LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global commercial baking equipment market size to be worth USD 2,381.4 million by 2021, growing at a CAGR of more than 5% over the forecast period, according to their latest report.
The research study by Technavio on the global commercial baking equipment market for 2017-2021 provides detailed industry analysis based on the product (ovens, mixers, bakery display cases, bread slicers, dividers and sheeters, holding and proofing, and accessories) and geography (APAC, EMEA, and the Americas).
APAC is projected to be the fastest growing regional segment in the global commercial baking equipment market, displaying a CAGR of close to 6% through 2021. The increasing health consciousness, growing brand awareness, and rise in disposable income are the driving factors behind the growth of the market segment.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global commercial baking equipment market:
- Availability of artisanal baking products
- Increase in number of food service establishments preparing baked goods
- Constant innovations and economies of scale
Availability of artisanal baking products
Manu Gupta, a lead analyst at Technavio, talks about the commercial baking equipment market saying, “Artisanal bakers are expanding their activities due to increased demand for products such as bread, pastries, and cakes. The increase in demand for premium baked goods by a larger number of consumers falling into the middle-income bracket is a key driver for the growth of the market.”
The rising demand for artisanal baking products will directly result in an increased demand for a higher volume of bakery equipment, especially from developing countries in APAC. Also, vendors catering to the demand for healthy and indulgent baked products in Western Europe and North America will create a significant demand for commercial baking equipment.
Increase in number of food service establishments preparing baked goods
The bakery industry has witnessed a slow change towards simple and fresh baked products that are both healthy and organic. Also, many popular bakery chains such as Mlinar Bakery, Granier Bakery, Corner Bakery, and 85°C Bakery Cafe are expanding to cater to rising consumer demand for their products. This is leading to an increase in demand for bakery equipment such as bakers’ ovens, mixers, and other products, leading to the growth of the market. The expansion of leading pizzerias such as Domino's, Pizza Hut, and Papa John's is also expected to have a significant impact on the market.
Constant innovations and economies of scale
“The bakery industry is witnessing an increase in demand for baked goods, resulting in a related rise in skilled labor. Also, major bakery chains are expected to expand to other regions to maximize their presence, thereby creating a demand for a comprehensive range of baking equipment over the forecast period,” says Manu.
The top vendors in the market cater to the demands of a varied customer base inclusive of hotel bakeries, pizza centers, and other types of bakeries. The huge scope for growth would include equipment such as bakers’ mixers, bakers’ ovens, proofers, rounding machines, and sheeting machines.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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