The meat processing equipment market is evaluated at US$11.202 billion for the year 2019 growing at a CAGR of 6.95% reaching the market size of US$16.760 billion by the year 2025.
Meat processing equipment is a type of machinery that is specifically made with highly advanced techniques and user-friendly features that enable people and food processing companies to process the meat in a user friendly manner. There are numerous operations for which these machines are found beneficial in the meat processing sector due to which these machines have been gaining a lot of traction, thus playing a significant role in positively impacting the market growth during the forecast period. Moreover, the growing concerns regarding hygiene and cleanliness is also substantially driving the market growth over the course of the next five years. The market is also witnessing a positive growth in the coming years on account of the growing consumption of processed meat coupled with the growing concerns towards the safety of food. Moreover, the growth of the food processing industry globally coupled with the growing investments by major food processing companies in automated machinery in both developed and developing economies globally will also supplement the growth to some extent during the next five years. Furthermore, the investments by market players in the form of R&D for the development and launch of new technologies and products further shows the growth potential of the market over the forecast period. Moreover, stringent regulations by the governments of several countries regarding packaging, processing, and hygiene of meat products for both animal and human consumptions further propels the business growth opportunities for the manufacturers in the near future. However, the costs of these machinery is considerably high which may be considered as one of the key factors restricting the demand for this equipment, thus inhibiting the growth to some extent during the next five years.
The outbreak of the novel coronavirus disease is anticipated to have a negative impact on the market growth owing to the closure of food manufacturing facilities and various end-use companies. Despite the fact that the demand for processed and hygienic meat products has increased amid the pandemic, the demand for new equipment has decreased which can also be backed up by the fact that key players have reported reduced revenues.
The segmentation of the meat processing market has been segmented on the basis of type, meat type, and geography. By type, the classification of the market has been done on the basis of slicing equipment, dicing equipment, grinding, equipment, blending equipment, and others. On the basis of meat type, the market has been segmented into beef, pork, poultry, and others. Geographically, the distribution of the market has been done into North America, South America, Europe, Middle East and Africa, and the Asia Pacific.
Slicing equipment to hold a considerable market share
By type, the slicing equipment is anticipated to hold a significant share in the market owing to the fact that this equipment can be integrated with other equipment involved in meat processing, this further saves time in arraignment practices and weighing times, thus enhancing the hygiene of the meat product. However, on the other hand, the dicing equipment is anticipated to witness a significant growth owing to their speed and consistency. Moreover, there is a burgeoning trend of barbeque restaurants in many parts of the world, particularly in emerging economies. Since dicing produces exact and uniform cuts. The blending equipment segment is also projected to show robust growth owing to its growing applications since there has been an increased demand for blended meat patties in burgers and other types of dishes.
Beed to hold a prominent share
By meat type, the beef segment is expected to hold a considerable share in the market due to the fact that one of the most preferred meat consumed globally owing to its firm texture and intensive flavor. Also, beef is considered to be an important part of the diet due to its high protein content. Pork meat is expected to witness a substantial growth due to high consumption in many parts of the world despite religious restrictions in some countries. However, on the other hand, the poultry segment will also hold a decent market share throughout the forecast period due to a significantly high consumption of poultry meat globally.
APAC to show lucrative growth opportunities
By region, the North American region is anticipated to hold a healthy market share which may be attributed to the early adoption of technology in countries like the United States of America and Canada. Moreover, the presence of key market players in the region also supplements the significant share of the region during the coming five years. However, the growing high consumption of meat in these countries is anticipated to propel the market growth since non-veg meals is considered to be an important part of the diet of people living across the North American region. The Asia Pacific region is anticipated to propel at a noteworthy CAGR and is expected to offer lucrative growth opportunities to the manufacturers over the forecast period owing to increased demand for the processing equipment on account of growing investments in automated solutions across the food processing sector.
The players in the meat processing equipment market are implementing various growth strategies to gain a competitive advantage over its competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the meat processing equipment market.