Food Product Machinery Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Food Product Machinery Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • January 2021 •
  • 300 pages •
  • Report ID: 6009809 •
  • Format: PDF
Major companies in the food product machinery market include Tetra Laval International S A; Buhler AG; GEA Group; Krones AG and John Bean Technologies.

The global food product machinery market is expected to grow from $34.79 billion in 2020 to $36.53 billion in 2021 at a compound annual growth rate (CAGR) of 5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $49.89 billion in 2025 at a CAGR of 8%.

The food product machinery market consists of sales of food product machinery by entities (organizations, sole traders and partnerships) that produce equipment such as dairy product plant machinery and equipment, bakery machinery and equipment, meat and poultry processing and preparation machinery, and other commercial food production machinery. The food product machinery market is segmented into dairy product plant machinery and equipment; bakery machinery and equipment; meat and poultry processing and preparation machinery; and other commercial food products machinery.

Western Europe was the largest region in the global food product machinery market, accounting for 43% of the market in 2020. Asia Pacific was the second largest region accounting for 24% of the global food product machinery market. Africa was the smallest region in the global food product machinery market.

Bakery machinery and equipment manufacturers are now offering high-performance continuous baking ovens to improve production efficiency and consistency in quality. Unlike batch ovens, continuous baking ovens allow cooking or baking process on a continuous line thus providing consistency in the operation. These ovens can be used for high-temperature cooking, impingement, convection, super-heated vapor, and linear or spiral cooking. Continuous baking ovens provide faster bake times and throughput, precise control, improved consistency in quality, and minimal product waste compared to traditional batch ovens. In addition, continuous baking reduces labor costs and saves energy by up to 15%.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on food product machinery manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Manufacturers depend heavily on supply of raw materials from domestic and international suppliers. As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to lack of raw materials. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the food product machinery manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

The food product machinery manufacturing market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end user markets, thereby driving the market during forecast period.