How the meat processing market looks across Asia
by VIV reporters
Even in the recent past, the Asia-wide market for processed foods of any kind was seen as relatively small. But a global analysis of meat processing equipment sales by USA-based Allied Market Research has rated the Asia-Pacific region in third place worldwide on annual value in 2018, accounting for almost exactly 25 percent of the projected world total compared with 36 percent for North America and over 30 percent for Europe.
The company also predicts that the Asia-Pacific meat processing equipment market will show the highest rate of regional growth over the next five years. Its data show equipment sales in the region for processing meat reached USD 2.5 billion in 2016 and could grow by almost 9 percent per year to USD 4.5 billion in 2023.
Globally, a meat processing equipment market valuation of nearly USD 11 billion for 2017 is projected to top USD 18.8 billion by 2025 after achieving a 6.9 percent per year annual growth rate in the 2018-2025 period. The analysts at Allied Market Research say the major changes that are still occurring in consumer lifestyles and preferences seem set to propel another surge in market size, alongside the expansion of trade in meat products that prefers processed products for their longer shelf-life.
Within the Asia-Pacific region, China and India lead the way on annual growth rate. China’s is predicted at almost 10.5 percent per year compared with India’s 8.8 percent, South Korea’s 8 percent and Japan’s 7.5 percent.
Pork stands in first place globally among the meats for processing equipment sales and it represents over one-quarter of the Asia-Pacific market on current estimates. It is forecast to show a 7 percent average annual growth rate to 2025, less than the increase predicted for beef and broadly similar to the expected growth rate for poultry meat. ...
Do you already have an account? Log in here