Study: Bakery equipment to generate nearly $20M in five years
According to the latest publication from Meticulous Research®, the global bakery processing equipment market is expected to grow by 6.6 per cent from 2018 to reach $19,555.1 million by 2024.
The growth of this market is mainly driven by factors such as increased consumer demand for bakery products, advancement in manufacturing processes and technologies, and increasing focus of manufacturers to reduce production cost.
Emerging economies, particularly South East Asia, Latin America, and Africa are boosting the growth of bakery processing equipment market and hold huge potential for future growth.
The global bakery processing equipment market is mainly segmented by type (ovens and proofers, dough mixers, moulders and sheeters, dividers and rounders, depositors, and others), application (bread, biscuits & cookies, cakes and pastries, pizza crusts, and others), and geography.
Ovens and proofers dominated the global bakery processing equipment market in 2018, mainly due to increased productivity of bakery industry and large-scale development in the oven heating technologies and processes of baking.
However, the moulders and sheeters segment is expected to witness a rapid growth of 7.5 percent during the forecast period.
On the basis of application, the bakery processing equipment market is segmented into bread, biscuits & cookies, cakes and pastries, pizza crusts, and others. Bread application segment accounted for the largest share of the global bakery processing equipment market in 2018 as there is a large production of bread, one of the leading staple foods worldwide.
Geographically, the global bakery processing equipment market is segmented into North America (U.S. and Canada), Europe (Germany, France, Italy, U.K., Spain, the Netherlands, and RoE), Asia Pacific (China, India, Japan, Australia, and RoAPAC), Latin America (Brazil, Mexico, Argentina, and RoLATAM), and Middle East & Africa.
Asia-Pacific region is witnessing a tremendous growth for bakery industry, primarily due to increasing demand of bakery products in emerging and developing countries including India, China, Indonesia, and Thailand; rising investments from major players; growing industrialization; and government support to promote bakery processing sector. Furthermore, factors such as increasing urbanization, health awareness, and disposable income further support the growth of this region.
The key players operating in the global bakery processing equipment market are GEA Group Aktiengesellschaft (Germany), Ali Group S.R.L. A Socio Unico (Italy), Heat and Control, Inc. (U.S.), The Middleby Corporation (U.S.), John Bean Technologies Corporation (U.S.), Baker Perkins Limited (U.K.), Rheon Automatic Machinery Co. Ltd. (Japan), Sinmag Equipment Corporation (Taiwan), Markel Ventures Inc. (U.S.), Koenig Maschinen GmbH (Austria), WP Bakery Group (Germany), and GBT GmbH (Germany).
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