Led by countries such as Australia, India and South Korea, the Mixers market segment in Asia-Pacific is forecast to reach US$ 9.2 billion by 2027
According to a report released by Reportlinker, amid the Covid-19 crisis, the global market for food processing machinery and equipment estimated at US$ 57 billion in 2020, is projected to reach a revised size of US$ 67.7 billion by 2027, growing at a CAGR of 2.5 per cent over the analysis period 2020-2027. Depositors, one of the segments analysed in the report, is projected to grow at a 2.8 per cent CAGR to reach US$ 19.7 billion by the end of the analysis period.
After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Extruding Machines segment is readjusted to a revised 3 per cent CAGR for the next seven-year period. This segment currently accounts for a 22 per cent share of the global food processing machinery and equipment market.
The US accounts for over 27 per cent of global market size in 2020
The food processing machinery and equipment market in the US is estimated at US$ 15.4 billion in 2020. The country currently accounts for a 27.04 per cent share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$ 13.5 billion by 2027 trailing a CAGR of 4.7 per cent through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.6 per cent and 1.8 per cent respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.1 per cent CAGR while Rest of European market (as defined in the study) will reach US$ 13.5 billion by 2027.
Mixers segment corners a 19.8 per cent share in 2020
In the global Mixers segment, USA, Canada, Japan, China and Europe will drive the 1.7 per cent CAGR estimated for this segment. These regional markets accounting for a combined market size of US$ 8.5 billion in 2020 will reach a projected size of US$ 9.6 billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$ 9.2 billion by 2027, while Latin America will expand at a 2.8 per cent CAGR through the analysis period.