Meat processing equipment market to grow at a CAGR of 4.7% by 2031
According to a new report published by Allied Market Research, the global meat processing equipment industry generated $12.3 billion in 2021 and is projected to reach $19.6 billion by 2031, growing at a CAGR of 4.7% from 2022 to 2031.
The report, entitled “Meat Processing Equipment Market”, provides a comprehensive analysis of the market and its various segments. The global market growth is driven by factors including the increase in demand, a change in the lifestyle of people, and consumers’ inclination towards ready-to-eat packaged food products. Additionally, the market has been significantly influenced by the food and beverage processing industry. Furthermore, the demand for meat processing equipment is expected to grow due to an increase in the demand for meat and poultry processing as well as safety regulations in the processing sector. However, the growth of the processing equipment market is hindered by an increase in the price of machinery and restrictions and regulations in processing.
The outbreak of the Covid-19 pandemic had a negative impact on the global market for meat processing equipment. A severe socioeconomic crisis occurred because of lockdown restrictions, which impacted mehttps://newsroom.sialparis.com/?s=meatat production and supply chain. Furthermore, the demand for meat significantly reduced, which led to a drop in prices. However, the market has recovered post-pandemic.
By type, the cutting equipment segment held the highest market share in 2021, accounting for around one-fifth of the global meat processing equipment market revenue, and is estimated to maintain its leadership status throughout the forecast period. The growth of the segment is driven by the fact that cutting is one of the most important processes carried out in the meat processing industry. The tenderizing equipment segment is projected to manifest the highest CAGR of 5.7% from 2022 to 2031, driven by the rise in disposable income of consumers and the recent trend towards eating foods high in protein.
By type, the processed beef segment contributed to the highest share in 2021, accounting for nearly one-third of the global meat processing equipment market revenue and maintaining its dominance throughout the forecast period. The same segment would also showcase the fastest CAGR of 5.4% from 2022 to 2031. The growth is attributed to a change in dietary habits that has led to an increase in the consumption of beef, which contains high-quality protein, in many different regions.
By application, the fresh processed meat segment contributed to the major share in 2021, holding more than one-fifth of its global processing equipment market revenue and is projected to rule the roost by 2031. The segment growth is attributed to rapid urbanization and rising food prices in developing nations. On the other hand, the raw cooked segment would portray the fastest CAGR of 5.8% from 2022 to 2031.
The research showed that North America garnered the highest share in 2021, holding more than one-third of the global meat processing equipment market revenue and is expected to maintain its leadership status throughout the forecast period. However, the Asia-Pacific region is expected to witness the fastest CAGR of 6.