing Industry Significantly Enhances Food Product Machinery Market Valuation
The global food product machinery market has demonstrated a remarkable growth trajectory, with a sizeable leap from $39.82 billion in 2023 to a projected $42.73 billion in 2024, achieving an impressive compound annual growth rate (CAGR) of 7.3%. This upward trend is underscored by expansions within the food processing sector, heightened hygiene standards, and the increasing demand for consumer convenience. Further growth is anticipated, with expectations that the market will reach an estimated $55.85 billion by 2028, escalating at a CAGR of 6.9%.
The forecasted growth is driven by the adoption of sustainable and eco-friendly machinery, integration with advanced Industry 4.0 technologies, customization demands, digitalization, and global market expansions. The future of the market appears to be shaped by trending automation and robotics, the clean label movement, smart packaging solutions, reduced waste, energy efficiency initiatives, and personalized food processing solutions.
Continuous innovation encapsulates the competitive spirit of prominent players in the food product machinery market. For example, the introduction of advanced food processing systems like the CutMaster Generation 3, optimized for a variety of food products, exemplifies innovation geared towards meeting customer demands for flexibility, reliability, hygiene, and longevity.
Key Highlights from the Market Report:
- Assessment of crucial market segments including dairy, bakery, meat and poultry processing machinery.
- Insight into economies' impact on market growth with references to global GDP growth rates projected by entities like the IMF.
- Analysis of the COVID-19 impact, with a forward-looking perspective on market rebound strategies.
- Exploration of technological advancements in continuous baking ovens that optimize production efficiency.
With a comprehensive geographical analysis, the report illuminates the prominence of Western Europe as the lead region in the market during 2023, closely followed by Asia-Pacific. Additionally, it provides a granular view of major economies contributing to the market's dynamics, including the USA, China, India, Germany, the UK, and Brazil, amongst others.
Market observers note the critical role that food product machinery plays in enhancing efficiency, ensuring product consistency, and maintaining safety in the production of food and beverages. The data and forecasts within this industry review are foundational to understanding the current landscape and the avenues for future growth within the food product machinery market. Interested stakeholders are poised to benefit from the depth and breadth of the analysis presented.
A selection of companies mentioned in this report includes
- Tetra Laval International S.A.
- Krones AG
- GEA Group
- Bühler Group
- The Middleby Corporation
- JBT Corporation
- Dover Corporation
- Illinois Tool Works Inc.
- CIMC Enric Holdings Limited
- Sumitomo Heavy Industries.
- Alfa Laval AB
- Marel hf.
- SPX Flow Inc.
- Urschel Laboratories Inc.
- Stoelting Foodservice Equipment
- Idaho Steel Products
- Anko Food Machine Co. Ltd.
- Heat and Control Inc.
- Paul Mueller Company
- Key Technology Inc.
- Sidel Group
- Ishida Co. Ltd.
- Tomra Systems ASA
- Meyer Industries Inc.
- FMC Corporation
- KHS GmbH
- Rheon Automatic Machinery Co. Ltd.
- Grote Company
- Heat Exchange and Transfer Inc.
- Atlas Pacific Engineering Company Inc.
- FPEC Corporation
- Lyco Manufacturing Inc.
- Reading Bakery Systems
- Satake USA Inc.
For more information about this report visit https://www.researchandmarkets.com/r/vv65i9
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