Meat processing equipment market to reach $16.22B by 2025
Notable investments by companies to improve processing technology is presumed to increase equipment sales.
The global meat processing equipment market is expected to reach $16.22 billion by 2025, according to a new report by Grand View Research, Inc., San Francisco, exhibiting a CAGR of 6.2% during the forecast period.
Increased purchasing power due to rising per capita income is expected to boost industry growth. In addition, factors such as growing number of slaughterhouses, improved packaging strategies and introduction of ready-to-eat meals are expected to benefit market growth.
Notable investments by companies to improve processing technology is presumed to also increase equipment sales.
High demand for animal proteins as a result of an increased awareness regarding health benefits is expected to boost demand for such products.
Key findings from the report suggest:
- By product, slicing equipment is expected to register a CAGR of 6.2% from 2018 to 2025, owing to the development of integrated machines that weigh, slice and package meat through a single operation.
- By type of meat, pork processing equipment is estimated to be the fastest growing segment with a CAGR of 6.9% from 2018 to 2025, owing to increasing consumption of processed pork products, coupled with the declining cost of meat.
- The market in Asia Pacific is expected to reach a value of $4.21 billion by 2025 on account of growing population and increasing consumption of meat products in the region.
- The global industry is characterized by presence of large number of players with localized operations and additional distribution chains to cater to the demand across international markets.