LONDON--(BUSINESS WIRE)--The new egg processing equipment market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic crisis and recovery analysis of the egg processing equipment market.
"One of the primary growth drivers for this market is the reduced risk of contamination,” says a senior analyst for the industrials industry at Technavio. The vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover Technavio expects the egg processing equipment market size to grow by USD 22.48 million during the period 2020-2024.
Egg Processing Equipment Market Segment Highlights for 2020
- The egg processing equipment market is expected to post a year-over-year growth rate of -4.81%.
- Based on the product, the liquid egg products saw maximum growth in 2019. The rise in demand for liquid egg products in the preparation of food products such as baked items and dairy products will be the major factor propelling the growth of the market in this segment.
- The growth of the segment will be significant during the forecast period.
- 42% of the growth will originate from the APAC region.
- The rise in the use of egg products for preparing bakery snacks and confectioneries is one of the prime factors that will facilitate the egg processing equipment market growth in APAC over the forecast period.
- China and Japan are the key markets for egg processing equipment in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The egg processing equipment market size is expected to accelerate at a CAGR of almost 1% during the forecast period.
- The egg processing equipment market is segmented by product (Liquid, Dried, and Frozen), type (Pasteurizers, Homogenizers, Egg breakers and separators, Dryers, and Others), and geography (North America, Europe, APAC, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including ACTINI GROUP, Avitec Innovations Pvt. Ltd., Dion Engineering, FES International Inc., Midwest BRD Inc., Moba Group B.V., OVO-TECH, Ovobel Foods Ltd., OVOCONCEPT, and SPX FLOW Inc.
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