LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global bulk handling equipment for the food and beverage industry to grow at a CAGR of close to 5% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global bulk handling equipment for the food and beverage industry for 2017-2021. The report also lists the food and beverage sectors as the two end-user segments, of which the food sector accounted for more than 70% of the market share in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global bulk handling equipment for the food and beverage industry:
- Rising disposable incomes in emerging economies
- Increased government support for processed foods
- Shift toward automation and modernization of processes
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Rising disposable incomes in emerging economies
There has been a rise in demand for processed foods due to improvements in the economic conditions of developed countries. This has also been accompanied by an increase in disposable income in developing countries such as China, India, and Saudi Arabia. Consumers are more inclined to buy protein-rich foods and prefer buying food products that have high value, quality, and long shelf life.
This has resulted in increased demand for food processing machinery and solutions to meet the production requirements of F&B companies. Advances in the agricultural sector, particularly, pertaining to the methods of production, harvest handling, processing, and logistics are driving the demand for processed fruits and vegetables to increase the shelf life and provide variety. These developments have attracted international investors to invest in manufacturing facilities in emerging economies, thereby driving the demand for bulk handling equipment.
Increased government support for processed foods
Government support for processed products in fruits and vegetables will aid in the growth of the food processing sector. This will propel the growth of the food industry, thereby driving the demand for bulk handling equipment. For instance, in 2016, the governments of Canada and Manitoba planned to invest approximately USD 582,000 in state-of-the-art equipment to encourage local companies to produce nutritious and flavorful purees.
Similarly, the Indian government has initiated the Make in India Movement that mainly focuses on local manufacturing. The food processing sector in India is very limited but has huge growth potential as it directly links India's economy, industry, and agriculture. The Government of India is focusing on boosting the food processing sector in India, which will further drive the demand for bulk handling equipment.
“Mega food parks that have common processing facilities such as pulping, packaging, storage, and logistics and common utilities such as electricity, road, sewage, and water facilities are being promoted in India. Two mega food parks have already been set up, and nearly 42 mega food parks have been sanctioned and are expected to be completed during the forecast period,” says Anju Ajaykumar, a lead analyst at Technavio for unit operations research.
Shift toward automation and modernization of processes
Another driver influencing the growth of the market is the automation and modernization of process lines in manufacturing plants. Most of the food processing lines have automation and motion controls such as material conveying and positioning, drying, heating, and cooling. They also require other process parameters such as cleanliness, gentle handling, control of pressure, and temperature. These food processing machineries are also integrated with packaging and labeling equipment. With the increase in process automation in F&B processing, the market for bulk handling equipment is expected to grow during the forecast period.
“Rising personal income, demand for variety in foods, increased meat consumption, and shift toward dietary foods will drive the demand for processed foods, which in turn, will drive the market for bulk handling equipment,” says Anju.
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