Asia-Pacific Meat Processing Equipment Market to Reach $4.54 Bn by 2023 at 8.7% CAGR, Says Allied Market Research
PORTLAND, Oregon, September 20, 2018 /PRNewswire/ --
Rise in demand for premium packaged foods, advent of innovative processing technologies, and shift in consumer preference toward processed meat would drive the growth of the Asia-Pacific meat processing equipment market
Allied Market Research published a report, titled, Asia-Pacific Meat Processing Equipment Market by Meat Type (Processed Beef, Processed Pork, Processed Mutton, and Others), Type (Cutting Equipment, Blending Equipment, Tenderizing Equipment, Filling Equipment, Dicing Equipment, Grinding Equipment, Smoking Equipment, Massaging Equipment, and Others), and Application (Fresh Processed Meat, Raw Cooked Meat, Precooked Meat, Raw Fermented Sausage, Cured Meat, Dried Meat, and Others) - Asia-Pacific Opportunity Analysis and Industry Forecast, 2017-2023. The report offers a detailed analysis of the key investment pockets, growth factors & opportunities, market size & forecasts, and key market players. As per the report, the Asia-Pacific meat processing equipment market garnered $2.76 billion in 2017 and is expected to reach $4.54 billion by 2023, registering a CAGR of 8.7% from 2017 to 2023.
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Increase in demand for premium packaged food and changes in consumer preferences toward processed meat have boosted the growth of the market. However, high cost of processing machinery and stringent government regulations would hinder the growth of the market. On the other hand, increasing use of processing methods to increase the shelf life of food products and trend of using attractive packaging are expected to create new opportunities for the industry.
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Cutting equipment segment to remain lucrative through 2023
The cutting equipment segment contributed nearly one-fourth of the total market share in 2017 and is expected to maintain its lead position by 2023. This segment is expected to grow at the fastest CAGR of 9.8% from 2017 to 2023, owing to advantages such as enhanced hygiene standards, high efficiency, time saving, and cost reduction over conventional, manual cutting process. The study also analyzes various types of equipment, which include blending, tenderizing, filling, dicing, grinding, smoking, massaging, and others.
Processed pork segment: highest revenue contributor from 2017 to 2023
Among meat types, the processed pork segment accounted for nearly one-third of the total market share in 2017. This segment would continue to be the leading revenue contributor throughout the forecast period, owing to its high demand for preparing various types of cuisines. However, the processed beef segment is expected to grow at the fastest CAGR of 9.1% from 2017 to 2023. This is due to the growing demand for processed beef products including canned meat, salami, sausages, ham, patties, and hotdogs. The report also analyzes several meat types including processed mutton and others.
Fresh processed meat: The lucrative segment
The fresh processed meat segment contributed nearly one-fourth of the total market share in 2017 and is projected to maintain its lion's share by 2023. This segment is expected to grow at the fastest CAGR of 9.3% from 2017 to 2023 owing to its substantial use in burger patties, sausages, and kebabs. The study also includes the analysis of applications such as raw cooked meat, raw fermented sausage, precooked meat, dried meat, cured meat, and others.
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China to generate the highest revenue at the fastest CAGR of 10.5%
China contributed more than one-fourth of the total market share in 2017 and will maintain its dominance throughout the forecast period, registering the fastest CAGR of 10.5% from 2017 to 2023. This is on account of innovations in meat processing technologies and presence of large consumer base. The research also presents a cross-sectional analysis of India, Japan, Korea, Australia, and rest of Asia-Pacific.
Leading market players
The major companies operating in the Asia-Pacific market include GEA Group AG, Key Technology, Inc., JBT Corporation, Marel, Heat and Control, Inc., Manitowoc, Illinois Tool Works, Inc., Bettcher Industries, Inc., The Middleby Corporation, and Equipamientos Crnicos, S.L. (Mainca). Expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others are some of the growth strategies adopted by them to gain a strong footprint in the industry.
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