$18,817 Million, Meat Processing Equipment Market Growing at a CAGR of 6.4% by 2025
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The demand for meat processing equipment in various applications, such as meat, poultry, and seafood, is relatively high. Increase in demand for these equipment in Asia-Pacific is expected in the near future due to robust domestic demand fueled by urbanization, shift in food habits and higher incomes. However, lack of infrastructure is anticipated to restrain the growth of the market.
Meat is either consumed as a processed meat product or as a component of kitchen-style food preparations. Processed meat is a meat that is modified to improve its taste and shelf life. Processed meat products, although in some regions still in their infancy, are globally gaining ground in popularity and consumption volume. The demand for processed meat is expected to increase due to surge in consumer demand for food products with multifunctional nutrition benefits. Therefore, meat processing equipment are designed based on the specific end-use requirements. In addition, automated food processing equipment has experienced an increase 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. Moreover, 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. Moreover, the demand for processed meat is expected to rise in emerging markets such as Asia-Pacific, Latin America, and Africa, providing lucrative growth opportunities for the meat processing equipment market. However, increase in cost of raw materials is expected to hamper the growth of the global market in the near future.
In 2017, the cutting equipment segment accounted for major share in the global market. Cutting is often the first operation to be employed in meat processing to separate essential meat & fat portions of the carcass from the non-essential ones. Cutting is often carried out under vacuum conditions to reduce disintegration of the protein content, which allows greater volume of filling in sausages and patties. 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 the food industry.
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In terms of value, North America and Europe collectively contributed around 66.7% of the market share in the global meat processing equipment market in 2018. The leading players in the meat processing equipment industry have focused on product launch and acquisition as their key strategies to gain a significant meat processing equipment market share. The key players 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., and Equipamientos Crnicos, S.L. (Mainca).
Key Findings of the Meat Processing Equipment Market:
In terms of value, the processed pork segment is expected to grow at a CAGR of 7.2% from 2018 to 2025.
By type, the cutting segment in meat processing equipment is expected to grow at a CAGR of 8.1% from 2018 to 2025.
North America is anticipated to maintain its lead position throughout 2025, growing at a CAGR of 5.2%, in terms of value.
The fresh processed meat application is estimated to occupy one-fourth of the total market by 2025.
China is expected to occupy more than one-fourth of the total Asia-Pacific meat processing equipment market by 2025, growing at the highest CAGR of 10.3%, in terms of value.
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