Meat Processing Equipment Market Size Worth $16.22 Billion By 2025
The global meat processing equipment market size is expected to reach USD 16.22 billion by 2025, according to a new report by Grand View Research, Inc. (grandviewresearch.com), exhibiting a CAGR of 6.2% during the forecast period. Rising demand for processed meat products owing to changing eating habits is anticipated propel industry growth over the forecast period.
Increasing purchasing power of buyers owing 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 a number of ready-to-eat meals are expected to benefit market growth.
Notable investments by companies in order to improve processing technology is presumed to increase equipment sales. Increasing focus of companies on developing technology to improve product safety and quality and increase productivity is also expected to boost demand for advanced processing equipment.
High demand for animal proteins owing to rising awareness regarding health benefits is expected to boost demand for such products, which in turn is expected to fuel growth. Manufacturers in the market generally manufacture standardized equipment due to usage of standard processing procedures for a particular type of meat and to gain desired output.
Further 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 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 declining cost of the meat
- The market in Asia Pacific is expected to reach a value of USD 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 in order to cater to the demand across international markets.