(I-BusinessNews.Com, September 15, 2020 ) The global fruit & vegetable processing market is estimated to be valued at USD 245.97 Billion in 2017 and is projected to grow at a CAGR of 7.1% from 2017, to reach USD 346.05 Billion by 2022. The global fruit & vegetable processing market comprises the global fruit & vegetable processing equipment market and processed fruits & vegetables market. The market for fruit & vegetable processing is showing significant growth with the increase in the number of distribution channels such as supermarkets and hypermarkets and rising middle-class population & disposable income in developing economies such as China, India, and Mexico. The growing investments in automation development of processing technology along with freezing and packaging technology across the globe are the leading factors that contribute to the demand for fruit & vegetable processing equipment, worldwide.
The fillers segment, by type, dominated the fruit & vegetable processing equipment market in 2016.
The fillers segment is estimated to account for the largest share of the fruit & vegetable processing equipment market in 2017. The rising demand for convenience, easy-to-carry, handle, and store products is driving the demand for automated filling systems and flexible filling technologies. The growth in demand for viscous and semi-viscous products such as tomato paste, fruit concentrates, jams, fruit pulp, and sauces is expected to drive the demand for fillers during the forecast period.
The fruits segment, by type, is projected to be the fastest-growing segment during the forecast period in the processed fruits & vegetables market.
The fruits segment is projected to grow at the highest CAGR during the forecast period, in the processed fruits & vegetables market, in terms of value and volume. Various nutritional benefits of fruits and initiatives by government & regulatory bodies such as WHO (Fruit and Vegetable Promotion Initiative) and USDA (Nutrition Assistance Programs) are some of the major factors responsible for the high demand for processed fruits in the market. Moreover, the growing number of supermarkets and hypermarkets that offer value-added fruits in emerging markets such as India, Brazil, Argentina, and East European countries also drives the growth of the fruits segment in the fruit & vegetable processing market.
Asia Pacific is projected to be the fastest-growing market for processed fruits & vegetables and fruit & vegetable processing equipment.
The Asia Pacific market is projected to grow at the highest CAGR during the forecast period followed by the South American region. Countries such as India and China are expected to be the major emerging markets for processed fruits & vegetables as well as fruit & vegetable processing equipment. The growth in the purchasing power and the wider availability of freezer units such as IQFs, increasing working population, growing number of distribution channels, and food service industry outlets such as McCain Foods, coupled with the government support in terms of foreign direct investment (FDI) and domestic policies are expected to drive the market growth in these regions.
The market for fruit & vegetable processing equipment is dominated by key players such as Bosch (Germany), Buhler (Switzerland), GEA Group (Germany), JBT Corporation (US), and Krones (Germany), while the market for processed fruits & vegetables is dominated by Conagra Brands (US), Dole Food (US), Kroger (US), Olam International (Singapore), The Kraft Heinz Company (US), Albertsons (US) Greencore Group (Ireland), and Nestlé (Switzerland).
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