The global food sterilization equipment market is projected to grow at a CAGR of 5.22% to reach US$936.795 million by 2025 from US$690.327 million in 2019.
The rising concerns among the individuals regarding the foodborne disease due to the contamination of food or the improper treatment of food.
The awareness among the consumers regarding food safety is growing due to rising cases of foodborne diseases. According to the facts and statistics, provided by the World Health Organization, there are approximately 600 million people that fall ill due to the consumption of contaminated food, and around 420,000 people die due to it. The burden of foodborne diseases on children is estimated to be as high as 40%, with around 125,000 deaths every year. In addition, food that is ridden with bacteria, viruses, and other chemical substances is deemed unsafe to eat and its consumption can cause about 200 different types of health problems. As food safety is increasingly important due to the direct link between food safety and food security, the consumption of unsafe food can lead to a vicious cycle of disease and malnutrition affecting the lives of the children to a great extent. In addition, foodborne diseases are among one of the reasons that can drain the healthcare system of a country and affect the economy. These factors are increasing the awareness among the different individuals globally and causing them to demand safe and disease-free food. Thus, this is encouraging the food and beverage industry players to adopt proper food sterilization equipment, which is driving the market over the forecast period.
The changing preference of the working class individuals towards the convenience and processed food, which is a time-saving option is further leading an increase in the demand for sterilization equipment
The demand for sterilization equipment is increasing further owing to fact that the workload of the working class individuals has increased over the last few years and leaves them with little time to prepare food, so they flock to the substitute option, which is convenience food or processed food. This type of food has a little higher shelf life and should be sterilized properly to avoid breeding of bacteria or pathogens that may cause harm to the consumers and leads to serious foodborne diseases.
Product launches and product offerings by major market players in the food sterilization equipment market landscape
Furthermore, there are investments and enhanced product launches in the market by the active involvement and participation of market players in order to increase their market share and to contribute to the growth of the market over the forecast period.
Some of the examples of product launches and offerings are as follows:
The North American region is estimated to hold a noteworthy market share and show modest growth throughout the forecast period owing to the rising number of demand for different varieties of processed and convenience food. On the other hand, the Asia Pacific region is estimated to grow at s significant rate over the forecast period due to the increasing burden of foodborne diseases in low-income countries
Due to the rising workload among the corporate class population in the countries such as the US and Canada, they have lesser time to prepare fresh home-cooked food, which is leading a spike in the consumption of processed food and convenience foods, that has led the food and beverage manufactures to adopt the sterilizing equipment faster. This is being done to ensure that there is no contamination in the food and there is no danger posed to the consumers, In addition, investments are being poured in the R&D of better food sterilizing equipment to ensure the process becomes faster and more efficient. Thus, these are the reasons for the noteworthy market share held by the region.
On the other hand, the Asia Pacific region is estimated to grow at a significant share over the forecast period owing to rising awareness among the individuals in low-income countries abut food safety and foodborne diseases which is pushing the food industry players to make use of proper equipment.