Study: Dairy processing equipment market worth $11.2B by 2023
The automatic segment is estimated to hold a larger market share, as it helps reduce the cost of labor and enables end users to change between different processing operations.
The global dairy processing equipment market is projected to reach $11.2 billion by 2023, at a CAGR of 5.4%, according to the new market research report published by MarketsandMarkets, New York.
The study, "Dairy Processing Equipment Market by Type (Pasteurizers, Homogenizers, Separators, Evaporators, Membrane Filtration), Application (Processed Milk, Fresh Dairy Products, Butter, Cheese, Milk Powder, Protein), Operation, and Region - Global Forecast to 2023," reveals the pasteurizers segment accounted for the largest market share, in terms of value in 2018.
The milk powder segment is estimated to record the highest CAGR due to the growing demand in the production of infant formula. And, the automatic segment is estimated to hold a larger market share, as it helps reduce the cost of labor and enables end users to change between different processing operations.
The Asia Pacific region is estimated to dominate the market in 2018, and is projected to be the fastest-growing segment in the dairy processing equipment market. China is a leader in the global market, as the country's population between 16-35 years old is increasingly incorporating dairy products into their daily diet. India is the world's largest producer of dairy products, which is another significant factor driving the market growth of the region. The government and non-government organizations in India are also providing funds to support the dairy processing industry, which is projected to create opportunities for the growth of the market in the country.