IRELAND, Dublin. The meat processing equipment market has been estimated to grow at a compound annual growth rate (CAGR) of 7.03% between 2016 and 2020, reaching $14.59 bn. by 2022 in terms of projected value, according to a report published by Research and Markets.
The "Meat Processing Equipment Market by Type (Cutting, Blending, Tenderizing, Filling, Dicing, Grinding, Smoking), Meat Type (Beef, Pork, Mutton), and Product Type (Fresh Processed, Raw Cooked, Precooked, Raw Fermented, Cured) - Global Forecast to 2022" shows, that the increase in demand for processed meat and meat products and new safety regulations has led to a growing demand for more sophisticated equipment.
The main areas spotted by the leading producers of meat processing equipment are, the report states, Asia-Pacific and Rest of the World region (RoW), with markets that have a high growth potential. In addition, untapped regions are also promising for the main players in the sector, these markets offering new growth opportunities for them.
"China and Brazil are expected to lead the market for meat processing equipment in the Asia-Pacific and Argentina and South Africa in Rest of the World region for the next five years, as a result of the acquisitions and establishments of meat processing manufacturers, to cater to the needs of the food processing industry. The U.S. meat processing equipment market not only dominates North America but also the global market."
The report also shows that the increasing cost of raw materials and logistics will be the main restrain in the growth of the meat processing equipment market.
Furthermore, the experts from Research and Markets saw an increase trend towards the usage of smoking equipment, because it helps improve the flavor and longevity of meat producs such as smoking meats, smoking sausages, and smoked meat. The meat processing equipment market is thus led by the smoking equipment segment, followed by filling equipment and tenderizing equipment segment.
The report also estimates that the processed beef segment will be the fastest growing segment during the 2016-2020 period. "Due to the rising awareness towards healthiness of eating beef and nutritional benefits of beef consumption, companies are focusing on developing and marketing ready-to-eat beef products that meet consumer nutrition, taste, and food safety needs and thus drives the market for meat processing equipment industry."
Key participants in the supply chain of the meat processing equipment market are meat processing equipment manufacturers, raw material manufacturers for meat processing equipment, distributors and retailers.