Although some of the consumers are resorting to vegetarianism and veganism, the poultry industry continues to grow, which is consistently creating prospects in thePoultry Processing Equipment Market. This is quite evident in the sustained sales of equipment such as chicken incubator and chicken coop. According to the International Trade Centre (ITC), the trade of equipment in the parent industry that includes poultry machinery was evaluated at $7.81 billion in 2018, and the figure witnessed year on year growth at 11%.
With the fact that a substantial part of this trade value belongs to the trade of poultry machinery, the rise in the trade evinces a definite increase in the poultry processing equipment market size that was valued to be $3.7 billion as of 2018. Furthermore, the consumers of poultry products are increasing because chicken is common in the convenience foods, which is speedily gaining traction. This is going to expand the poultry processing equipment market at a CAGR of 5.1% during the forecast period 2019-2025. The report covers Poultry Processing Equipment Market Size by Poultry type and Equipment Type, Poultry Processing Equipment market share by top 5 companies and also the market share by start-ups during the forecast period.
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Amidst the proliferating vegan wave in the North America countries wherein a myriad of people is believed to have turned towards the plant-based diet, it’s interesting to note that Animal Charity Evaluators conducted a survey that suggests that 2-6% of Americans self-identify themselves as vegetarians. While this may hold to be acting against the poultry industry, another revelation offers an oppositional reading. Out of all the Americans that claim to be vegetarians, 60% are still found to be consuming meat and poultry products. This is to say that despite the growth of a seemingly turning vegetarian population in America, the market for non-vegetarians products remains sustainable, and it includes poultry products that are ingredients of a variety of foods.
Owing to the consistent demand for poultry products in the region, North America held the maximum poultry processing equipment market share with 36% in 2018. The growth prospects for the poultry processing equipment market players in North America can be perceived by glancing through the scope for profitability in major markets of the US, Mexico, and Canada.
According to the National Chicken Council, per capita consumption (in pounds) of poultry products 94.7 in 2000 and the figure catapulted to 100 in 2018. This evinces the growth of the poultry industry in the US, which is increasing the US poultry processing equipment market size.
Furthermore, the latest 2012 Census of Agriculture had reported that there were 233,770 poultry farms in the US. With the increase in the demand for poultry products, this number has undergone an increment over the last 5 years. This increase in the end-user base in the US is bringing more opportunities on the table for the vendors.
According to the Organisation for Economic Co-operation and Development (OECD), the expansion in the consumption of chicken will continue in Mexico, and by the end of 2025, the demand will increase at a rate of 20%. While this will positively influence the local poultry farms, it will also create a massive impact on the US poultry industry, because Mexico imports a humongous amount of poultry products such as chicken, turkey, and broiler from the US. This increasing demand for chicken in Mexico will further expand the poultry processing equipment market scope in North America.
According to the findings by the government of Canada, the country houses 2,877 regulated chicken, 531 registered turkey, 243 broiler chicken, and 1,143 egg producers in 2018. Furthermore, Canada produced poultry and egg products worth $4.6 billion during the year. The egg and chicken production in massive quantity in various poultry farms creates a sustainable poultry processing equipment market demand in the country.
The sustainable demand for poultry processing equipment in the aforementioned countries resonates with the notably rising import of goods belongs to the parent industry.
The number of non-vegetarians in developing countries is growing continuously, especially due to the rise in disposable income, which is making the poultry products affordable to the residents. This is translating to the profitable growth of the poultry industry in APAC countries such as China, India, Indonesia, and others. For instance, the Food and Agricultural Organization (FAO), poultry production in India has been continuously rising at around 8% per annum with an average annual turnover of $7.5 billion in the last 2-3 decades. This evinces the growth of the poultry industry and an increase in the number of poultry farms which make up for a profitable poultry processing equipment marketplace for the vendors. The upcoming years foresee further development of the poultry industry in the developing countries, which will expand the poultry processing equipment market size.
The most lucrative application segment in the poultry processing equipment market is killing and de-feathering equipment, and it is poised to grow at a CAGR of 4.8% through to 2025. While the vendors will be venturing into this segment, it is important to note that the quality of plucking will hold utmost importance to the end-users or poultry farms.
One of the major objectives in the SDGs by the UN is to ameliorate the global nutritional deficiency, which will lead to an expansion of the food industry at large. The poultry industry will be experiencing collateral profitability during this development, which is going to offer opportunities to the associated markets that include poultry processing equipment market.
The major poultry processing equipment market players that are striving to capitalize on the rising requirement from the poultry farms are Marel, Key Technology Inc., John Bean Technologies Corporation, CTB Inc., BAADER Food Processing Machinery Inc., Brower Equipment Sales, Inc., BAYLE SA, CG Manufacturing and Distributing, Inc., Prime Equipment Group, Inc., and Brower Equipment.
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To view the original version on The Express Wire visit Poultry Processing Equipment Market Size Expanding with Flourishing Animal Farming Industry
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