LONDON, July 23, 2018 (GLOBE NEWSWIRE) -- According to the 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 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.
Increasing urbanization in Southeast Asian countries, especially in economically advanced countries such as Indonesia, Brunei, Malaysia, and Singapore is majorly responsible for the growing processed food consumption and production, thereby boosting the demand of food processing equipment from food processors.
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Meat, poultry, and seafood processing equipment dominated the Southeast Asia food processing equipment market in 2017, while chocolate and confectionary processing equipment market is expected to witness highest CAGR during the forecast period due to “ 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”.
Indonesia is the largest and fastest growing market, cited to “ its huge and growing processed food industry with growing Indonesian population, increased urbanization, growing awareness of healthy lifestyle products, rising incomes, and growing Indonesian tourism industry. In addition, the growing number of food processing units and development of modern food retail sector in the country further propels the growth of this market ”.
The key players in this market are Bühler AG, Marel HF, Gold Peg International Pty Ltd, Paul Mueller Company, GEA Group Aktiengesellschaft, Baader Group, Bucher Industries AG, The Middleby Corp., Heat and Control Inc, Alfa Laval AB, Nichimo International Inc., Emura Food Machine Co, Ltd., Krones AG, Paul Mueller Company, Key Technology Inc., and Tetra Pak International S.A., Yanagiya Machinery Co., Ltd, Topsteel Holdings Pte Ltd, Keto Agricultural Engineering Sdn, EUROASIA FOOD EQUIPMENT SDN BHD, and Auto Kinetics (M) Sdn Bhd among others.
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