A new report by Transparency Market Research forecasts the global meat processing equipment market to reach $2.9 billion by 2031, with a compound annual growth rate (CAGR) of 4.6%. This market was valued at $1.9 billion in 2022.
According to the report, a confluence of factors are contributing to the predicted increase, including advanced automation technology, AI, robotics, and machine learning to combat the labor shortage and reduce production costs; a focus on sustainable and humane meat processing through automation; and the growing demand for ready-to-eat (RTE) and ready-to-cook meat products which require more processing. Also, the Asia-Pacific region is one of the fastest-growing markets for meat and meat processing equipment, driving the numbers up overall.
Other details impacting the market, according to the research:
- Emerging and growing economies combined with an expanding population worldwide have made processed beef products more popular. Due to increasing urbanization and changing lifestyles, consumers are becoming more interested in processed, value-added beef products.
- Modern equipment facilitates better control over the various phases of meat processing, raising standards for both quality and safety. Integration of Internet of Things (IoT) technologies and data analytics in meat processing equipment has enabled better monitoring and administration of the entire processing chain.
- Improved cost and operational effectiveness is a key driver of the meat processing industry. Increasing efficiency, cutting waste, and streamlining production procedures are always top priorities for meat processors. Advanced processing equipment allows businesses to increase throughput, reduce labor costs, and better utilize resources, thus maintaining their competitiveness in the market.
