The bakery processing equipment market in the Asia Pacific region is projected to grow rapidly due to the enhanced economic growth in the last decade. The food industry has also contributed significantly to the economic growth in this region. The consumption of food products in the region is also rising steadily, driven by the growing population, increasing income, and rapid urbanization.
The study in this report covers the bakery processing equipment market. The bakery processing equipment market is estimated to account for about USD 8.0 billion in 2018 and is projected to reach a value of nearly USD 10.3 billion by 2023, at a CAGR of 5.2%.
The key drivers of the market are the increasing number of artisan bakeries and QSRs, and automation & robotics in bakery processing.
Based on end user, the market segmentation includes bakery processing industry and foodservice industry.
The foodservice industry segment is projected to witness the fastest growth from 2018 to 2023. The foodservice industry consists of various service chains such as restaurants, QSRs (quick service restaurants), hotels, bakery café chains, and food & beverage chains.
Of these, QSRs or fast food restaurants are dominating the food service segment in the bakery processing equipment market due to the high contribution of QSR chains such as McDonald’s, Starbucks, Subway, Burger King, Wendy’s, Taco Bell, Dunkin Donuts, Pizza Hut, KFC, and Domino’s. The food service industry uses frozen bakery food items on a regular basis to save time in cooking, which thus, reduces the time taken by the food item to reach the customer’s table.
Frozen bakery food offers both quality and taste, which is the same as traditional baked food items; thus, it fulfills customer expectations. The global foodservice industry is growing at a faster pace due to the high demand for fast food, the increase in the population of working women, rise in disposable income levels, and the growing number of food delivery channels.
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The bakery processing equipment market in the Asia Pacific is projected to witness the highest growth between 2018 and 2023. The industrial growth in the region over the years, followed by improvements in the bakery industry, has created new opportunities for the bakery processing equipment market.
The growing middle-class population in the region, increasing disposable income among customers, and demand for bakery items that offer on-the-go consumption are driving the growth of the bakery processing equipment market. The per capita consumption of bakery processing equipment in the Asia Pacific region is increasing due to emerging economies such as China, India, and Indonesia.
A large number of bakery companies have expanded their manufacturing facilities in these countries, which has also driven the market for bakery processing equipment. For instance, in February 2019, The Haas Group (Austria), which was acquired by Bühler, expanded in India by adding an oven manufacturing plant to its service and support facility in the country.
In addition, in November 2016, Reading Bakery Systems (Markel Food Group) continued its expansion across the Chinese and South-East Asian markets due to the increasing demand for bakery products from the customers in the region, along with providing a platform for developing baked snack systems.
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