Asia-Pacific Meat Processing Equipment Market was estimated at $3012 million in 2018 and is anticipated to garner $5936 million by 2025, growing at a CAGR of 8.8% from 2019 to 2026.
Industry Key Players
Asia-Pacific meat processing equipment market report includes an all-inclusive analysis of the major market players in the region, including GEA Group Aktiengesellschaft, Illinois Tool Works Inc. (Hobart), Siemens AG, Heat and Control, Inc Equipamientos Crnicos, S.L. (Mainca), The Middleby Corporation, Marel hf., Key Technology, Inc., JBT Corporation, and Welbilt, Inc. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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Growth Drivers and Industry Trends
High-end technological advancements, rise in consumption of meat, and increase in demand for packaged food have fueled the growth for Asia-Pacific meat processing equipment market. On the other hand, high costs associated with machinery and several restrictions & regulations in meat processing have curbed the growth to some extent. However, with safety guaranteed with meat-cutting machineries, multiple opportunities have been created in the segment.
Segmentation Analysis of the Industry
By type, the cutting segment accounted for more than one-fifth of the total market in 2018 and is expected to maintain its top status throughout the forecast period. As the most common processing equipment used in the food industry, the segment is also anticipated to grow at the highest CAGR of 9.9% throughout 2019-2026.
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Based on meat type, the processed pork segment held the lion share in 2018, contributing to two-third of the total market in 2018 and is assumed to dominate till 2026. This is due to high consumption of pork in countries such as China, South Korea, Australia, and Philippines. In addition, westernization of food culture in countries such as China, South Korea, India, and others has also driven the growth.
Based on region, China has come out as the largest contributor in terms of revenue. The huge meat consuming population base in the country has spurred the growth.
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