Home > Pressrelease > Meat & Poultry Processing Equipment Market size to surpass $30.5Bn by 2032
Meat & Poultry Processing Equipment Market size to surpass $30.5Bn by 2032
- Published Date: January 17, 2023
Meat & Poultry Processing Equipment Market size is anticipated to exceed USD 30.5 billion by 2032, according to a recent research report announced by Global Market Insights Inc.
Expansion of multinational restaurant and hotel chains, especially in Europe as a chief driver of market growth. For instance, the expansion of multinational fast-food chains such as McDonald’s has increased the demand for meat & poultry products due to the rising demand for chicken and beef around the world. Furthermore, growing investment by the government to improve the quality and working environment in food processing industries has been another major driver for industry demand.
Rising urbanization around the world to increase beef demand
With respect to meat, study classifies the meat & poultry processing equipment market into beef, chicken, pork, and others. Beef processing equipment industry size is forecast to clock over USD 9 billion by the end of 2032. The substantial growth of urbanization together with economic progress in developed as well as developing countries is fueling the demand for beef. According to Food and Agriculture Organization (FAO), global beef consumption is estimated to expand from 65.5 million tons in 2020 to 76 million tons in 2029, thereby contributing to segment expansion.
Surging demand for protein-rich food to push raw-cooked meat consumption
Raw-cooked meat segment is projected to depict over 7.5% CAGR from 2023 to 2032. The growing demand for protein-rich and ready-to-cook food in line with changing lifestyles, increasing disposable income, and rapid urbanization is foreseen to boost the meat & poultry processing equipment market for raw-cooked meat. In regions such as North America and Europe, raw meat and non-meat ingredients are consumed widely as a result of their texture, palatability, and bacterial stability.
Browse key industry insights spread across 310 pages with 190 market data tables and 20 figures & charts from the report “Meat and Poultry Processing Equipment Market Size By Meat Type (Beef, Pork, Chicken), By Processing Type (Fresh Processed Meat, Raw-Cooked Meat, Precooked Meat, Raw-Fermented Meat, Cured Meat, Dried Meat), By Equipment (Killing & Defeathering, Evisceration, Cut-Up, Deboning & Skinning, Marinating & Tumbling), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Seamless disintegration of organs from carcass to prompt evisceration equipment deployment
Meat & poultry processing equipment market size from evisceration segment is primed to exhibit over 6% CAGR through 2032. Significant investment in the meat processing industry for automation to reduce labor and improve quality and speed is poised to push product adoption. The segment growth is anticipated to further be driven by positive efforts by companies to innovate machines and equipment to reduce waste and maintain hygiene.
Upsurge in meat consumption to propel the APAC market trends
Asia Pacific meat & poultry processing equipment market is anticipated to cross a valuation of more than USD 14.5 billion by 2032. The region is expected emerge as a major hub for the industry owing to the growing consumption of meat in China, India, and Japan. Additionally, the mounting uptake of animal-based food products and shortage of workers in labor-intensive meat processing companies due to the recent outbreak of COVID-19 has provided lucrative opportunities to the industry.
Acquisitions and partnerships to remain a key growth strategy for the industry players
Competitive landscape of the meat & poultry processing equipment market is expected to witness a series of growth mergers and acquisitions by industry players to boost their market positions. For instance, in January 2021, Marel HF, a provider of food processing solutions, completed the acquisition of PMJ, a global provider of advanced processing solutions for the duck industry. The initiative is speculated to strengthen the company’s position and drive the revenue. Some of the key players in the report include Middleby Corporation, Bettcher Industries, and Prime Equipment Group, among others.