According to a new report published by Allied Market Research, titled,"Southeast Asia Food Processing Equipment Market by Type Industry: Opportunity Analysis and Industry Forecast, 2018 - 2025,"the Southeast Asia food processing equipment market size was valued at $993.90 million in 2017, and is projected to reach $1,434.89 million by 2025, growing at a CAGR of 4.7% from 2018 to 2025. The meat, poultry, and seafood processing equipment segment dominated the market in 2017, and accounted for about half of the market share, in terms of revenue.
The demand for processed food has increased due to rapid change in the lifestyle of people globally. Thus, the food processing companies have upgraded the machineries, which can offer high processing capacity to meet the growth in demand. Moreover, manufacturers have focused on customer needs while maintaining the global quality standards. Furthermore, surge in demand for processed quality food is expected to be the major factor that drives the growth of the Southeast Asia food processing equipment market.
The meat, poultry, and seafood processing equipment was dominant segment in 2017 due to the rise in meat consumption in regions such as Indonesia, Philippines, Vietnam, and Malaysia. According to Food and Agriculture Organization (FAO), consumption of meat has been growing at 5 - 6% per annum as compared to 3.4 - 3.8% for milk and dairy products during 2015 - 2020. The bakery processing equipment segment is expected to witness higher growth rate as compared to others, growing at a CAGR of 6.3% through the forecast period.
In 2017, Indonesia dominated the market due to increase in demand for food processing machines and high machinery import in 2017. Indonesia is expected to be the highest growing region during the forecast period.
Key findings of the Food Processing Machinery Market:
- In 2017, Indonesia was the highest contributor to the Southeast Asia food processing equipment market in terms of market value, growing at a CAGR of 5.2% from 2018 to 2025.
- In 2017, the meat, poultry, and seafood processing equipment was the highest contributor to the Southeast Asia food processing equipment market in terms of value, and is estimated to grow at a CAGR of 4.9% from 2018 to 2025.
- In 2017, Indonesia and Malaysia together accounted for about half of the total Southeast Asia food processing equipment market value.
- In 2017, the meat, poultry, and seafood processing equipment and beverage processing equipment accounted for more than three-fifths of the total Southeast Asia food processing equipment market value.
- In 2017, Vietnam was a prominent market in the Southeast Asia food processing equipment market, and is anticipated to grow at the CAGR of 5.0% during the forecast period.
The key players profiled in the report include Alfa Laval AB, Auto Kinetics (M) Sdn Bhd, Baader Group, Bucher Industries AG, Buhler AG, Emura Food Machine Co., Ltd., Euroasia Food Equipment Sdn Bhd, GEA Group AG, Gold Peg International Pty Ltd, Heat and Control Inc., Keto Agricultural Engineering Sdn. Bhd., Key Technology Inc., Krones AG, Marel HF, Marlen International, Inc., Nichimo International Inc., Paul Mueller Company, Tetra Pak International S.A., The Middleby Corporation, Topsteel Holdings Pte Ltd, and Yanagiya Machinery Co., Ltd.