The global market for meat processing equipment was $7,656.5 million in 2012 and by 2018 it is projected to be $11,495.3 million, growing with a CAGR of 7.2 percent from 2013 to 2018.
Dallas, Texas (PRWEB) October 06, 2013
It has become necessary to provide the population with quality food in right quantity to fulfill the requirement of the growing population worldwide. For this, processing of food must be done properly and timely. With the wave of globalization all over the world, people are becoming more concerned about the safety of the food that they intake. Consumers are now more inclined towards protein rich food especially with the increasing income in the developing countries. Hence, the demand for meat is also increasing. With the increasing income and the busy schedule, convenience food is becoming popular among the working class. Consumers prefer ready-to-eat and ready-to-cook meat products with great quality and taste as their priority. Hence, processed meat is gaining popularity and its market is also increasing worldwide. The global is estimated to grow at a CAGR of 14.3 percent from 2013 to 2018, reaching $799,051.2 million by 2018.
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The global market has grown slowly but steadily during the last few years and a similar trend is expected to continue for the coming years. The market was worth $7,656.5 million in 2012, and by 2018 it is projected to be $11,495.3 million. This market is growing with a CAGR of 7.2 percent from 2013 to 2018. Leading companies are focusing on launching of new products for expansion of the business in local as well as foreign markets. Acquisition is also the most preferred growth strategy after new products launch.
North America and Europe are the leading consumers of meat processing equipment, together accounting for around 66 percent of the consumption on a global scale. Asia-Pacific is estimated to be the fastest growing region in terms of revenue. Growth is particularly high in countries such as China, Japan, India, New Zealand, and Thailand. The meat processing equipment market consists mainly of the equipment such as Cutter, Blender, Tenderizing Equipment, Filling Machines, Dicing, Grinding Equipment, Smoking Equipment, and Massagers. The Cutter Equipment has the largest share in the market consisting of 18 percent of the total market share in 2012.
The global market is driven by many factors such as growing population and increase in demand and consumption of processed food, new technological innovations, and government support in developing countries. The main obstacles in their growth are the lack of awareness of meat processing mechanization among the processed meat producers. Other reason which restricts the growth of this industry is small and medium meat producing companies in developing countries.
Various secondary sources such as directories, and databases were used to identify and collect information useful for this extensive commercial study of market. The primary sources – experts from related industries and suppliers – have been interviewed to obtain and verify critical information as well as to assess the future prospects of meat processing equipment.
To capitalize on the growth trend in the global market, several leading meat processing and equipment companies are making efforts towards research and development and manufacturing of such products. Furthermore, meat processing companies are gradually expanding their product offerings within this product line to meet the growing demand of meat products. Leading players which operate within this industry have been profiled, and an overview of their recent developments and other strategic initiatives has been presented. Some of these companies include: BRF S.A. (Brazil), Vion Group (The Netherlands), Nippon Meat Packers Inc. (U.S.), GEA Food Solutions (Germany), and John Bean Technologies Corporation (U.S.).
Major Points of Table of Content
12 Company Profiles
12.1 BRF S.A.
12.2 Cargill Inc.
12.3 Cherkizovo Group
12.4 Hormel Foods
12.5 Marfrig Group
12.6 Nippon Meat Packers Inc.
12.7 Sanderson Farms Inc.
12.8 Shuanghui International
12.9 Smithfield Foods Inc.
12.10 Tonnies Fleisch
12.11 Tyson Foods Inc.
12.12 Vion Group
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