PORTLAND, Oregon and PUNE, India, November 2, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, Meat Processing Equipment Market by Type, Meat Type, and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global meat processing equipment market was valued at $10,218 million in 2016, and is projected to reach $16,516 million by 2023, growing at a CAGR of 7.1% from 2017 to 2023. North America is one of the prominent consumers of meat processing equipment, accounting for more than one-third of the total market in 2016.
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Processed meat is defined as meat that can be modified to improve its taste and shelf life. The demand for processed meat is expected to increase due to the surge in consumer demand for food products with multifunctional nutrition benefits. Meat processing equipment are designed based on the specific end-use requirements. In addition, automated food processing equipment has experienced an augment in demand due to increasing focus on production efficiency and cost reduction.
Factors that drive the growth of the global meat processing equipment market are change in lifestyle of people and varied consumer trends toward use of ready-to-eat food products. The food & beverage processing industry has influenced the meat processing equipment market to a large extent. In addition, growth in demand for meat and poultry processing and safety regulations in the processing industry are expected to fuel the demand for meat processing equipment in the near future. However, increase in cost of raw materials is expected to hamper the growth in the near future.
The cutting equipment segment is expected to maintain its dominance and grow at highest CAGR in the global meat processing equipment market during the forecast period, as it is the most common processing equipment used in food industry. In 2016, the cutting equipment segment accounted for major share in the global market.
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The processed pork segment accounted for the significant share in North America and Europe. The processed pork and processed beef segments cumulatively dominated the global market with more than three-fifths share, in terms of volume, in 2016, owing to increase in consumption of pork and beef in these regions as they are rich in vitamins, iron, phosphorus, and other minerals.
Key Findings of the Meat Processing Equipment Market:
- In terms of value, the processed pork segment is expected to grow at a CAGR of 7.3% during the forecast period.
- North America is anticipated to maintain its lead position throughout 2023, growing at a CAGR of 5.4%, in terms of value.
- The fresh processed meat application is estimated to occupy one-fourth of the total market by 2023.
- China is expected to occupy more than one-fourth of the total Asia-Pacific meat processing equipment market by 2023. China is expected to grow at the highest CAGR of 10.5%, in terms of value, from 2017 to 2023.
In 2016, Asia-Pacific and North America collectively accounted for approximately three-fifths share of the total meat processing equipment market. Countries, such as China and India are expected to contribute a significant share in the Asia-Pacific meat processing equipment market. Rise in food processing sector is the major reason for the growth of the market in Asia-Pacific.
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The major companies profiled in the report include GEA Group AG, JBT Corporation, Key Technology Inc., Marel, Heat and Control, Inc. Illinois Tool Works Inc., Manitowoc, The Middleby Corporation, Bettcher Industries, Inc., Equipamientos Crnicos, and S.L. (Mainca)
Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research