Meat Processing Equipment Market Size, Trends, Opportunities, Innovations & Forecast till 2025
According to a new report published by KD
Market Insights, titled, Meat
Processing Equipment Market by
Type, Meat Type, and Application: Global Opportunity Analysis and Industry
Forecast, 2017-2023," the meat processing equipment market was valued at
$10,218 million in 2016, and is projected to reach $16,516 million by 2023,
growing at a CAGR of 7.1% from 2017 to 2023. North America is
one of the prominent consumers of meat processing equipment, accounting for
more than one-third of the total market in 2016.
Processed meat is defined as meat that can be
modified to improve its taste and shelf life. The demand for processed meat is
expected to increase due to the surge in consumer demand for food products with
multifunctional nutrition benefits. Meat processing equipment are designed
based on the specific end-use requirements. In addition, automated food
processing equipment has experienced an augment in demand due to increasing
focus on production efficiency and cost reduction.
Factors that drive the growth of the global
meat processing equipment market are change in lifestyle of people and varied
consumer trends toward use of ready-to-eat food products. The food &
beverage processing industry has influenced the meat processing equipment
market to a large extent. In addition, growth in demand for meat and poultry
processing and safety regulations in the processing industry are expected to
fuel the demand for meat processing equipment in the near future. However,
increase in cost of raw materials is expected to hamper the growth in the near
future.
The cutting equipment segment is expected to
maintain its dominance and grow at highest CAGR in the global meat processing
equipment market during the forecast period, as it is the most common
processing equipment used in food industry. In 2016, the cutting equipment
segment accounted for major share in the global market.
The processed pork segment accounted for the
significant share in North America and Europe. The processed pork and processed
beef segments cumulatively dominated the global market with more than
three-fifths share, in terms of volume, in 2016, owing to increase in
consumption of pork and beef in these regions as they are rich in vitamins,
iron, phosphorus, and other minerals.
Key Findings of the Meat Processing
Equipment Market:
- In terms of value, the processed pork
segment is expected to grow at a CAGR of 7.3% during the forecast period.
- North America is anticipated to maintain its lead position throughout 2023, growing at a CAGR of 5.4%, in terms of value.
- The fresh processed meat application is estimated to occupy one-fourth of the total market by 2023.
- China is expected to occupy more than one-fourth of the total Asia-Pacific meat processing equipment market by 2023. China is expected to grow at the highest CAGR of 10.5%, in terms of value, from 2017 to 2023.
- North America is anticipated to maintain its lead position throughout 2023, growing at a CAGR of 5.4%, in terms of value.
- The fresh processed meat application is estimated to occupy one-fourth of the total market by 2023.
- China is expected to occupy more than one-fourth of the total Asia-Pacific meat processing equipment market by 2023. China is expected to grow at the highest CAGR of 10.5%, in terms of value, from 2017 to 2023.
Browse Full Report & TOC: https://www.kdmarketinsights.com/product/meat-processing-equipment-market-amr
In 2016, Asia-Pacific and North America
collectively accounted for approximately three-fifths share of the total meat
processing equipment market. Countries, such as China and India are expected to
contribute a significant share in the Asia-Pacific meat processing equipment
market. Rise in food processing sector is the major reason for the growth of
the market in Asia-Pacific.
The major companies profiled in the report
include GEA Group AG, JBT Corporation, Key Technology Inc., Marel, Heat and
Control, Inc. Illinois Tool Works Inc., Manitowoc, The Middleby Corporation,
Bettcher Industries, Inc., Equipamientos Crnicos, and S.L. (Mainca)
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