The global chocolate and confectionery machinery market will grow 7.1 percent over the next five years, reaching nearly $4 billion in 2021, says a new report about food processing equipment by The Freedonia Group, a Cleveland-based research firm.
Once considered luxury products in some developing nations, chocolate and other sweets have become more attainable and attractive as living standards in these countries increase, ultimately driving demand for the machinery.
China is the largest single market for chocolate and confectionery machinery, accounting for $750 million in sales in 2016. However, there is still room for growth, as manual food processing techniques are still used there. This creates a potential market for equipment that can speed up and increase production to meet the fast growing needs of the local population.
Central and South America will see the fastest growth of any region in the chocolate and confectionery machinery market through 2021. Despite this growth, the region will not have a significant impact on demand, the report says, as it only accounts for 5 percent of the market.
Confectionery equipment sales are also expected to grow faster than the overall food processing equipment category, which is projected to 5.9 percent per year through 2021, recovering from sales declines recorded between 2011 and 2016.