The market for dairy processing equipment is benefiting from new technological developments and a general increase in consumption of dairy foods, according to a new assessment of the market.

Research and Markets expects the global dairy processing equipment market to be worth as much as $10,433.3 million by 2019, expanding at a compound annual growth rate (CAGR) of 5.3% over the coming years.

To produce dairy products, such as processed milk, cream, cheese, buttermilk, yogurt, milk powder and protein concentrates, the industry uses pasteurizers, homogenizers, separators, evaporators & dryers, membrane filters and other equipment, such as churning machines, crystallizers and cheese vats.

As of 2014, processed milk accounts for the largest share of the dairy processing equipment market but the fastest-growing segment is milk powders and protein concentrates, which are used to fortify nutraceutical, infant and sports nutrition products. Demand for these ingredients is rising – particularly in developing countries, such as India, China and the Latin American countries, driven by population growth, increase in spending power and lifestyle changes.

According to the research firm, Asia-Pacific is the largest market for dairy processing equipment, followed by Europe and North America, where the market is mature. Within the Asia-Pacific region, China and India are the fastest-growing markets.

Leading manufacturers identified in the report include Swiss company Tetra Laval, Alfa Laval of Sweden, U.S.-based SPX Corporation and Germany's GEA Group and Krones Group.