LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global meat and poultry processing equipment market to grow at a CAGR of more than 6% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global meat and poultry processing equipment market for 2017-2021. The report also lists the two major application segments of the market as the meat and poultry segments. The meat segment accounted for more than 74% of the market in 2016 and was the largest revenue contributor.
According to Anju Ajaykumar, a lead analyst at Technavio for unit operations research, “The demand for meat and poultry processing machinery market is driven by the increased consumption of processed foods, including protein-rich meat products, and growing concerns over food safety.”
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Technavio heavy industry analysts highlight the following three market drivers that are contributing to the growth of the global meat and poultry processing equipment market:
- Rise in demand for pork in China
- Greater emphasis on processed meat and poultry products
- Rise in consumer preference toward protein-rich food
Rise in demand for pork in China
The world’s largest consumer and producer of pork is China. The country has become the leading importer of pork and is expected to account for more than a quarter of the global pork trade market in 2017. Europe is the largest exporter of pork to China and accounts for more than 72% of the Chinese pork import market. Low prices, abundant exportable supplies, and favorable exchange rate have led European countries to expand their shipment of pork to China. Even though the US accounts for only 18% of China's pork import market, it is expected to remain an important market for the US shipment due to growing demand for pork. This augurs well for the growth of the meat processing equipment market during the forecast period.
Greater emphasis on processed meat and poultry products
In the past decade, changing lifestyles, due to rapid urbanization and a shortage of time, have generated high demand for packaged and convenience foods. Packaged foods take less time and effort to cook and provide nutrition with durability. Processed meats and poultries are prepared for safe and easy consumption by consumers. Convenience foods have the highest rate of consumption among consumers because of busy schedules and hectic lifestyles.
Processed meat and poultry products are also available in a wide variety of choices to help consumers make better food judgments. Thus, the increase in the demand for packaged and convenience foods is expected to create strong demand for processed meat products globally, which will drive the demand for meat and poultry processing machinery.
Rise in consumer preference toward protein-rich food
Over the past two decades, there has been a considerable shift in the lifestyles and diet habits of people. Consumerism is the primary reason for this shift, which has led to the rapid rise in the consumption of processed meat products.
“Sedentary lifestyles and a lack of balanced diet have led to an increased incidence of lifestyle diseases, which has resulted in consumers paying greater attention to the nutritional content of the food,” says Anju.
In the US, 60% of the population seek protein-rich food products. The United States Department of Agriculture (USDA) has classified Dietary Guidelines for the American citizens, which state that the average male aged 3-50 years requires at least 56 g of protein intake daily. People prefer frozen meat products over ready-to-eat food products because these products are fresh and have no preservatives or additives.
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