Noteworthy demand for alcoholic beverages in Latin America and Asia Pacific will uphold the growth of beverages processing equipment market.
DUBAI, UAE / ACCESSWIRE / May 14, 2020 / Greater consumer spending on fast-moving consumer products such as nutritious beverages, beer, and soft drinks is pushing sales of beverages processing equipment despite the global pandemic of COVID-19. Online sales channels are having their moment, as lockdowns, social distancing norms, and mass closure of retail stores continue to hamper scenarios at brick and mortar stores. According to a new report of Future Market Insights (FMI), the global beverages processing equipment market will surpass revenues of approximately US$ 27.7 Bn by 2029 end. Hectic lifestyle, rapid urbanization, technological advancements, and popularity of convenience products will continue to inflate sales further.
"Market leaders must divert substantial resources towards high-growth regions such as Asia Pacific to leverage lucrative opportunities," finds the FMI report.
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Key Takeaways of Beverages Processing Equipment Market Study
- Growing preference for low-carbon, low-calorie, and gluten-free foods is the driving force of market.
- Brewery equipment remains highly favored by manufacturers followed by heat exchanger.
- The carbonated drinks segment will complement the growth of market owing to widespread popularity among younger population.
- Asia Pacific will hold the leading share in the global beverages processing equipment market during the projection period.
Key Growth Drivers
- Growing popularity of ready-to-drink beverages is favoring the growth of beverages processing equipment market.
- Favorable policies in emerging Asian economies such as China and India are contributing to the revenue pool of market.
- Continual efforts by leading manufacturers towards automation are shaping the global beverages processing equipment market.
- Rising living standards, per capita income, and population in Asia Pacific will bode well for regional beverages processing equipment market through 2029.
Key Restraints
- Product-related safety requirements coupled with complex manufacturing processes will slow down the growth of emerging players in the beverage processing equipment market.
- Stringent government regulations will impede the growth of beverages processing equipment market over the forecast period.
Anticipated Impact of COVID-19 on Beverages Processing Equipment Market
Due to ongoing COVID-19 pandemic, consumers have turned to ecommerce channels for the delivery of dairy, alcoholic, and non-alcoholic beverages. This factor has bolstered the growth of beverages processing equipment market during the current public health crisis. Even though the purchasing habits of consumers have altered, the overall demand has benefited during the lockdown as people continue to spend more time at their homes. However, companies in beverages processing equipment market are working with reduced workforce due to social distancing protocols. Moreover, demand for premium alcoholic beverages will slightly decline while it will increase for mid-priced drinks. Hence, the pandemic has not led to drastic changes in the beverages processing equipment market except for delivery pattern.
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Competitive Landscape of Beverages Processing Equipment Market
The beverages processing equipment market is characterized by the presence of numerous regional and international players. Some of the key players in the global beverages processing equipment market that are featured in this FMI report include, but are not limited to, Praj Industries, Pentair, KHS GmbH, JBT Corporation, SPX Flow, Bucher Industries, Krones Group, Alfa Laval, Tetra Laval, GEA, Central States Industrial, Bevcorp Beverage Equipment, Lee Industries, Carmel Engineering, Inc., Shanghai Joylong Industry Co., Mojonnier, Techniblend Inc., and Dematech. Pricing strategies, technology integration and product quality are key focus areas of leading players in beverages processing equipment market. Moreover, top manufacturers must prioritize lean time management, product performance, and productivity for indubitable competitive ascendancy.
More about the Report
This Future Market Insights study of 200 pages provides all-inclusive insights on the global beverages processing equipment market. The market analysis is based on application (beverage, dairy, and fruits & vegetables), beverage type (carbonated and non-carbonated), and equipment type (brewery, filtration, carbonation, sugar dissolvers, blenders & mixtures, and heat exchangers) across six key regions (North America, Latin America, Europe, Asia, Oceania, and Middle East & Africa).
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SOURCE: Future Market Insights