The increasing demand for enhanced production efficiency and minimization of the processing time, along with sustaining the quality of prepared food products is leading to innovations in the Prepared Food Equipment Market. Henceforth, the market players are innovating to stay with the tides of the time. For instance, Panasonic came up with a Countertop Induction Oven (CIO), which combines induction and dual-infrared heating technologies that enhances efficiency by reducing the overall time taken for food preparation. Furthermore, there is a proliferation of healthy and less oily food trend, which is also leading to developments such as air fryers. Such innovations in cooking equipment and kitchen tools are disrupting the prepared food equipment market. Furthermore, food & beverages (F&B) industry is experiencing an expansion due to the rise in demand for food products by the consumers from restaurants, small-scale food joints, and others. This is further increasing the prepared food equipment market size that was evaluated at $8.20 billion as of 2018.
Another factor driving the Prepared Food Equipment Market is the changing lifestyle of the millennial generation, which has led to a lucrative growth of the convenience food market. Furthermore, the preference of consumers towards bakery products is increasing the prospects in the bakery and confectionery food products industry. The rapid growth of the dairy industry, which is evident in the increasing trade of cheese is also enhancing the demand for prepared food equipment. The forecast period 2019-2025 is poised to witness an increase in demand for prepared food equipment at a CAGR of 5.62%.
North America Prepared Food Equipment Market & Opportunities for the Vendors:
The growth influx for the prepared food equipment market in North America is most attributable to the booming convenience food industry which is creating opportunities in application segments such as bakery & confectionery, meat & seafood, dairy products, and others. Here are some of the important factors driving the prepared food equipment market growth in the region –
· The North America Bakery Industry Creating Prepared Food Equipment Market Demand –
North America bakery market is booming due to the high demand for convenience food in the region. This growth very well reflects in the productivity of the US bakery industry. According to the American Bakers Association (ABA), the total output of the US bakery industry translates to $310.97 billion currently. This signifies the humongous demand for bakery products from the consumers, which are increasing the prepared food equipment market demand in the country.
Furthermore, Mexico is also one of the most flourishing bakery products markets, and therefore, the country is a profitable prepared food equipment marketplace.
· The US Dairy Industry: A Sustainable Prepared Food Equipment Marketplace –
The growth of the US dairy industry can be assessed by the booming cheese market in the country as evident with the findings by the Dairy Farmers of Wisconsin. According to the organization, 2018 annual cheese production was 3.423 billion lbs, and the figure had witnessed a year on year growth of 1.4%. This is majorly attributable to the growing demand influx from the fast-food market. The growth of the US dairy industry is generating demand for kitchen tools that are utilized in making dairy products.
· The US Meat Market Leading to Possibilities in the Prepared Food Equipment Market –
According to the National Chicken Council, per capita consumption of red meat and poultry was evaluated at 212.3 in 2001, and the amount increased over more than a decade to 219.5 in 2018. Additionally, per capita consumption of fish and shell-fish was valued to be 14.7 in 2016, which evinces the booming seafood market in the country. The booming meat market in the US is further flourishing the prepared food equipment market.
Prepared Food Equipment Market Global Scenario – Growth Drivers & Trends:
· Snacks and Savory Products: The Key Application in the Prepared Food Equipment Market –
The most profitable application in the prepared food equipment market is found to be snacks and savory products, and it will grow at a CAGR of 2.24% over the forecast period. This is again attributable to the contemporary population’s demand for ready-to-eat food due to the busy lifestyle. Furthermore, the “healthy” food trend has translated into the snacks market, which is undergoing expansion. Cooking equipment is utilized to prepare snacks and savory products, and therefore, the prepared food equipment market will observe growth prospects in this segment.
· The Growth of the Convenience Food Retail Market Supporting the Prepared Food Equipment Market –
The of the busy lifestyle the contemporary population is creating a demand for convenience food as working people don’t have time to cook food by themselves. As a result, the convenience food retail market is undergoing a profitable growth at a CAGR of 4.49%. It is poised to attain a valuation of $1.12 trillion by the end of 2025. Now, convenience foods are typically prepared meals that utilize kitchen tools and cooking equipment. Henceforth, the rise of the convenience food market is offering opportunities to the prepared food equipment market players.
· The Poultry Industry Augmenting the Prepared Food Equipment Market Demand –
Despite the growth of the veganism and vegetarianism, the demand for poultry products across the globe sustains. While a fraction of the global population is turning vegetarian, the balance is maintained by the rise of sales of poultry products in the developing countries due to the increasing affordability. According to PoultryHub, the global poultry production is projected to grow at a CAGR of 24% over the next decades, and by the end of 2025, the figure will reach 131,255 metric tons. A substantial amount of food items contain poultry products cooked using cooking equipment. Hence, the poultry industry will be a sustainable prepared food equipment marketplace during the forecast period.
· The Growing Trade of Sauces, Seasonings, and Condiments Evincing the Cooking Equipment Market Growth –
According to the International Trade Centre (ITC), the trade value of sauces, seasonings, and condiments was evaluated at $12.94 billion in 2018.
Furthermore, the trade value had witnessed a year on year growth of 9%. Now, the preparation of these sauces, seasonings, and condiments require equipment, and the growing trade of the same signifies the rise in the demand for that equipment.
· The Application in Dairy and Refrigerated Food Products –
The growth of the dairy industry is evident with the fact that global milk output was estimated at $843 million in 2018 – a 2.2% year on year growth. Now, this growth reflects in the upsurge in demand for dairy products that need prepared food equipment.
Additionally, the refrigerated food products market is also witnessing impressive growth. For instance, the frozen desserts market was valued between $32 billion and $34 billion in 2018 with a projection of demand increase at a CAGR of 7.5% through to 2025. Frozen desserts need equipment for preparation, and this increase in demand for the same will lead to an expansion of the prepared food equipment market.
· Air Fryers – An Emerging Trend in the Prepared Food Equipment Market –
The current consumer base is more inclined towards the consumption of healthy food products that contain lesser oil. In the wake of this, many companies such as NuWave, Ninja, and Faberware are innovating with air fryers that make crispy fries without oil. According to Consumer Reports, 4 million air fryers were sold in 1 year. The forecast period will witness more companies venturing into prepared food equipment that can produce healthy products.
Prepared Food Equipment Market – Competitive Landscape:
The top prepared food equipment market companies are GEA Group AG, Alfa Laval AB, The Middleby Corporation, Marel, The Bühler Holding AG, Welbilt, Hughes Equipment Company LLC, Heat and Control, Inc., Bigtem Makine A.S., and Hup Sheng Machinery & Industry Sdn Bhd.
· In April 2019, The Middleby Corporation completed the acquisition of Standex Cooking Solutions Group. This will diversify the company’s portfolio and increase its customer base, thereby enhancing its prepared food equipment market share.
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