Global Prepared Food Equipment Market size grew from $34.74 billion in 2022 to $36.8 billion in 2023 at a compound annual growth rate (CAGR) of 5.9%.
The prepared food equipment market refers to the machinery and equipment used for preparing, cooking, packaging, and preserving various types of ready-to-eat food products. This market has been growing rapidly due to the increasing demand for convenient and packaged food products in busy urban lifestyles.
The market is segmented based on equipment type, application, and region. The equipment types include processing equipment, packaging equipment, and cooking equipment, among others. The applications of prepared food equipment are found in restaurants, supermarkets, and convenience stores, among others.
The market growth is driven by factors such as increasing urbanization, rising disposable incomes, changing food preferences, and technological advancements in food processing and packaging equipment. However, the market faces challenges such as high initial investment costs, regulatory compliance requirements, and maintenance costs of the equipment.
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Covid-19 Impact:
The COVID-19 pandemic had a significant impact on the prepared food equipment market. The lockdowns and restrictions on movement implemented by governments worldwide resulted in a sharp decline in the demand for prepared food products in the foodservice industry. This decline in demand led to a reduction in the production and sales of prepared food equipment during the pandemic.
However, the pandemic also led to a shift in consumer behaviour, with more people opting for packaged and ready-to-eat food products due to concerns over food safety and hygiene. This shift in consumer behaviour led to an increase in the demand for prepared food equipment in the retail sector.
Manufacturers of prepared food equipment also faced supply chain disruptions and logistical challenges due to the pandemic, which resulted in delays in the delivery of equipment and spare parts. This led to a decrease in production capacity and an increase in lead times for new orders.
Market Segmentation:
Equipment Type:
- Processing Equipment
- Packaging Equipment
- Cooking Equipment
- Refrigeration Equipment
- Others (washing and sterilizing equipment, slicing and dicing equipment, etc.)
Application:
- Restaurants
- Supermarkets and Hypermarkets
- Convenience Stores
- Others (cafeterias, caterers, hotels, etc.)
Region:
- North America
- Europe
- Asia Pacific
- Rest of the World
The processing equipment segment includes equipment such as mixers, grinders, fryers, ovens, and slicers, among others. This equipment is used to process raw materials into finished products.
Key Player:
- GEA Group AG
- Alfa Laval AB
- JBT Corporation
- Bühler AG
- Middleby Corporation
- Illinois Tool Works Inc.
- Marel hf
- Ali Group S.r.l.
- Heat and Control, Inc.
- Berkshire Hathaway Inc. (Duravant LLC)
Regional Analysis:
North America is the largest market for prepared food equipment, with the United States being the leading country in the region. The market in this region is driven by the high demand for processed and packaged food products, coupled with the presence of several major players in the food processing and packaging industry.
Europe is the second-largest market for prepared food equipment, with Germany, France, and the United Kingdom being the leading countries in the region. The market in this region is driven by the high demand for packaged and ready-to-eat food products, coupled with the stringent regulations and standards for food safety and hygiene.
The Asia Pacific region is the fastest-growing market for prepared food equipment, with China, India, Japan, and Australia being the leading countries in the region. The market in this region is driven by the increasing population, rising disposable incomes, and changing food preferences, which have led to a growing demand for packaged and ready-to-eat food products.
The Rest of the World includes Latin America, the Middle East, and Africa. This region is a growing market for prepared food equipment, with Brazil and South Africa being the leading countries in the region. The market in this region is driven by the increasing urbanization, rising disposable incomes, and changing food preferences, which have led to a growing demand for packaged and ready-to-eat food products.
Overall, the prepared food equipment market is expected to grow in all regions, driven by the increasing demand for packaged and ready-to-eat food products worldwide. However, the growth rates may vary depending on the economic and demographic factors in each region.
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- Provision of market value (USD Billion) data for each segment and sub-segment.
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- Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
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Key Points:
- The analysis provides an overview of the factors driving and limiting the growth of the market including trends, structure and others.
• Market estimation for type and geographic segments is derived from the current market scenario and expected market trends.
• Porter’s Five Force Model and SWOT analysis are used to study the global Prepared Food Equipment market and would help stakeholders make strategic decisions.
• The analysis assists in understanding the strategies adopted by the companies for the growth of this market.
• In-depth analysis of the types of Prepared Food Equipment would help in identifying future applications in this market.
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