WELLESLEY, Mass., Oct. 03, 2018 (GLOBE NEWSWIRE) -- New technologies aimed at preserving nutrients and an increasing number of new products are two factors helping to boost the global meat and poultry processing equipment market, according to a report by BCC Research.
The industry expects to see a compound annual growth rate (CAGR) of 7.4% through 2022, when it is expected to reach nearly $15.25 billion, according to the report Meat and Poultry Processing Equipment: Global Markets Through 2022.
Major players in the market include Illinois Tool Works, John Bean Technologies Corp., Marel, The Middleby Corp., and SFK LeBlanc A/S.
Research Highlights
- The Asia-Pacific region leads global demand, with a 2016 value estimated at $3.3 billion.
- By equipment type, the market is led by cutting equipment, with an estimated 2022 value of $2.6 billion.
- By processing type, the market is led in size by fresh processed foods, with an estimated 2022 value of $1.2 billion, though by growth the market will be led by raw fermented products, with a CAGR through 2022 of 8.0%.
“The food industry is a large and important, highly profitable industry with substantial growth potential, especially in the food processing segment,” said BCC Research analyst and report author John Barrett. “New meat processing technology is now focusing on retaining maximum nutrients and sensory properties and increasing the shelf life of food without any adverse effect on its quality. The number of meat products available globally (including processed foods) is very high, with a large number of new products being launched every year.”
Future Market Trends Include Urbanization and Increased Meat Consumption
Global urbanization trends are major factors which will impact the industry in coming years, the report adds. Urbanites are increasingly turning to on-the-go and convenience foods, which rely heavily on processing equipment. Additionally, meat consumption is on the rise around the world, with per capita consumption expected to rise from 41.3kg per capita in 2015 to 45.3 kg per capita by 2030.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.