The global market for beverage processing equipment will be reaching US$ 27.7 Billion in the year 2029, which was estimated at US$ 17.5 Billion in 2019. The market is anticipated to exhibit a 4.7% CAGR during 2019-2029. The worldwide need is slated to increase together with the beverage industry’s ascend. Rise in alcohol consumption, increased requirement for pasteurized milk to contradict outbreaks of raw milk, incessant upgrading of the machinery and equipment are aspects fueling the need for beverage processing equipment. Ready-to-drink beverages have become a huge hit amid customers due to busy lifestyles. The increasing need for low-carbon foods, low-calorie, gluten-free and clean has directed towards the growth of carbonated beverages ready-to-drink in the food sector. Increasing in the overall requirement for beverage processing equipment along with increasing consumer health awareness has boosted the expansion of the carbonated beverages market.
Key Takeaways from Market Research
- APAC has a biggest share in the requirement, with an ever-increasing populace and increasing living standards.
- The North America market is likely to see sturdy expansion throughout the projected period.
- Complex manufacturing processes and high capital costs are the foremost variables which impede industry development.
- Companies are expanding the output potential as well as totaling market capture automation to the machines.
“Increasing need for hygienically produced & packaged drinks, advancing equipment for lean time management, superior technology utilized to boost product performance & productivity and growing concentrate on drinks quality are a few of the major variable driving the market. topmost companies are projected to strategize their future operations together with the aforesaid variables to increase their geographic reach in the approaching years,” said a lead analyst at FMI.
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Coronavirus Outbreak Crisis would Influence Consumption Pattern
As a result of the coronavirus outbreak, sales of fresh foods and alcohol on e-commerce in have increased, with market analysts anticipating that the preference in customers buying habits are here to reside. Consumer habits changed amid this time to focus on hygiene and safety, whereas in the lockdowns aftermath, they switched to e-commerce for fresh food, alcohol and even dairy.
Since COVID-19 is spreading throughout continents with no signs of slowing down, the patterns and effects ensuing from changes in customer behavior would additionally be evident in other crisis nations. Total utilization of alcoholic drinks wouldn’t alter much amid economic downturns, sales of wine and beer will rise and sales of liquors will decrease. Budget need for mid-priced drinks will rise, whereas need for super-premium high-end for ultra-premium alcoholic beverages will decrease. The trend of delivery would change drastically though.
The worldwide market is inclusive of several players. Few of them are Tetra Laval, GEA, Alfa Laval, Bucher Industries, Krones Group, SPX Flow, KHS GmbH, Pentair, JBT Corporation, and Praj Industries.
The expanding rivalry amid the vendors makes it hard for the rising players to fight with the leaders relied on quality, pricing and technology in particular. Thus, the makers bring creative ideas and bring in better technology to attain a competitive edge above their rivals.
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