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(Health-NewsWire.Net, June 09, 2021 ) The research study involved four major activities for estimating the current size of the Freeze-Drying Equipment Market. Exhaustive secondary research was conducted to collect information on the market as well as its peer and parent markets. The next step focused on validating these findings, assumptions, and sizing with industry experts across the value chain through primary research. Revenue Share Analysis, Parent Market and top-down approaches were employed to estimate the complete market size.
Expected Revenue Surge: The Global Freeze-Drying Equipment Market is projected to reach USD 7.3 billion by 2025 from USD 4.9 billion in 2020, at a CAGR of 8.2% from 2020 to 2025.
Growth Drivers: Increasing demand for food preservation;
Lyophilization equipment is used for the preservation of various food products, such as fruits and vegetables, meat, fish, herbs and food flavorings, ice creams, and coffee. Freeze-dried foods do not need to be refrigerated or preserved with chemicals and can be reconstituted quickly and easily by adding water. Another major advantage of freeze-drying of food is its ability to produce clean, whole, and nutritious food ingredients with a highly prolonged shelf life (making food products versatile and accessible).
The use of freeze-dried foods is increasing for astronauts and military personnel, as conventional drying methods have major disadvantages. For instance, the high temperatures used can cause chemical or physical changes in food products, and their overall quality is not on par with freeze-dried food products. Considering these advantages, the use of freeze-drying as a food preservation technique is increasing across the globe.
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Market Segmentation in Detailed:
Based on type;
The lyophilization equipment market is classified into tray-style freeze dryers, manifold freeze dryers, and shell (rotary) freeze dryers. In 2019, the tray-style freeze dryers segment accounted for the largest share of 72.1%. This segment is also estimated to grow at the highest CAGR of 8.2% during the forecast period. Growth in this market is largely driven by factors such as the increasing demand for contract manufacturing and contract lyophilization services in the pharmaceutical industry, the growing commercialization of labile drugs, and the rising demand for freeze-dried food products. Tray-style freeze dryers are also larger than manifold and rotary freeze dryers, enabling them to dry products in bulk.
Based on application;
The freeze-drying market is segmented into food processing and packaging, pharmaceutical and biotechnology manufacturing, medical applications, and other applications. The food processing and packaging segment accounted for the largest share of 36.3% in 2019. Lyophilization is widely used as a preservation technique for food products, as it retains the nutritional value and flavor of the food. This is a major factor driving market growth. Food ingredients are also freeze-dried to increase their shelf life, which is further propelling the use of this technology in food processing.
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Asia –Pacific was the largest regional market for freeze drying / lyophilization equipment market in 2019
The freeze-drying/lyophilization equipment market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2019, the Asia Pacific accounted for the largest share of 34.6% of the market and is projected to register the highest CAGR of 10.4% during the forecast period. The large share of the Asia Pacific regional segment can be attributed to the rising number of investments in this region, growth in R&D expenditure, and geographic expansion of lyophilization equipment companies in this region. Moreover, the presence of major players in the lyophilization market in the APAC region and the expansion of the manufacturing units of leading pharma companies in this region is expected to boost the Freeze-Drying Equipment Market growth in this region in the forecast period.
Some of the prominent players in lyophilization equipment market are GEA Group (Germany), Azbil Corporation (Japan), Shanghai Tofflon Science Technology Co., Ltd. (China), IMA S.p.A. (Italy), SP Industries, Inc. (US), HOF Enterprise Group (Germany), Labconco Corporation (US), Martin Christ Gefriertrocknungsanlagen GmbH (Germany), Millrock Technology, Inc. (US), and OPTIMA Packaging Group GmbH (Germany).
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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