Why is Processed Meat Product Market Growing?06 July 2014
Customer awareness and acceptance regarding the convenience of meat products is an important factor in the growth of the processed meat industry.
Globally, the meat processing equipment industry is also witnessing steady growth on account of the increasing demand for a high-quality of processed food, growth in the processed meat industry, and acceptance by the meat products manufacturers to use the mechanisation techniques and equipment depending on their availability.
The increasing concern about healthy food and food safety is also leading to growth of the market.
Across the globe people are becoming increasingly concerned about the safety of the food that they intake.
Consumers are now more inclined towards selecting protein rich food especially those with increasing income in developing countries. Hence, the demand for meat is growing.
With increasing incomes and busy schedules, convenience food is becoming popular among the working class.
Consumers prefer ready-to-eat and ready-to-cook meat products with great quality and taste as their priority. Hence, processed meat is gaining popularity and its market is increasing worldwide.
Advancements are being made in meat processing equipment development to make them environmentally friendly.
These positive attributes of processed meat and meat processing equipment are viewed as excellent business opportunities in the steadily growing meat market.
These factors have attracted many multinational meat processors and manufacturers of the meat processing equipment to make a foray into the production and marketing of their products.
The global market for processed meat was $361,568.7 million in 2012 and is projected to reach $799,051.2 million by 2018, growing at the CAGR of 14.3 per cent from 2013 to 2018.
The market recorded revenue of $7.6565 billion in 2012.
This market is growing with a CAGR of 7.2 per cent from 2013 to 2018, and by 2018 its market is projected to be $11.4953 billion.
On a global scale, North American region is the dominating consumer of both, processed meat as well as meat processing equipment.
Many important players operating in this market are focusing on the Asia-Pacific region for business expansion as there is an increasing awareness among the meat consumers in this region about the mechanisation of the meat processing activity, which has triggered the demand for such equipment.
The processed meat market is witnessing rapid development in the areas of new product launch and collaborations. Leading companies, such as BRF S.A. (Brazil), Tyson Foods Inc. (U.S.), Cherkizovo Group (Russia), Marfrig Group (Brazil), and Nippon Meat Packers Inc. (Japan) are focusing on the expansion of their respective business across high-growth regions and setting up new manufacturing plants for increasing production capacities along with broadening of their product line.
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