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 demand for dairy processing equipment is increasing significantly due to the increase in demand for dairy products and the increase in per capita income of the consumers. The Asia Pacific region is projected to account for the largest market share as there is a growing demand for fortified dairy products and manufacturers are focusing on adding value to their products. Hence, there is an increase in demand for dairy processing equipment in this region.
The dairy processing equipment market, on the basis of type, constitutes six segments, namely, pasteurizers, homogenizers, mixers, & blenders, separators, evaporators & dryers, membrane filtration equipment, and others such as churning equipment, crystallizers, silos, cutters, and cheese vats. The evaporators & dryers segment is projected to grow at a higher CAGR, due to the increasing demand for milk powder in infant formula, within which evaporators & dryers play a significant role.
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The dairy processing equipment market, on the basis of application, is segmented as processed milk, fresh dairy products, cheese, butter & buttermilk, milk powder, and protein ingredients. The milk powder segment is the fastest-growing segment due to the increasing need in the production of infant formula. It also witnesses a high demand due to certain benefits such as longer shelf life and non-requirement of refrigeration. Other than infant formula application, the market growth of the milk powder segment is attributed to the increasing use of milk powder in various other applications such as baked goods, snacks, soups, chocolates & confectionery, and other dairy desserts.
The dairy processing equipment market, by operation, is segmented into automatic and semi-automatic. The automatic segment in the dairy processing equipment market recorded the highest CAGR, due to the increasing need for automation in processing, so as to reduce the costs incurred on labor alongside the flexibility to change between different processing operations.
The increasing need from dairy processors for after-sales services to enhance operational efficiencies is projected to drive its demand. In addition, adequate support from the government and non-government organizations in terms of funding for SMEs and start-ups, expansion of product lines to cater to various applications, and innovations in the carbonated dairy-based beverages are some of the factors that are projected to create opportunities in the market. In the beverages market, consumers witness demand for newer versions of products. With the growing awareness about the benefits of milk and milk products, beverage manufacturers are investing significantly in the launch of carbonated dairy-based beverages. This factor is projected to offer growth opportunities for equipment manufacturers to launch carbonated dairy processing equipment.
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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.