Prepared Food Equipment Market size is forecast to reach $8.20 billion by 2025,growing at a CAGR of 5.62% during the forecast period 2020-2025. The focus of food manufacturers on production efficiency and growing technological advancements in automation are the major factors driving the growth of the market.Increasing consumer preferences towards prepared food & snacks and rising investments in food processing equipment is set to further enhance the overall market demand of prepared food equipment market during the forecast period 2020-2025.
• North America dominated the Prepared Food Equipment Market in 2019 owing to the rising demand for on the go and ready to eat products and increasing automation in food & beverage industry. The Prepared Food Equipment Market scope for different regions will be provided in the final report.
• The increased demand for packaged food and the growing investments for food packaging and the rising disposable income in developing countries is likely to aid in the market growth of the prepared food equipment market.
• Detailed analysis on the Strength, Weakness and opportunities of the prominent players operating in the market will be provided in the prepared food equipment market report.
• Infrastructural challenges and increased manufacturing costs is poised to create hurdles for the prepared food equipment market.
Mode of Operation – Segment Analysis
The semi-automatic segment held the largest share in the prepared food equipment market in 2019 and is estimated to grow at a CAGR of 4.04% during the forecast period 2020-2025. The growth in this segment can be attributed to the technological developments; small pack sizes, shifting consumer preferences and the decrease in the time-lag in the production process are significant factors influencing the growth of the market. However, the automatic segment is projected to grow at the highest CAGR during the forecast period 2020-2025 owing to the ease of use and higher production of food products in lesser time.
Application- Segment Analysis
The snacks and savory segment held the largest share in the prepared food equipment market in 2019 and is estimated to grow at a CAGR of 2.34% during the forecast period 2020-2025. The growth in this segment is owing to the shifting consumer preferences towards the snacks and savory and the rising interest of the consumer with the growing demand for customized food with specific ingredients. Prepared food equipment is primarily used in the manufacturing of snacks and savory products. Prepared food is meant for immediate consumption. It is estimated that snacks and the savory segments will be the fastest-growing segment and will register the highest CAGR during the forecast period 2020-2025.
Geography- Segment Analysis
North America dominated the prepared food equipment market in 2019 with a share of more than 32%, followed by Europe. This is mainly owing to the availability of several advanced food retail chain and rising automation in the food industry. Rising demand for convenience and ready to eat food products with the technological developments and decrease in the time lag in the production process is influencing the growth of the market in the North America. The massive technological advancement in processing ready to eat foods and the fast-growing sectors has led to the adoption of the prepared food equipment market in North America.
Europe is estimated to grow at a higher CAGR during the forecast period (2020-2025) owing to the increasing investments in the food processing and industry and strict food regulations and governing policies. The increasing investments by the government and advancements in food processing technology will also support the region growth.
Drivers –Prepared Food Equipment Market
• Increase demand for packaged food and the growing investments in food packaging
There is an increased demand for packaged food and growing investment in food packaging which has driven the growth of the prepared food equipment market. Growing technological advancements and rising investments in food with the increasing demand for productive and efficient advanced machinery is increasing the growth of the market.Prepared food equipment is designed in such a way that it can provide fresh and safe foods.It is also involved with processing,pre processing and packaging food. Increasing efficiency in packaging foods also helps to save time and increase productivity.
• Increasing demand for productive and efficient advanced machinery
Growing technological advancements in automation with the decrease in the time lag in the production process is influencing the growth of the market. The growing corporate culture in the developing countries and lack of time to prepare traditional food is helping to boost the demand for a different type of food processing equipment.The growing influence of urbanization, corporate culture, and nuclear families is increasing the demand for productive and efficient advanced machinery and this is driving the growth of the prepared food equipment market.
Challenges – Prepared Food Equipment Market
• Infrastructural challenges and increased manufacturing costs
Some of the factors that can hamper the growth of the prepared food equipment market are infrastructural challenges and increased manufacturing costs along with the cost factor of the installation of the new prepared food equipment. The low availability of the skilled personnel to operate this type of modern equipment is also restricting to the growth of the market.
Prepared Food Equipment Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the market. In 2019, Prepared Food Equipment Market share is consolidated by the top ten players present in the market. Prepared food equipment top 10 companies are GEA Group, Alfa Laval, The Middleby Corporation, Marel, and Buhler. Other players in the industry include Welbilt, Hughes Equipment Company, Heat and Control Inc., Bigtem Makine, and Hup Sheng among others.