Freeze Drying Global Market Report 2024

Freeze drying, also known as lyophilization, is a preservation method for perishable materials such as food, pharmaceuticals, and biological samples. This technique involves removing moisture through sublimation, preserving the nutritional content, including minerals, vitamins, and antioxidants in various food items. Freeze drying provides several advantages, such as extending the shelf life of food, maintaining nutrient levels, and mitigating the risk of food damage.

The primary types of freeze drying equipment include tray-style freeze dryers, manifold freeze dryers, and shell (rotary) freeze dryers. Tray-style freeze dryers facilitate the production of the driest end product by allowing products to be frozen in a specific location. Various products in this category include bench-top freeze dryers, laboratory freeze dryers, mobile freeze dryers, general-purpose freeze dryers, industrial freeze dryers, and other products that vary in scale of operation, such as industrial-scale lyophilization equipment, pilot-scale lyophilization equipment, and laboratory-scale lyophilization equipment. These freeze dryers find applications in diverse fields, including biotechnology, pharmaceuticals, food processing, surgical procedures, and other relevant industries.

The freeze drying market research report is one of a series of new reports from The Business Research Company that provides freeze drying market statistics, including freeze drying industry global market size, regional shares, competitors with freeze drying market share, detailed freeze drying market segments, market trends, and opportunities, and any further data you may need to thrive in the freeze drying industry. This freeze drying market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The freeze drying market size has grown rapidly in recent years. It will grow from $6.7 billion in 2023 to $7.46 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth observed in the historical period can be attributed to the expansion of virtual reality (VR) and augmented reality (AR), the surge in mobile gaming, the development of indie games, the global expansion of the gaming industry, and the promotion of cross-platform compatibility.

The freeze drying market size is expected to see rapid growth in the next few years. It will grow to $11.25 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The anticipated growth in the forecast period can be attributed to the adoption of cloud gaming services, the integration of artificial intelligence (AI), the incorporation of blockchain and NFTs (Non-Fungible Tokens), the expansion of augmented reality (AR) gaming, and a heightened focus on sustainability. Major trends expected in the forecast period encompass the implementation of real-time ray tracing technology, ongoing technological advancements, the emphasis on cross-platform development, the utilization of blockchain for in-game transactions, and the integration of user-generated content (UGC).

The surge in demand for ready-to-eat foods is anticipated to drive the expansion of the freeze-drying market in the future. Ready-to-eat food refers to meals that are prepared and packaged before serving, requiring no additional preparation or cooking. Freeze drying is employed in the production of ready-to-eat foods to eliminate moisture from the food at low temperatures and under a vacuum, resulting in lightweight, shelf-stable products that remarkably retain their original qualities. For example, in the fiscal year 2021-22 (April-October), India's exports of ready-to-eat foods increased by 24% to $394 million, as reported by the Ministry of Commerce & Industry. Consequently, the escalating demand for ready-to-eat foods is a key driver for the growth of the freeze-drying market.

The expansion of bars is also contributing to the growth of the freeze-drying market. Bars, establishments that serve food and beverages with unique characteristics and atmospheres, are increasingly incorporating freeze drying to preserve the peak flavor of seasonal fruits and herbs throughout the year. This process reduces waste and enables bartenders to craft distinctive cocktails regardless of the season. According to Budget Branders, a US-based restaurant supply store, it is projected that there will be approximately 69,485 registered bars in the US in 2024, reflecting a 1.5% growth from 2022. Hence, the rising prevalence of bars is expected to further propel the growth of the freeze-drying market.

The freeze-drying market faces a potential growth impediment due to the high costs associated with the lyophilization or freeze-drying process. The substantial expenses related to equipment, energy consumption, and specialized expertise pose challenges for widespread adoption, affecting the cost-effectiveness of the technology across various industries. Pharmaceutics International Inc., a US-based pharmaceutical company, reported in August 2023 that the overall setup costs for lyophilization can range from $2,000 to over $10,000, making the process time-consuming and economically challenging.

Key players in the freeze-drying market are strategically investing in technologically advanced freeze-drying technology to enhance their market profitability. Freeze drying involves a low-temperature dehydration process, wherein a product is frozen, and pressure is reduced to remove ice through sublimation. In June 2021, SP Industries Inc., a US-based biotechnology and manufacturing company, introduced the SP Hull LyoStar 4.0 R&D freeze dryer, featuring superior shelf mapping, rapid shelf freezing, process accuracy, and reliability. This pilot-scale freeze dryer is designed to expedite the scale-up and delivery of biopharmaceutical products to the market. It incorporates the latest freeze-drying technology innovations and integrates process analytical technology (PAT) tools for precise process control. Additionally, it adopts an eco-friendly refrigerant gas to minimize the carbon footprint associated with lyophilization.

In December 2021, Arbor Investments Management LLC, a US-based private equity firm, acquired Oregon Freeze Dry Inc. for an undisclosed amount. This acquisition aims to strengthen Oregon Freeze Dry Inc.'s capabilities in manufacturing innovative products, fueling future growth, and expanding its global presence by introducing cutting-edge freeze-drying solutions across various industries, including biopharma, contract manufacturing, and government manufacturing.

Major companies operating in the freeze drying market report are GEA Group AG, Azbil Corporation, ULVAC Inc., IMA S.p.A., Tiermax Inc., Shanghai Tofflon Science Technology Co. Ltd., OPTIMA Packaging Group GmbH, BUCHI Labortechnik AG, Telstar S.A.U. , HOF Sonderanlagenbau GmbH, LabTech S.r.l., SP Industries Inc., SiccaDania A/S, Freezedry Specialties Inc., Harvest Right LLC, Cryotech Deicing Technology, Cuddon Freeze Dry, Hosokawa Micron Corporation, Martin Christ Gefriertrocknungsanlagen GmbH, Yamato Scientific America Inc., Zirbus Technology GmbH, Millipore Corporation, Dara Pharma Group Ltd., MechaTech Systems Ltd., Labconco Corporation, Labstac LLC, Hudson Valley Lyo Mac Inc., Parker Freeze Dry Inc., Gardner Denver Inc., Millrock Technology Inc.

Asia-Pacific was the largest region in the freeze drying market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the freeze drying market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the freeze-drying market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The freeze-drying market consists of sales of laboratory freeze dryers, pilot-scale freeze dryers, rotary freeze dryers, and shelf freeze dryers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Freeze Drying Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on freeze drying market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for freeze drying ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The freeze drying market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Tray-Style Freeze Dryers; Manifold Freeze Dryers; Shell (Rotary) Freeze Dryers
• 2) By Product: Bench Top Freeze Dryers; Laboratory Freeze Dryers; Mobile Freeze Dryers; General Purpose Freeze Dryers; Industrial Freeze Dryers; Other Products
• 3) By Scale of Operation: Industrial-Scale Lyophilization Equipment; Pilot-Scale Lyophilization Equipment; Laboratory-Scale Lyophilization Equipment
• 4) By Application: Biotechnology; Pharmaceuticals; Food Processing; Surgical Procedures; Other Applications
• Companies Mentioned: GEA Group AG; Azbil Corporation; ULVAC Inc.; IMA S.p.A.; Tiermax Inc.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.