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Processed Meat and Meat Processing Equipment Market - New Revenue Pockets: Asia-Pacific
The Asia-Pacific region has become an important region for key players in the industry, as the growing middle-class population is now inclining towards processed meat. The processed meat market in Asia-Pacific captured about 23% of the total market revenue in 2012. The market is estimated to expand with a CAGR of 11.9% from 2013 to reach $159,354.2 million by 2018. This region is the emerging market with investments from several multinational manufacturers, especially in major markets such as China and India. China is the main market in this region, accounting for 45% revenue in 2012. There are many global players in the market trying to enter this region by means of mergers, acquisitions, or partnerships for business expansion.
The increasing demand for processed meat is also leading to a rise in demand for food safety which can be met with improved mechanization. The Asia-Pacific meat processing equipment market is estimated to be the fastest growing market with a CAGR of 7.6% from 2013 to 2018. The Asia-Pacific market is estimated to expand with the highest growth rate due to the increasing demand from countries such as India and China. The restraining factor in this market is high cost of equipment with small and fragmented land holding.
The meat processing industry in China is experiencing a rapid growth. Driven by modern technology, this industry is changing as per the consumption pattern of meat. Consumers in China have resorted to consuming more of pre-cooked and processed meat than before. There still exists a strong potential for growth in this industry due to the emerging modern lifestyle of the people. Also, the increasing income of the rural population has led to stronger demand for the products of the meat processing industry.
Being the world’s largest producer of meat, China offers great opportunities for the meat processing equipment in the coming years. The processed meat products that have long shelf lives and low price are mainly preferred in China. To retain the popularity of such products among the consumers, the Chinese meat processors are concentrating on using the correct equipment for manufacturing such products. Therefore, with the preference for processed meat and meat products growing in the country, the market for meat processing equipment is also showing a decent growth rate.
Processed Meat & Meat Processing Equipment Market by Types (Beef, Pork, Mutton, Others), by Product Types (Fresh Processed, Raw Cooked, Pre-Cooked, Raw-Fermented, Cured, Dried, Others), by Equipment Types & by Geography - Global Trends & Forecasts to 2018
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