Industrial dryers are machines extensively used for moisture removal from various materials and products across food processing, chemical, pharmaceutical and other manufacturing industries. They work on the principle of evaporation and reduce moisture content to prolong shelf-life and improve quality of dried products. Rising demand for processed and packaged food has significantly augmented the applications of industrial dryers in food industry for drying agricultural produce, herbs, spices, meat and seafood. Increasing consumption of packaged snacks, ready-to-eat meals and functional foods have propelled food processors to expand production capacities, thereby driving the adoption of industrial dryers.
The Global Industrial Dryer Market Size is estimated to be valued at US$ 1.58 billion in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
Growth in Food Processing Industry
The opportunity for growth of industrial dryer market stems from the expansion of food processing industry worldwide. Rapid urbanization, changing dietary patterns and growing demand for convenience food have stimulated food manufacturers to increase production volumes. Industrial dryers play a vital role in food drying processes to obtain longer shelf-life of products. As per industry estimates, food processing industry is expected to grow at over 5% during the forecast period, thereby augmenting installations of industrial dryers for applications such as drying of grains, fruits and vegetables, meat, seafood, dairy and sauce on a large scale. Rising investments by leading food companies towards development of innovative food products using industrial dryers is likely to present profitable business prospects for manufacturers over the coming years.
Porter's Analysis
Threat of new entrants: The industrial dryer market requires high level of capital investment and established distribution channels which acts as a barrier for new entrants.
Bargaining power of buyers: The buyers have moderate to high bargaining power due to availability of substitute products. However, established customers prefer reputed brands.
Bargaining power of suppliers: The suppliers have moderate bargaining power due to availability of alternative raw material suppliers and parts manufacturers.
Threat of new substitutes: There exist potential threat from substitute drying technologies like spray drying, freeze drying and solar drying.
Competitive rivalry: The industrial dryer market is highly competitive with the presence of numerous global and regional players offering customized solutions.
SWOT Analysis
Strength: Industrial dryers offer high efficiency, flexibility and are suitable for various industries. Growing food processing and pharmaceutical industries drive the demand.
Weakness: High initial investment and operating costs. Require technical expertise for operations and maintenance.
Opportunity: Emerging economies show growing demand for processed foods. Investments in wastewater treatment present growth prospects.
Threats: Stricter environmental regulations increase compliance costs. Volatility in raw material prices impact costs.
Key Takeaways
The global Industrial Dryer Market is expected to witness high growth over the forecast period. The global Industrial Dryer Market is estimated to be valued at US$ 1.58 Bn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031.
Asia Pacific region dominates the market with China, India and Japan among the major markets. Rapid industrialization and growth in process industries drives the regional demand.
Key players operating in the Industrial Dryer market are PepsiCo, Inc., Nestle SA, The Coca-Cola Company, Groupe Danone, Abbott Laboratories, Bernard Food Industries, Inc, Zydus Wellness Ltd., Dr. Pepper Snapple Group Inc., McNeil Nutritionals LLC, Cargill, Incorporated, and Ajinomoto Co., Inc.
Get More Insights on This Topic: https://www.pressreleasebulletin.com/industrial-dryer-market-size-share-and-growth-forecast-2023-2030/
Explore Related Report, Please Visit: https://masstamilan.tv/parp-inhibitors-a-promising-class-of-drugs-in-cancer-treatment/
