DUBLIN – With the dairy industry continuing to expand on a global scale, the dairy processing equipment market is expected to reach $11.9 billion by 2026, as detailed in a new report from Research and Markets.
In 2020, the global dairy processing equipment market was estimated at $8.8 billion. It will grow by more than $3 billion by 2026, based on a CAGR of 5.3% over the analysis period.
In the US, the market was estimated at $1.9 Billion in 2021. China is forecast to reach $2.8 Billion by 2026. The report stated that the US currently accounts for a 20.98% share in the global market.
The new ResearchAndMarkets.com report, "Dairy Processing Equipment - Global Market Trajectory & Analytics,” explains that increasing consumption of dairy products is projected to drive the growth. Plus, solutions within diary processing are expected to push productivity in the years ahead.
The rising popularity of low-sugar, low-fat and cholesterol-free dairy products, as well as organic innovations, also favors market growth, per the report.
The analysis found that the pasteurizers portion of the market is projected to grow at a 6.2% CAGR to reach $3.5 billion by the end of 2026. Advancements in the dairy industry involving energy-efficient pasteurizers, the report stated, are just part of the equation. The pandemic also led more consumers to be concerned with the safety and hygiene of dairy products, the report found, and those factors also benefit the pasteurizers segment.
A recent survey showed that 71% of dairy processors plan to invest in equipment systems improvements in 2022.
“There’s a focus on the future and growth and expansion,” said Michael Dykes, DVM, president and chief operating officer, International Dairy Foods Association. “People are investing in this industry; there’s over $2 billion of capital investments on the books for new facilities, upgrading of the existing facilities and capital expenditures for new equipment.”
The "Dairy Processing Equipment - Global Market Trajectory & Analytics" report is available at ResearchAndMarkets.com.