The global bakery and confectionery machinery market was valued at $17 billion in 2015 and is expected to surpass $24 billion by 2020, says Technavio.
Technavio has announced its latest market research report on bakery and confectionery machinery for the forecast period, 2016-2020. This market analysis, under the engineering tools vertical, discusses the major drivers and key emerging trends that will influence the growth of the global bakery and confectionery machinery market during the forecast period. Some of the top vendors listed in this industry analysis include Anko Food Machine, Bosch Packaging Technology, Buhler, and GEA Group.
Among various geographies, APAC will be the fastest-growing region in the global market, and is expected to contribute revenues of around USD 11 billion by 2020. China and India will emerge as the key revenue-generators as they are the major producers and consumers of these products.
“The rise in the organized retail sector will positively influence the global bakery and confectionery machinery market. Earlier, international vendors were hesitant to sell their products in developing countries because of various concerns however, the growth of the retail sector has boosted their confidence. The retail outlets enable vendors to efficiently market their products through various promotional shows. They can also obtain direct customer feedback and use the information obtained to refine their products,” says Anju Ajaykumar, a lead analyst at Technavio for research on engineering tools.
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This new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Growing demand for organic bakery products
The growing awareness about nutritional value and health benefits has increased the demand for organic bakery products significantly. The organic food market is expected to cross around 80 billion USD by end of 2016 and growing at a CAGR of around 16% during forecast period. At present, the bakery market has extended its product categories to include organic items. The buttery bread that has plant-based enzymes and eliminates the need for additional butter is also replacing traditional loaf of bread. The growing adoption of organic products is expected to drive the demand for capacity expansion which in turn will propel the growth of both bakery packaging and processing machinery markets.
Varied consumer preference and product differentiation for baked food
Availability of numerous options is making the consumers highly varied in their preferences and they look for options that are not only healthy but also convenient. The latest product launches in the bakery market have a high growth rate. Healthy and organic products are gaining popularity due to growing consumer awareness. In the bakery market, wholegrain accounts for most of the product diversifications. For example, the introduction of premium breakfast biscuits and cereals such as Kellogg’s All Bran breakfast biscuits. Developing new products based on consumer choice and product differentiation is expected to increase the demand for baked and confectionery products driving the demand for capacity expansion in the bakery and confectionery industry, which is likely to propel the global bakery and confectionery machinery market.
Awareness about benefits of automation
Adopting automation can improved productivity which has boosted its demand in the bakery and confectionery industry. Strict safety standards, growth in the number of products, heightened emphasis on quality, and complex production processes have increased the need for automation. Besides this, automation can also improve efficiency and reduce operating, maintenance, and wastage costs. Moreover, automated bakery and confectionery machinery can eradicate operational errors and this can help curtail faults in the manufacturing processes and increase overall quality and productivity. Hence, the bakery and confectionery industry is increasingly adopting automation to avail the above-mentioned benefits, which is expected to help in the growth of the global bakery and confectionery machinery market during the forecast period.
Some of the other prominent vendors identified in this report are ARPAC, Baker Perkins, JBT Corporation, JSC SPE firm, Voskhod, Marlen International — a Duravant Company, Rademaker BV, Sama Engineering, The Henry Group, VELTEKO, and WeighPack Systems.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Bakery and Confectionery Machinery Market 2016-2020‘. Technavio also customizes reports by other regions and specific segments upon request.
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