Southeast Asia Food Processing Equipment Market is projected to reach USD 1,152.0 million by 2023 

“Meticulous Research” in its latest publication states that, the “Southeast Asia Food Processing Equipment Market is projected to reach USD 1,152.0 million by 2023 growing at a CAGR of 4.7% during the forecast period of 2018 to 2023.”

Southeast Asia Food Processing Equipment Market by Type (Meat Processing, Bakery Processing, Beverage Processing, Dairy Processing, Chocolate & Confectionery Processing) – Opportunity Analysis and Industry Forecast (2018–2023)

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This market is mainly driven by factors such as “increasing consumer demand for processed food, growing focus on food safety and safety of workers, growing need to increase productivity, increasing focus of food manufacturers to reduce production cost, and government support to promote food processing sector”. However, “high cost of equipment and increasing consumer inclination towards consumption of minimal processed food products” hinders the growth of this market.

             

The Southeast Asia food processing equipment market study presents historical market data in terms of value (2016 and 2017), estimated current data (2018), and forecasts for 2023 by various types of equipment. Meat, poultry, and seafood processing equipment commanded the largest share of the Southeast Asia food processing equipment market in 2017. This equipment is widely adopted by the Southeast Asian meat processors to meet increased demand of processed meat products due to fast progression of urbanization, increasing population, consumer preference for protein-rich food products, and the tendency among city dwellers to spend more on food.

However, chocolate and confectionery processing equipment market is expected to witness highest CAGR during the forecast period with the rising need to manufacture high-value confectionery products under cost-pressure; growing need of maximizing energy efficiency; and growing confectionery industry due to economic factors, sociological trends, increasing health consciousness, and a fast-evolving indulgence seeking attitude of the consumers.

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