[March 03, 2017] |
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Global Commercial Baking Equipment Market - Drivers and Forecast from Technavio
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.
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Technavio has published a new report on the global commercial baking equipment market from 2017-2021. (Graphic: Business Wire)
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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sections of the report including the market size and forecast, drivers,
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Technavio analysts highlight the following three factors that are
contributing to the growth of the global commercial baking equipment
market:
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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 commercil
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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About Technavio
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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at [email protected].
View source version on businesswire.com: http://www.businesswire.com/news/home/20170303005052/en/
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