Meat Processing Equipment Market to worth $13 Billion By 2026
According to The Business Research Company’s research report on the meat processing equipment market, the increasing consumption of processed meat is expected to propel the growth of the meat processing equipment market going forward. Processed meat provides a number of advantages, including a better taste, a lower risk of meat-borne infections, a longer shelf life, and a high degree of portability. For instance, according to Standard Process Inc., a US based food supplement company's report published in 2020, processed foods account for about 70% of the American diet. Additionally, according to the agricultural and processed food products export development authority, during the fiscal years 2020-21, India exported 774.11 tonnes of processed meat to the world, valued at $1.62 million. Therefore, the increasing consumption of processed meat drives the growth of the processed meat market.
The global meat processing equipment market size is expected to grow from $9.78 billion in 2021 to $10.43 billion in 2022 at a compound annual growth rate (CAGR) of 6.71%. The growth in the market is mainly due to the companies' rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. As per TBRC’s global meat processing equipment industry growth analysis, the market is expected to reach $13.62 billion in 2026 at a CAGR of 6.89%.
North America was the largest region in the meat processing equipment market in 2021. Asia-Pacific is expected to be the fastest-growing region in the global meat processing equipment market during the forecast period.
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