Asia-Pacific Meat Processing Equipment Market in Emerging Economies will witness a CAGR of 8.8% through 2026
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High-end technological advancements, rise in consumption of meat, and increase in demand for packaged food have fueled the growth for Asia-Pacific meat processing equipment market. On the other hand, high costs associated with machinery and several restrictions & regulations in meat processing have curbed the growth to some extent. However, with safety guaranteed with meat-cutting machineries, multiple opportunities have been created in the segment.
By type, the cutting segment accounted for more than one-fifth of the total market in 2018 and is expected to maintain its top status throughout the forecast period. As the most common processing equipment used in the food industry, the segment is also anticipated to grow at the highest CAGR of 9.9% throughout 2019-2026.
Based on meat type, the processed pork segment held the lion share in 2018, contributing to two-third of the total market in 2018 and is assumed to dominate till 2026. This is due to high consumption of pork in countries such as China, South Korea, Australia, and Philippines. In addition, westernization of food culture in countries such as China, South Korea, India, and others has also driven the growth.
Based on region, China has come out as the largest contributor in terms of revenue. The huge meat consuming population base in the country has spurred the growth.
Top Key Players: GEA Group Aktiengesellschaft, Illinois Tool Works Inc. (Hobart), Siemens AG, Heat and Control, Inc Equipamientos Crnicos, S.L. (Mainca), The Middleby Corporation, Marel hf., Key Technology, Inc., JBT Corporation, and Welbilt, Inc. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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Key Findings of the Asia-Pacific Meat Processing Equipment Market:
o China occupied more than two-thirds share of the Asia-Pacific meat processing equipment market in 2018.
o The processed mutton segment is anticipated to grow with the highest CAGR throughout the forecast period.
o The fresh processed meat segment accounted for around one-fourth share of the market in 2018.
o Vietnam is anticipated to grow at the highest rate during the analysis period, followed by Philippines.
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