Industrial dryers are widely used for drying a variety of products ranging from food and agricultural products to chemicals and minerals. They find extensive application in food processing industries for drying fruits, vegetables, herbs, seasonings, meat, and dairy products. The global demand for processed and packaged food has witnessed significant growth over the past few years owing to changing lifestyle and work patterns. Industrial dryers help food manufacturers preserve their products for longer duration by removing moisture content while retaining the nutritive values. The need to reduce food wastage and cater to the demands of expanding population base has further propelled the adoption of industrial dryers.
The global Industrial Dryer Market is estimated to be valued at Us$ 1.37 Bn in 2023 and is expected to exhibit a CAGR Of 6.1% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The industrial dryer market is witnessing notable technological advancements with manufacturers focusing on developing energy-efficient and customizable dryer systems. Integration of automation, IoT, and data analytics is allowing dryer operators to remotely monitor performance, track moisture levels, automate processes, and decrease energy consumption. Advanced dryers equipped with sensors and control units are gaining traction as they offer flexibility to switch between drying modes based on product type without any manual intervention. Growing emphasis on sustainability in industrial operations is another critical factor fueling adoption of eco-friendly dryers powered by solar, biomass, or waste heat recovery systems. Such technological upgrades are helping expand the capabilities of industrial dryers and support growth of end-use verticals.
Threat of new entrants: Low capital requirement and established demand make the market attractive for new entrants. However, presence of major players and need for technical expertise pose barriers.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and standardized products. Switching costs are low.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitute raw materials and commoditization of certain parts.
Threat of new substitutes: Threat of substitutes is moderate as drying can be achieved through other conventional and non-conventional methods.
Competitive rivalry: Intense competition exists among major players to drive innovation and market share. Price wars are common.
The Global Industrial Dryer Market Demand is expected to witness high growth. The market size for 2024 is projected to reach US$ 1.37 Bn, indicating a CAGR of 6.1% during the forecast period of 2023 to 2030.
North America dominates the global market currently owing to large manufacturing sector. Europe and Asia Pacific are fastest growing markets with expanding industries. China leads Asia Pacific due to manufacturing boom.
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. These players are focusing on capacity expansion and new product launches to strengthen their market hold.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it