According to a new report published by Allied Market Research, titled,"Asia-Pacific Meat Processing Equipment Market by Equipment, Application, Meat Type, and Country: Opportunity Analysis and Industry Forecast, 2019 - 2026,"the market was valued at $3012 million in 2018, and is projected to reach $5936 million by 2026, growing at a CAGR of 8.8% from 2019 to 2026.
Meat is either consumed as a processed meat product or as a component of kitchen-style food preparations. Processed meat is a meat that is modified to improve its taste and shelf life. Processed meat products are gaining ground in popularity and consumption volume in Asia-Pacific. The demand for processed meat is expected to increase due to surge in consumer demand for food products with multifunctional nutrition benefits. Therefore, meat processing equipment are designed based on the specific end-use requirements. In addition, automated food processing equipment has experienced a rise in demand due to increase in focus on production efficiency and cost reduction.
Factors that drive the growth of the Asia-Pacific meat processing equipment market are varied consumer trends toward use of ready-to-eat food products. Moreover, the rise in consumption of meat in different countries such as Japan, Philippines, China, and others also boost the market growth. In addition, rise in income levels and technological advancements are expected to fuel the demand for meat processing equipment over the forecast period. However, high cost of equipment is expected to hamper the growth of the Asia-Pacific meat processing equipment market in the near future. Moreover, growth in focus toward safety while using meat processing equipment is expected to serve as a lucrative opportunity for market growth during the forecast period.
In 2018, the cutting equipment segment accounted for major share in the Asia-Pacific meat processing equipment market. Cutting is often the first operation to be employed in meat processing to separate essential meat & fat portions of the carcass from the non-essential ones. Cutting is often carried out under vacuum conditions to reduce disintegration of the protein content, which allows greater volume of filling in sausages and patties. The cutting equipment segment is expected to maintain its dominance and grow at highest CAGR in the Asia-Pacific meat processing equipment market during the forecast period, as it is the most common processing equipment used in the food industry.
Key Findings of the Asia-Pacific Meat Processing Equipment Market:
- China occupied more than two-thirds share of the Asia-Pacific meat processing equipment market in 2018.
- The processed mutton segment is anticipated to grow with the highest CAGR throughout the forecast period.
- The fresh processed meat segment accounted for around one-fourth share of the market in 2018.
- Vietnam is anticipated to grow at the highest rate during the analysis period, followed by Philippines.
Processed pork is edible meat obtained from the domestic pig and is the most common type of meat consumed in Asia-Pacific. It is highly prized in various Asian cuisines for its high-fat content and pleasant texture. Pork processing can be divided into three broad stages- slaughtering, cutting, and further processing. Cutting is a size reduction operation in which meat is separated from the carcass and cut into smaller portions. It may then be preserved, sold in portions, or sent for further processing. The processed pork segment accounted for the significant share in 2018.
Fresh processed meat comprises meat mixes composed of finely comminuted, minced, or sliced muscle meat with variable fat content. The main characteristic of this group is that all meat and non-meat ingredients are added raw without any prior heat treatment. The fresh processed meat segment accounted for the significant share in the Asia-Pacific meat processing equipment market.
The report provides an extensive competitive analysis and profiles of the key market players such as Marel hf., GEA Group Aktiengesellschaft, Illinois Tool Works Inc. (Hobart), Equipamientos Crnicos, S.L. (Mainca), The Middleby Corporation, JBT Corporation, Siemens AG., Welbilt, Inc., Key Technology, INC., and Heat and Control, Inc.