The global dairy processing equipment market is estimated to be valued at USD 8.6 billion in 2018 and is projected to reach USD 11.2 billion by 2023, at a CAGR of 5.4%. The growing consumption of dairy products and increasing disposable income are factors driving the dairy processing equipment market across the world.
Due to high consumer demand and requirement of various types of equipment for processing, the processed milk segment accounted for the largest market size in the dairy processing equipment market during the forecast period
The processed milk segment holds the largest market size in the dairy processing equipment market due to the increasing food safety concerns among consumers. The milk produced using the method of pasteurization is called processed milk, and the same is then packaged under near-sterile conditions, which make it impossible for milk spoiling bacteria to contaminate the milk and milk products. The preparation of processed milk requires the use of pasteurizers, homogenizers, and separators.
Being the largest producer of the milk in the world, the Asia Pacific region is projected to witness the largest market share during the forecast period
The Asia Pacific is a key market for dairy processing equipment in the world. The country is focusing on adopting various new technologies from the developed countries to cater to the rising demand for dairy products, particularly infant nutrition. Increasing government support to improve the growth of the dairy sector in the country has offered opportunities for the equipment market. For instance, the NDDB (National Dairy Development Board) has implemented the national dairy plan to plug the gap between demand and supply. China witnesses a significant increase in the exports of dairy products in the Asia Pacific region, which is another factor influencing the market growth.
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Key Market Players
The key players profiled in the dairy processing equipment market include GEA Group (Germany), SPX Flow (US), The Krones Group (Germany), Tetra Laval (Switzerland), Alfa Laval(Sweden), JBT Corporation(US), IMA Group(Italy), IDMC Limited (India), Feldmeier (US), Scherjon (Netherlands), Coperion (Germany), and Van Den Heuvel Dairy & Food (Netherlands). These companies are focusing on strategies such as new product launches, expansions, acquisitions, and agreements & partnerships to expand their operations across the globe.
Market Size Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the total size of the dairy processing equipment market. These methods were also used extensively to estimate the size of various segments in the market. The research methodology used to estimate the market size includes the following:
- Key players in the industry and markets were identified through extensive secondary research.
- The industry’s supply chain and market size, in terms of value, were determined through primary and secondary research processes.
- All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.
