IRELAND, Dublin. The global slaughtering equipment market is expected to grow from $6.62 bn. in present to $8.28 bn. by 2023, according to a market research released by ResearchAndMarkets.
Increase in demand for processed meat, lenient trade policies, and an increase in meat exports are some of the major factors that are expected to drive the demand for slaughtering equipment, according to the analysts.
The poultry segment of slaughtering equipment was the dominant one in the last year and the trend is expected to continue in the next five years. It is expected that poultry producers to change their preferences for semi-automatic slaughtering lines and to go for the fully automated segment.
"The fully automated line of operation allows slaughterhouses to produce mass high-quality meat with high speed. A majority of the new slaughterhouses are installing fully automated slaughtering lines with advanced equipment to meet the consumer demand globally." mentioned the researchers.
North America will still have the largest share in the global slaughtering equipment market, thanks to the growth of fast food and restaurant chains, but Asia-Pacific region is the one that is going to develop at a fast pace. High consumption of meat in urban areas and the increase in demand for processed meat products drive the growth of the slaughtering equipment market in the region, according to the market analysis.