The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
The global dairy processing equipment market size is expected to reach USD 13.67 billion by 2027, exhibiting a CAGR of 5.4% during the forecast period. The escalating need for processed dairy products such as cheese, butter, milk, and cream will spur opportunities for the market during the forecast period, states Fortune Business Insights in a report, titled “Dairy Processing Equipment Market Size, Share & COVID-19 Impact Analysis, By Type (Pasteurizers, Homogenizers, Separators, Evaporators & Drying Equipment, Membrane Filtration Equipment & Others), By Application (Processed Milk, Cream, Milk Powders, Cheese, Protein Ingredient & Others) and Regional Forecast, 2020-2027” the market size stood at USD 9.70 billion in 2019. The rising shift in consumer preference will subsequently foster the growth of the market in the forthcoming years.
The Report lists the Main the Companies in the Dairy Processing Equipment Market:
• GEA Group Aktiengesellschaft (Germany)
• JBT Corporation (United States)
• SPX Flow Inc. (United States)
• Alfa Laval (Sweden)
• Krones AG (Germany)
• Paul Mueller Company (United States)
• Tetra Pak International SA (Switzerland)
• IMA Group (Italy)
• Feldmeier Equipment INC. (United States)
• Scherjon Dairy Equipment Holland B.V. (The Netherlands)
• Caloris Engineering LLC (United States)
Economic Slowdown and Outbreak of COVID-19 is Expected to Hinder the Market Growth
As per the secondary sources, the recent outbreak of COVID-19 is anticipated to hamper to market growth over coming years by more than 12%. Governments have reduced the global trade of non-essential products such as processed products limiting the market for the production milk, protein ingredients, and milk powders, thus limiting the sale of other dairy processed products. Owing to the increasing spread of COVID-19, governments are imposing stringent lockdowns in countries, which is slowing the overall economic conditions and production capacities. This has impacted the new purchase decisions of organizations, thus hampering this type of equipment market.
June 2019: JBT Corporation, a food processing machinery company based in the US announced the acquisition of Prime Equipment Group, a developer and manufacturer of food processing automation for USD 65 million.
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