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What Projections Are There For The Hot Food Processing Equipment Market Size and Growth Rate?
The hot food processing equipment market size has made a significant leap over the recent past. The industry is slated to swell from $24.14 billion in 2023 to $26.42 billion in 2024, charting a compound annual growth rate CAGR of 9.5%. The growth during the historic period can largely be accredited to the amplified consumer demand for ready-to-eat meals, expansion of the foodservice industry, growth in quick service restaurants QSRS, burgeoning commercial kitchen and food production facilities, and a rising preference for processed and value-added food products.
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What Is The Hot Food Processing Equipment Market Growth Forecast?
The hot food processing equipment market is poised to witness robust growth in the upcoming years. The market size is expected to surge to $37.26 billion in 2028 at a compound annual growth rate CAGR of 9.0%. The stellar growth during the forecast period can be attributed to a spike in demand for customized hot food processing solutions, adoption of energy-efficient and eco-friendly processing technologies, integration of automation and robotics in hot food preparation, increase in sustainable packaging and waste reduction in food processing, and expansion of specialty and ethnic hot food offerings.
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What Are The Key Market Drivers and Major Trends for Hot Food Processing Equipment?
Rising demand for fast food and packaged food is slated to fuel the growth of the hot food processing equipment market moving forward. Packaged and fast foods are efficient alternatives offering time-saving advantages covering food acquisition, preparation, and are ready-to-eat options straight from grocery stores. Hot food processing equipment comes in handy to manage, cook, prepare, store, and package food and food products.
The industry has also been witnessing a surge in high-speed cooking and baking technologies. Trends such as induction cooking and energy-efficient heating point to a vibrant market future. Also, major players are increasingly adopting advanced frying and oil management systems, smart and connected cooking equipment, and pressure cooking and sous vide techniques.
Who Are The Leading Players in The Hot Food Processing Equipment Market?
There are several distinguished players in the hot food processing equipment market including GEA Group Aktiengesellschaft, Bühler AG, The Middleby Corporation, JBT Corporation, Heat and Control Inc., SPX Flow Inc., Tetra Laval International S.A., Alfa Laval AB, TNA Australia Pty Limited, Braunschweigische Maschinenbauanstalt AG, Bongard S.A.S, Marlen International Inc, Paul Mueller Company, Nichimo Co.Ltd., Bucher Industries AG, Equipamientos Carnicos S.L., Clextral S.A.S., Bigtem Makine A.S., FENCO Food Machinery s.r.l., Krones Group, Finis Food Processing Equipment B.V., Bettcher Industries Inc., Heat Transfer Sales of the Carolinas Inc., Robert Bosch GmbH, The Vollrath Company LLC, GROTE CO.INC., FMC Corporation, GKS Packaging North America Inc., FPEC Corporation, J.L Souser & Associates Inc.
Emerging Trends and Technological Advancements Driving the Hot Food Processing Equipment Market
One of the notable trends in the hot food processing equipment market is technological advancement. To strengthen their position in the market, major companies are prioritizing technological innovations such as automated processing, remote maintenance, among others. For instance, GEA Group, a Germany-based food systems and component company, launched GEA OptiSlicer 6000 in May 2021, complete with several technological enhancements for higher output, eased maintenance, and ultimate precision.
How Is the Hot Food Processing Equipment Market Segmented?
The hot food processing equipment market covered in this report is segmented in the following way:
1 By Type: Baking Equipment, Evaporation Equipment, Pasteurization Equipment, Dehydration Equipment, Roasting and Grilling Equipment, Frying Equipment, Sterilization Equipment, Blanching Equipment, Other Types
2 By Mode of Operation: Automatic, Semi-Automatic, Manual
3 By End-User: Food Processing Industries, Food Service Industry, Household
Which Regions Dominate The Hot Food Processing Equipment Market?
Asia-Pacific held the largest share of the hot food processing equipment market in 2023, and is also anticipated to be the fastest-growing region during the forecast period. The regions surveyed in this market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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