Meat Processing Equipment Market Size to Target $19.6 Billion by 2031 : Allied Market Research

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Apr 05, 2023, 05:20 ET

The global meat processing equipment market growth is driven by factors, including change in the lifestyle of people and consumers' inclination towards the use of ready-to-eat packaged food products.

PORTLAND, Ore., April 5, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Meat Processing Equipment Market by Type (Cutting Equipment, Blending Equipment, Filling Equipment, Tenderizing Equipment, Dicing Equipment, Grinding Equipment, Smoking Equipment, Massaging Equipment, Others), by Meat Type (Processed Pork, Processed Beef, Processed Mutton, Others), by Application (Fresh Processed Meat, Precooked Meat, Raw Cooked Meat, Cured Meat, Dry Meat, Raw Fermented Sausages, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global meat processing equipment industry generated $12.3 billion in 2021 and is projected to reach $19.6 billion by 2031, witnessing a CAGR of 4.7% from 2022 to 2031.

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Drivers, restraints, and opportunities:

The global meat processing equipment market growth is driven by factors, including the increase in the demand for meat, change in the lifestyle of people and consumers' inclination toward the use of ready-to-eat packaged food products. Furthermore, the market has been significantly influenced by the food and beverage processing industry. Also, the demand for meat processing equipment is expected to grow due to the increase in the demand for meat and poultry processing as well as safety regulations in the processing sector. However, the growth of the meat processing equipment market is hindered by an increase in the price of the machineries and restrictions and regulations in meat processing. Moreover, the demand for processed meat is estimated to grow in developing nations like Asia-Pacific, Latin America, and Africa, and this will create lucrative growth opportunities in the meat processing equipment market.

Covid-19 Scenario:

The outbreak of the COVID-19 pandemic had a negative impact on the global market for meat processing equipment. A severe social economic crisis occurred because of the lockdown restrictions, which impacted meat production and supply chain.
Also, during the COVID-19 pandemic, the demand for meat significantly reduced, which led to a drop in meat prices. However, the market has recovered post-pandemic.

The cutting equipment segment to maintain its leadership status throughout the forecast period-

By type, the cutting equipment segment held the highest market share in 2021, accounting for around one-fifth of the global meat processing equipment market revenue, and is estimated to maintain its leadership status throughout the forecast period. The growth of the segment is driven by the fact that cutting is one of the most important processes carried out in the meat processing industry. The cutting machine is highly sought after in the meat processing industry for its ability to run continuously and its quality-approved abrasion-resistant material used for its making. Moreover, the tenderizing equipment segment is projected to manifest the highest CAGR of 5.7% from 2022 to 2031. Rise in disposable income of consumers and the recent trend toward eating foods which are high in protein drive the segment growth.

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The processed beef segment to maintain its dominance throughout the forecast period-

By meat type, the processed beef segment contributed to the highest share in 2021, accounting for nearly one-third of the global meat processing equipment market revenue and maintain its dominance throughout the forecast period. The same segment would also showcase the fastest CAGR of 5.4% from 2022 to 2031. The growth is attributed to a change in dietary habits that has led to an increase in the consumption of beef, which contains high-quality protein, in many different regions. Furthermore, it is predicted that Australia's increased beef production will reduce beef's cost and boost consumer demand. This has propelled market growth.

The fresh processed meat segment to rule the roost throughout the forecast timeframe-

By application, the fresh processed meat contributed to the major share in 2021, holding more than one-fifth of the global meat processing equipment market revenue and is projected to rule the roost by 2031. The segment growth is attributed to rapid urbanization and rising food prices in developing nations. The use of fresh processed meat in sausages, burger patties, and kebabs further boosts the meat processing equipment market. On the other hand, the raw cooked meat segment would portray the fastest CAGR of 5.8% from 2022 to 2031. Owing to the consumption of raw cooked meat, such as hamburgers, the segment is quickly growing.

North America garnered the major share in 2021-

By region, North America garnered the highest share in 2021, holding more than one-third of the global meat processing equipment market revenue and expected to maintain its leadership status throughout the forecast period. The convenience of storage, decline in meat prices, and improvement in meat quality all over the world are expected to drive the growth of the processed meat market. Additionally, due to the high protein content in processed meat, raw cooked meat consumption has increased in North America, which is predicted to further boost the market growth for meat processing equipment. Moreover, regional and global demand for meat products, as well as population growth boost the growth of the meat processing equipment market. However, the Asia-Pacific region is expected to witness the fastest CAGR of 6.3% from 2022 to 2031. Adoption of meat processing equipment is expected to increase in Asia-Pacific due to growth in demand for ready-to-eat food products, changes in the lifestyle of consumers, and stable economic growth. Emerging markets, such as China and India, are expected to show the highest increase in demand for meat processing equipment.

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Leading Market Players-

GEA Group Aktiengesellschaft
Illinois Tool Works Inc.
Heat and Control, Inc.
Marel
JBT Corporation
The Middleby Corporation
Welbilt, Inc.
Bettcher Industries, Inc.
Key Technology, Inc.
Equipamentos Carnicos, S.L.

The report analyzes these key players in the global meat processing equipment market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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