By 2026, the market for meat processing equipment will be worth $13 billion.
The global meat processing equipment market is forecasted to see substantial growth in the coming years, according to a report by The Business Research Company. The market is expected to increase from $9.78 billion in 2021 to $10.43 billion in 2022, and further to reach $13.62 billion by 2026 at a compound annual growth rate of 6.89%.
The growth of the market can be attributed to the increasing consumption of processed meat worldwide. Processed meat offers various benefits such as better taste, longer shelf life, lower risk of meat-borne infections, and high portability. For instance, processed foods account for about 70% of the American diet according to Standard Process Inc.’s report in 2020. Additionally, India alone exported 774.11 tonnes of processed meat valued at $1.62 million in fiscal years 2020-2021, as per the agricultural and processed food products export development authority.
The market growth is also driven by companies recovering from the COVID-19 pandemic and rearranging their operations. The pandemic led to restrictive containment measures such as social distancing, remote working and closure of commercial activities, which resulted in operational challenges for many companies.
In 2021, North America was the largest region in the meat processing equipment market. However, the Asia-Pacific region is expected to be the fastest-growing region in the global meat processing equipment market during the forecast period.