(Entertainment-NewsWire.com, January 23, 2020 ) According to this latest publication from Meticulous Research®, the Southeast Asia food processing equipment market is expected to grow at a CAGR of 4.7% from 2018 to 2023 to reach USD 1,152.0 Million by 2023. This market is mainly driven by factors such as increasing consumer demand for processed food, growing focus on food safety and safety of workers, growing need to increase productivity, increasing focus of food manufacturers to reduce production cost, and government support to promote food processing sector. However, high cost of equipment and increasing consumer inclination towards consumption of minimal processed food products hinders the growth of this market. In addition, lack of trained labor force in many parts of the Southeast Asia poses a great challenge to the food processing equipment manufacturers.
The Southeast Asia food processing equipment market study presents historical market data in terms of value (2016 and 2017), estimated current data (2018), and forecasts for 2023 by various types of equipment. Meat, poultry, and seafood processing equipment commanded the largest share of the Southeast Asia food processing equipment market in 2017. These equipment are widely adopted by the Southeast Asian meat processors to meet increased demand of processed meat products due to fast progression of urbanization, increasing population, consumer preference for protein-rich food products, and the tendency among city dwellers to spend more on food. However, chocolate and confectionary processing equipment market is expected to witness highest CAGR during the forecast period with the rising need to manufacture high-value confectionery products under cost-pressure; growing need of maximizing energy efficiency; and growing confectionery industry due to economic factors, sociological trends, increasing health consciousness, and a fast-evolving indulgence seeking attitude of the consumers.
Top 10 companies operating in South East Asia Food Processing Equipment market:
This research report analyzes major geographies and provides comprehensive analysis of Southeast Asia (Indonesia, Thailand, Malaysia, Philippines, Vietnam, Singapore, and RoSEA). Indonesia captured a significant share in 2017 and is expected to register highest CAGR during the forecast period in Southeast Asia food processing equipment market. The large share of Indonesia is mainly attributed to its huge and growing processed food industry due to growing Indonesian population, increased urbanization, growing awareness of healthy lifestyle products, rising incomes, and growing Indonesian tourism industry. The growing number of food processing units and development of modern food retail sector in the country further propels the growth of this market.
Some of the key players operating in the Southeast Asia food processing equipment market are Bühler AG (Switzerland), Marel HF (Iceland), Gold Peg International Pty Ltd. (Australia), Paul Mueller Company (U.S.), GEA Group Aktiengesellschaft (Germany), Baader Group (Germany), Bucher Industries AG (Switzerland), The Middleby Corp (U.S.), Heat and Control Inc. (U.S), Alfa Laval AB (Sweden), Nichimo International Inc. (Japan), Emura Food Machine Co, Ltd. (Japan), Krones AG (Germany), Paul Mueller Company (U.S.), Key Technology Inc. (U.S.), and Tetra Pak International S.A. (Switzerland), Yanagiya Machinery Co., Ltd (Japan), Topsteel Holdings Pte Ltd (Singapore), Keto Agricultural Engineering Sdn (Malaysia), EUROASIA FOOD EQUIPMENT SDN BHD (Malaysia), and Auto Kinetics (M) Sdn Bhd (Malaysia).
In the recent past, these companies have significantly focused on acquisitions to offer extensive range of production solutions, expand their activities in the area of food processing, and strengthen their product portfolios and position in the food processing equipment market in this region. For instance, in June 2017, the Middleby Corporation acquired Sveba Dahlen Group (Sweden), a developer and manufacturer of ovens and baking equipment for commercial food service and industrial baking. This acquisition helped the company to strengthen their position in the bakery category and provide increased growth opportunities in the retail market.
Key questions answered in the report-
Which are the high growth market segments in terms of type and countries?
What was the historical market for food processing equipment in Southeast Asia?
What are the market forecasts and estimates for the period 2018-2023?
What are the major drivers, restraints, opportunities, and challenges in the Southeast Asia food processing equipment market?
Who are the major players in the Southeast Asia food processing equipment market?
How is the competitive landscape and who are the market leaders in the Southeast Asia food processing equipment market?
What are the recent developments in the Southeast Asia food processing equipment market?
What are the different strategies adopted by the major players in the Southeast Asia food processing equipment market?
What are the geographical trends and high growth countries?
Who are the local emerging players in the Southeast Asia food processing equipment marketand how do they compete with the global players?
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