Published in Marketing
Global trends & forecasts on meat processing equipment market
Across the globe people are becoming increasingly concerned about the safety of the food that they intake. Consumers are now more inclined towards selecting protein rich food especially those with increasing income in developing countries. Hence, the demand for meat is growing. With increasing incomes and busy schedules, convenience food is becoming popular among the working class. Consumers prefer ready-to-eat and ready-to-cook meat products with great quality and taste as their priority. Hence, processed meat is gaining popularity and its market is increasing worldwide. The global market is estimated to grow at a CAGR of 14.3% from 2013 to 2018, reaching $799,051.2 million by 2018 according the latest report from Research and Markets.
The global market has grown slowly but steadily during the last few years and a similar trend is expected to continue in the near future. The market was worth $7,656.5 million in 2012, and by 2018 it is projected to be $11,495.3 million. This market is growing with a CAGR of 7.2% from 2013 to 2018. Leading companies are focusing on launching new products for expansion of the business in local as well as foreign markets. Acquisition is the most preferred growth strategy after new products launch.
North America and Europe are the leading consumers of meat processing equipment, together accounting for around 66% of the consumption on a global scale. Asia-Pacific is estimated to be the fastest growing region in terms of revenue. Growth is particularly high in countries such as China, Japan, India, New Zealand and Thailand. The meat processing equipment market consists mainly of equipment such as cutters, blenders, tenderizing equipment, filling machines, dicing, grinding equipment, smoking equipment, and massagers. Cutter equipment has the largest share in the market consisting of 18% of the total market share in 2012.
The global market is driven by many factors such as growing population and increase in demand and consumption of processed food, new technological innovations, and government support in developing countries. The main obstacles in the growth of the market are the lack of awareness of meat processing mechanization among the processed meat producers. Other reason which restricts the growth of this industry is small and medium meat producing companies in developing countries.
To capitalize on the growth trend in the global market, several leading meat processing and equipment companies are making efforts towards research and development and manufacturing of such products. Furthermore, meat processing companies are gradually expanding their product offerings within this product line to meet the growing demand of meat products. Leading players which operate within this industry have been profiled, and an overview of their recent developments and other strategic initiatives has been presented. Some of these companies include: BRF S.A. (Brazil), Vion Group (The Netherlands), Nippon Meat Packers Inc. (U.S.), GEA Food Solutions (Germany), and John Bean Technologies Corporation (U.S.).

Leave a comment

Image
Copyright © 1998-2020 Chiriotti Editori srl Tutti i diritti riservati
Viale Rimembranza, 60 - 10064 Pinerolo - To - Italy - P.IVA e C.F. 01070350010 - Tel. +39 0121.393127 - email info@foodexecutive.it | Disclaimer