The global bakery processing equipment market size is anticipated to reach USD 18.43 billion by 2025, registering a CAGR of 6.1% during the forecast period, according to a new report published by Grand View Research, Inc. Growing demand for bakery products including pizza crust, bread, and cakes and pastries is anticipated to drive the growth.
Bakery processing equipment is one of the prominent industries in the food processing equipment market showcasing significant revenue growth. It is hugely influenced rising demand for upgraded equipment. The market players heavily investment in R&D activities and innovation centers to gain a competitive edge.
In 2018, ovens and proofers equipment segment was valued at USD 4.15 billion and is expected to to hold the largest market share in the forthcoming years. The molder and sheeters segment is projected to register the fastest CAGR of 6.8% from 2019 to 2025.
Pizza crust application segment is anticipated to expand at the fastest CAGR of 6.7% from 2019 to 2025. Bakery processing equipment bread application segment is expected to dominate the market in the forthcoming years. It accounted for 35.11% of the overall revenue share in 2018. Increasing demand for bakery equipment to produce pizza crust, cakes and pastries, and other bakery products is expected to drive the market over the forecast period.
Asia Pacific held a market share of 35.72% in terms of revenue in 2018. North America and Europe dominate the bakery market, however bakery processing machinery is mainly imported from China, India, and other Asian countries. Central and South America (CSA) and Middle East and Africa (MEA) are expected to register a CAGR of 6.4% and 5.0% respectively over the forecast period.
The global bakery processing equipment market is extremely competitive in nature and relies on product innovation and technological advancements. The presence of local players in Asia Pacific poses a substantial threat to the large global companies in terms of product quality and prices, owing to the availability of both highly skilled workforce and raw material at low cost.
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Further key findings from the report suggest:
- Ovens and proofers equipment segment is expected to hold the dominant market share, while molders and sheeters is projected to expand at the fastest CAGR of 6.8% from 2019 to 2025
- Pizza crust application segment is expected register the fastest CAGR over the forecast period
- Asia Pacific held the largest share of the bakery processing equipment market in 2018 and expected to expand at the fastest CAGR of 8.1% over the forecast period, due to rising demand from emerging economies, such as India, Japan, and China
- Central and South America is expected to present significant growth opportunities in near future, owing to the high growth of the bakery industry. The regional market is expected to propel at a CAGR of 6.4% over the forecast period