"Increasing Demand for Poultry Products to ensure Positive Growth in Poultry Processing Equipment Market"
Global poultry processing equipment market was valued US$ 3,363.8 Mn in 2020, expanding at a CAGR 5.2% during the forecast period from 2021 to 2029. Changing consumer preference towards high protein and zero-fat food observed as one of the major factors driving the demand for poultry products across different geographic region. Global broiler meat production was 90.71 Mn metric tons in 2020 and expected to cross 92.47 Mn metric tons by end of 2021. Rapid evaluation in consumer food preferences coupled with the increasing health concerns reported as some of the major factors influencing the growth of overall poultry processing equipment market.
Through utilization of advanced safety and hygiene systems, poultry processing plants are constantly improving the safety ratio along with the quality of meat. This factor observed as the most prominent one, responsible for supplementing the increasing demand for poultry food products, worldwide. In addition, rising inclination of people towards adoption of convenient and packaged protein food because of changing lifestyle positively influencing the market for processed meat. Increase in the consumption of processed food (especially in developed economies) noted as one of the important factors influencing the growth of overall poultry processing equipment market worldwide. Growing population along with rise in disposable income reported as some more factors supplementing the growth of global poultry processing equipment market.
"Killing & Defeathering Equipment Segment to Lead Overall Poultry Processing Equipment Market throughout the Forecast Period"
Global poultry processing equipment market was dominated by killing & defeathering equipment segment with the leading share in 2020. This scenario expected to continue during the forecast period from 2021 to 2029. Rise in technology acceptance coupled with the increasing demand for poultry products ensures the growth of this segment in years to come. Increased adoption of killing & defeathering equipment by retail poultry shop holders further contributing with notable share in overall poultry processing equipment market growth.
"North America Dominates Poultry Processing Equipment Market with Highest Market Share; Asia Pacific to Emerge as the Next Promising Market"
North America accounted for the leading share in global poultry processing equipment market; followed by Europe, in 2020. High consumption of poultry products, improving per capita income along with the technology development in food processing industry are some of the prominent factors propelling the growth of overall market for poultry processing equipment in North America. Highest market share of global poultry processing equipment market has been secured by U.S. on account of consumer preference for white meat products. Moreover, turkey meat pointed for more than 30% of total U.S. processed meat sale in 2020.
Shift of consumer preference towards rice-protein food along with growing per capita income and rise in technology acceptance among emerging economies are some of the major factors allowing Asia Pacific to emerge as next promising region.
Competitive Insights
The global poultry processing equipment market observed as highly competitive in nature with presence of large number of global as well as local market players. Leading manufacturers are increasingly adopting various strategies to expand their global footprint and increase market share. Mergers & acquisitions, agreements & contracts are some of the prime strategies adopted by key players to maintain their leading position in global poultry processing equipment market. Recently, on 16 July 2021, John Bean Technologies (JBT) Corporation, one of the leading technology solution providers for food & beverage industry, acquired FTNON B.V., food equipment and solutions provider, for sum of €32M. This acquisition expected to increase revenue of FoodTech, one of the division of JBT Corporation, by nearly US$ 30 Mn.
In addition, leading manufacturers are undertaking consistent efforts to introduce more innovative products in global poultry processing equipment market. For instance, on 25 July 2020, Cantrell Company LLC introduced its upgraded turkey heart and liver harvester to improve durability along with safety for operators. Cantrell’s turkey heart and liver harvester now powered by electric drive motor to improve performance of the machine. In addition, on 31 May 2021, Cantrell Company LLC launched its all-new Gizzard Processing System (GPS). The GPS separates intestine removal procedure from gizzard splitting & cleaning, thus effectively process 175 gizzards per minute. Moreover, Company has also announced the expansion of its research & development department to continue improving the existing products.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Poultry Processing Equipment market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
ATTRIBUTE | DETAILS |
---|---|
Research Period | 2022-2032 |
Base Year | 2023 |
Forecast Period | 2024-2032 |
Historical Year | 2022 |
Unit | USD Million |
Segmentation | |
Process
| |
Region Segment (2022-2032; US$ Million)
|
Key questions answered in this report