Results from the research were presented at a press conference during the first day of PROCESS EXPO, Sept. 19 in Chicago.
“We have been working with Markets&Markets, a strategic analytic company who compiled the filing in these reports from surveys of key opinion leaders at processing companies in the three different sectors as well as through public and private databases,” said David Seckman, president of FPSA. “Our goal was to define, segment and project the global market size for processing equipment through 2022, to analyze the opportunities in the market for the stakeholders, and provide a competitive landscape outlook. We are pleased to report the each of the segments if forecasting healthy growth within the next five years.”
The study individually examined the meat, poultry and pet food processing equipment markets to find growth drivers and opportunities.
The global meat processing equipment market was valued at $9.075 billion in 2015 and is projected to reach $14.5 billion by 2022. Factors responsible for this growth include increased consumption of processed food, government support for equipment use in developing countries, demand for food safety and the safety of workers, presence of small and medium enterprises in developing countries, the rising cost of raw materials and international trade rules.
The meat processing equipment market is segmented into different types – cutting, blending, tenderizing, filling, dicing, grinding, smoking, massaging equipment and a few others. Cutting equipment dominated the market in 2016 and will continue to do so with its projected growth through 2022. The market in 2016 was valued at $1.7 billion and it’s expected to grow to $2.5 billion by 2022.
Processed pork accounted for the largest share (44.8 percent) of the overall meat processing equipment market in 2015, followed by processed beef that made up a 35.6 percent share.TT
The poultry processing equipment market, which was valued at $2.95 billion in 2014, is expected to grow at a Compounded Annual Growth Rate (CAGR) of 4.7 percent through 2022, to $3.83 billion. “The practice of processing poultry has seen significant changes, owing to the developments made in the poultry processing equipment industry,” according to the study. “Poultry processing is now carried out with the help of automated equipment with latest technologies such as X-ray scanners, high-speed composite alloy cutting blades and sensors among others. The mechanization of this process has not only influenced and reduced the labor-intensive work, but has led to positive changes in the safety issues in the processing industries.”
The poultry processing equipment market is segmented into six equipment types – killing and defeathering, evisceration, cut-up, deboning and skinning, marinating and tumbling and others. Killing and defeathering equipment dominates the poultry processing equipment market at $671.5 million in 2015, with a projected CAGR of 5.2 percent to $864.2 million by 2022. Equipment for the fresh processed product segment held the largest share (28.2 percent) of the overall poultry processing equipment market in 2014, followed by raw cooked product, which held a share of 22 percent in the same year.
The global processing equipment forecast study also examined the pet food processing equipment market. It’s expected to grow at a CAGR of 3.5 percent in the next six years to market size of $4.27 billion by 2022.
“The growth of the pet food processing equipment market is attributed to the increase in the global demand for pet food supplies, especially in growing economies such as China, Brazil, Argentina and India, owing to a growing urbanization that has stimulated a desire to keep pets and has resulted in the increasing usage of processed pet food products, in addition to advancements in the manufacturing processes and technologies,” according to the study.
The pet food processing equipment market has been growing because of rapid urbanization, increasing disposable income and the increase in the trend of humanization of pets, which has in turn resulted in the growth of processed pet food products. The executive summary of the study further explained, “An increasing pet population, illnesses and malnutrition associated with feeding homemade food to pets, better palatability and prolonged shelf life of processed pet food are among various factors that have led to an increase in the demand for processed pet food and processing equipment used to manufacture them.”