The global food production machinery market is projected to grow significantly owing to the surging demand across the pharmaceuticals, food & beverage and personal care. Raw material availability and necessity to offer wide variety of food at a low-cost are a few factors which may spur the global market growth. Additionally, evolving lifestyles and technological innovations may positively impact the food production machinery growth in the near future. Further, growing population and frequently changing food preference may lead to upsurge in demand for food. This evolving trend may lead to more investments in the market ultimately. Further, technological advancements pertaining to slicing, cutting and grinding in food production equipment, may impel manufacturers to replace their old machines with newer ones for better efficiency. All these factors are expected spur the global market growth over the forecast period.
Dietary focus shift towards more value-added foods including meat & chocolate may prompt manufacturers to widen their operations & services and ultimately investing more in food production machinery market. This will further stimulate producers to strive for broader product offerings at a lower cost paired with value-added services. Further, manufacturers from wholly industrialized countries may invest more in novice methods of processing basic products including vegetables, fruits and grains, thus demanding more advanced equipment driving the market growth over the next few years. Rapid industrialization in developing countries coupled with increasing consumer disposable income is also expected to drive the market in the near future. Rising demand for processed food products may significantly drive sales for food production machinery over the next few years. Further, demographic shifts such as greying of population, acceptance of more convenience/ on-the-go products and rising number of smaller households may favourably impact the market growth.
Continuously evolving economies led to the improvement in fixed investment environment, which is also anticipated to encourage food processors to upgrade their machinery. Further, these machineries provide efficiency, distribution facilities, high reliability & efficient service owing to which the demand for food production machinery is expected to upsurge over the next few years. Other factors which may spur market demand include growing food & beverage shipments, new product introduction and rising industrialization producing more non-staple items. However, compliance to stringent government regulations may remain as a major challenge to the food production machinery market. Food production equipments are available in various categories such as roasters, dryers, homogenizers, fryers, separators, feeders, mixers, slicers, grinders, ovens and chillers. Surging demand for these equipments in various industries including dairy, bakery, poultry farm, seafood, chocolate manufacturing, beverage, milk, fruit & vegetables is anticipated to significantly drive the market demand over the next few years. Further, beverage, bakery & chocolate production machinery is expected to witness high growth owing to rising demand for their products. However, sales of meat processing equipment may be fuelled substantially owing to the affordability of these equipment with rising consumer incomes.
The North America and Europe market is expected to witness high growth over the forecast period. This may be credited to factors such as growing economy, rising R&D investments and surging awareness about new products. However, Asia Pacific is expected to remain dominant over the next few years owing to the escalating demand for processed food products in China, India, Indonesia and Thailand. Further, diversification of production facilities & capacity to meet consumer demand for more value-added food categories may favourably impact the market demand in this region.
Key players operating in the food production machinery market include Heat and Control Inc., Buhler AG, Atlas Pacific Engineering Co, Inc., Key Technology Inc., GEA Group, John Bean Technologies Corp., Bucher Industries AG, Wenger Manufacturing Inc., Tetra Laval, Marlen International, SPX Corp and Atlas Pacific Engineering Co, Inc. Technological advancements is one of the key strategies adopted by several market players. Further, the market players offer product differentiation through reduced emissions and waste by using energy and natural resources efficiently. They focus on conducting business through protecting public health environment safety.
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The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.