Business Strategy and Outlook| Joshua Aguilar |
We believe JBT will benefit from growth in the global middle class, which should materially increase by 2030, and we expect that the Asia-Pacific region will be a disproportionate contributor to that growth. We believe this helps JBT FoodTech because per capita meat consumption in APAC has traditionally and significantly lagged that of Europe and North America. North America’s per capital meat consumption is 3-3.5 times that of APAC, but we expect that gap to narrow during our five-year explicit forecast. Overall global meat consumption is also on the rise, as people have become more conscious of protein intake in their diet.