04/07/2018 – News / Food Processing / Machinery / Research and Markets / Global
Prepared food equipment market to exceed $11bn by 2023
The prepared food equipment market is projected to reach US$11.23 billion by 2023 from US$8.41bn in 2018, recording 5.95 per cent CAGR over the forecast period, according to a new study released by Research and Markets.
The rise in income of the population and focus of food manufacturers on production efficiency, processing time, and quality of food products are all expected to fuel the growing demand for prepared food equipment in the years ahead.
Based on type, the processing segment accounted for the largest market share of the global prepared food equipment market in 2017.
On the basis of application, the snacks and savoury products segment dominated the global prepared food equipment market last year.
And in terms of the mode of operation, the semi-automatic segment accounted for the largest market share in 2017.
North America accounted for the largest share in the global prepared food equipment market, in terms of value, last year – owing to the increasing automation industry. However, Asia Pacific is expected to overtake the North American market for prepared food equipment by 2023. The wide acceptance and availability of prepared food equipment in the US, Canada, and Mexico, along with their growth potential, are the major drivers contributing to the growth of the North American prepared food equipment market.
The new report, entitled ‘Prepared Food Equipment Market by Type (Pre-processing, Processing, Packaging), Application (Snack & Savory Products, Ready-to-eat Products), Mode of Operation (Automatic, Semi-Automatic, Manual), and Region – Global Forecast to 2023’, has been added to ResearchAndMarkets.com