Dairy processing equipment market to reach over $15bn by 2026
The increasing demand for dairy products has resulted in the growth of the dairy processing industry.
A new report has stated that the global dairy processing equipment market accounted for $8 billion in 2017 and is expected to reach $15.34 billion by 2026, growing at a CAGR of 7.5 percent during the forecast period (2017-2026).
The report, by Trends Market Research, explains that some of the key factors impelling market growth include the increasing demand for dairy products and the adoption of efficiency-enhancing technologies. However, the high cost of dairy processing is restricting the market growth.
Dairy processing equipment is widely used to process milk and manufacture various milk products.
This processing equipment is being increasingly used in dairy industries as customer-demand for nutritional and packaged dairy products has increased. It is highly perishable and is a good medium for the growth of microorganisms.
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The pasteurizer segment is anticipated to witness the highest growth during the forecast period. This is due to the growing customer consciousness leading to consumers spending more money on milk foods for strengthening the immune system.
In regards to region, the Asia Pacific region is expected to grow at the largest market share during the forecast period, due to increasing cases of obesity within its population.