Bakery processing equipment market worth $13.62 billion by 2020
The bakery processing equipment market is projected to grow at a CAGR of 7.3 percent from 2015 to 2020, reaching an estimated value of $13.62 billion by 2020.
According to researchers at MarketsandMarkets in their latest report “Bakery Processing Equipment Market by Type, Application and by Region - Forecast to 2020,” the demand for equipment types such as mixers and ovens & proofers is increasing due to the demand for premium bakery products and a shift in consumer preference to healthier and innovative bakery items. The market demand for mixed varieties has also experienced higher than average growth, as they combine the useful characteristics of indulgence and nutritious bakery products. Because of this, researchers say bakery processing equipment will be viewed as a business opportunity in the next five years and many multinational players have entered into the production of varied types of bakery processing equipment.
The sheeters and molders bakery processing equipment is projected to lead the market in terms of value and is projected to grow at a comparatively higher CAGR than most bakery processing equipment types. In 2014, the market of bakery processing equipment for bread application accounted for the largest share in the bakery processing equipment market in terms of value. The growing demand for frozen baked products and advancement in manufacturing processes and technologies is expected to boost the market.
According to researchers, countries in the Asia-Pacific, Latin American, the Middle East, and African regions are thriving in terms of the growing contribution of the bakery processing equipment toward the GDP with high levels of product development and marketing. The rising population levels have also created the demand for customized and luxurious bakery products globally. Increasing per capita disposable income in these regions is another driver for the market.
More on the report can be found here.