will grow from 2 to 5 billion worldwide
As a leading provider of advanced solutions for the poultry, meat and fish processing industries Marel's market position is strong on all continents.
In spite of the challenges encountered last year, Marel maintained its position as a global leader in the industry. Marel achieved 4% average annual growth during the last five years.
At the same time, global economic growth has been historically low. This has been a difficult period for food processors, which have seen a spike in corn and energy prices and have therefore not been investing in large projects. This has affected Marel's results as large projects normally account for about one-third of the company's revenue. Revenue from spare parts and service, on the other hand, continued to increase in 2013.
MAREL'S GROWTH DRIVERS
Marel operates in a dynamic market with abundant opportunities. Proteins play an increasingly large role in the global diet and the protein segment of the industry has been growing at an average annual rate of 5-6% for the past 20 years.
According to Rabobank's forecasts, global demand will grow by 45% in the next 20 years. Poultry will grow 60% and seafood 42%.
Forecasted Increase in Production to 2030
Nan-Dirk Mulder, Associate Director and a Senior Animal Protein Analyst at Rabobank, says that the main drivers for this growth are population growth (the world's population is expected to grow by 1.2 billion over the next 20 years) and expected income growth that, in emerging markets, will lead to a move from vegetable-based consumption patterns to protein-based consumption patterns.
Gorjan Nikolik, Senior Industry Analyst - Aquaculture and Fisheries at Rabobank, says that the future of the seafood industry is marked by positive growth in demand met by an increasingly more constrained supply, from both aquaculture and wild catch.
The result is increasingly more value-based growth and lower volume-based growth than seen in the past. This is all positive news for Marel, since all the major trends seem to be working in its favor, thereby ensuring demand for the company's products and solutions in the future.