The fruit and vegetable processing equipment market generated a revenue of $5.6 billion in 2021, and the market size will advance at a CAGR of 6.9% during the forecast period, to reach $10.2 billion by 2030. This can be ascribed to the rising population of health-conscious consumers and surging demand for ready-to-eat food. With the increasing number of working professionals, the demand for ready-to-eat food is increasing, as convenience food products allow consumers to save time and energy associated with preparing or cooking food and post-meal activities. Thus, this drives the demand for processing equipment.
Small-Scale Processing Players Contributed Highest Revenue to the Market
The small-scale processing category held the largest share in the market in 2021, and it is also expected to dominate the market during the forecast period as well. This is because the market is fragmented with the presence of many small food processing companies. Also, small farmers have started using equipment for processing their items, which can be sold in local or domestic markets, as it does not require a huge investment. Moreover, the rising urbanization and population rates and the surging diverse dietary demands attract entrepreneurs to setup food processing units with a low investment.
Furthermore, the frozen fruits and vegetables category is projected to hold the largest share in the market in the coming years. Over the last few years, frozen food products have been rapidly gaining traction among consumers, because these are typically easier to prepare with minimal wastage. Moreover, frozen fruits and vegetables are almost similar in terms of nutritional value as compared to fresh. For instance, cooked-from-frozen peas contain 12 mg of vitamin C per 100 g, compared to fresh peas, which contain 16 mg of vitamin C per 100 g.
North America Is the Second-Largest Market
North America is likely to hold the second-largest position in the market throughout the forecast period, owing to the rising demand for packaged and canned fruits and vegetables in the U.S. and Canada, as a result of rapid changes in consumer lifestyles. With the growing fruits and vegetable processing industry in the region, the demand for processing equipment is also surging. Moreover, the presence of international and local market players in North America, such as Del Monte Foods Inc., Kraft Heinz Company, JBT Corporation, and Conagra Brands Inc., is likely to support the regional market growth.
Mergers and Acquisitions Are the Most-Effective Strategic Measures
Key players in the market have been involved in mergers and acquisitions to remain competitive. For instance:
- In March 2021, JBT Corporation completed the acquisition of AutoCoding Systems Ltd. Through this acquisition, JBT has expanded its capabilities in packaging line equipment and associated devices, such as coding and label inspection and verification.
Some of the major players in the fruit and vegetable processing equipment market include Alfa Laval, ANKO FOOD MACHINE CO. LTD., Bigtem Makine A.S., GEA Group AG, Bühler AG, FENCO Food Machinery S.R.L., JBT Corporation, Krones AG, Heat and Control Inc., Marel, Syntegon Technology GmbH, and Turatti Group.