The market is expected to cross US$ 9.92 billion in 2022 and is projected to hit US$ 15.34 billion by 2030, recording a CAGR of 5.0% during the forecast period.
Growing Demand for Dairy-Based Products to Propel the Market Growth.
The market growth is witnessing owing to the rising demand for dairy products due to their health and nutritional benefits. The dairy processing companies target low-fat, organic, and nutrient-fortified dairy products, which require highly advanced dairy processing machinery. The increasing demand for dairy products is majorly witnessed in developing economies such as India, China, and South American countries. Additionally, the demand is propelled by population growth, rapid urbanization, increased disposable income, and the emergence and modernization of cold chain facilities such as refrigerated transport and storage. Thus, the rising demand for dairy products is driving the market.
The rising demand for dairy products in the global market has increased international trade, boosting the market for processing equipment. Due to increasing health awareness among consumers about the benefits of dairy products, processed dairy products are gaining attention in international markets.
Within the report, the market is segmented into offering, equipment type, operation, application, and geography. Based on offering, the market is bifurcated into hardware and service. By equipment type, the market is segmented into pasteurizers, homogenizers, separators, evaporators and dryers, membrane filtration equipment, others. Based on operation, the market is segmented into automatic, semi-automatic. Based on application, the market is segmented into processed milk, fresh dairy products, butter and buttermilk, cheese milk, others. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
The Dairy Processors demand After-Sales Services to Enhance their Operational Efficiencies, thereby Creating Lucrative Growth Potentials for the Market Players over the Forecast Period.
The dairy processing equipment requires maintenance and services, which may arise during operations. Dairy processing equipment manufacturers can extend their services beyond installation and provide after-sales services such as annual maintenance contracts. Additionally, the after-sales services enhance the relationship of dairy equipment manufacturers with dairy processors through better services. Furthermore, the leading services that dairy processors need from dairy processing equipment manufacturers to contribute to operational efficiencies include operator training, preventive maintenance by knowledgeable technicians, factory acceptance testing, and timely service.
It is a great growth opportunity for dairy equipment manufacturers to develop services such as scheduling preventive maintenance, notifying machine operators about when the maintenance will be performed, pinpointing a machine failure occurrence, and completing repairs faster for smoother operations. As the service providers enhance their service portfolio, the demand for their services is anticipated to rise substantially, which would catalyze the dairy processing equipment market.
Technological Advancements is Another Major Factor Accelerating the Dairy processing equipment Market Growth.
Technological advancements have emerged as a major trend gaining popularity in the dairy processing equipment market. The key manufacturers operating in the dairy processing equipment sector are also focused on developing new technological solutions to strengthen their position. For instance, in September 2019, Arla, a Denmark-based dairy company, launched a natural, preservative-free supercooling technology to enable the international transport of fresh dairy products. This innovative cooling tool will prevent products' destruction by freezing and flying.
In April 2019, Caloris Engineering LLC, a company that designs evaporation, spray drying, and membrane separation technologies, acquired Seitz Stainless. This acquisition helps the company expand its in-house manufacturing skills. The merged company will serve as a one-stop shop for designing and manufacturing dairy, food, and wastewater processing equipment.
Recent Strategic Developments in Aircraft Propeller System Market
The dairy processing equipment market has undergone several significant developments, and a few of these have been mentioned below:
The dairy processing equipment market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. FELDMEIER, Equipment, Inc., GEA Group Aktiengesellschaft, Goma Group, I.M.A. INDUSTRIA MACCHINE AUTOMATICHE S.P.A., IDMC Limited, JBT, Krones AG, Scherjon Equipment Holland B.V., SPX FLOW, Tetra Pak International S.A., are among the prominent players operating in the market.
Target audience for the report:
Scope of the report:
In this report, the market has been segmented on the basis of:
Companies profiled
- FELDMEIER, Equipment, Inc.
- GEA Group Aktiengesellschaft
- Goma Group
- I.M.A. INDUSTRIA MACCHINE AUTOMATICHE S.P.A.
- IDMC Limited,
- JBT
- Krones AG
- Scherjon Equipment Holland B.V.,
- SPX FLOW
- Tetra Pak International S.A.